Young meets with IDB on green hydrogen projects

Energy and Energy Industries Minister Stuart Young met with a delegation from the Inter-American Development Bank (IDB) led by Carina Cockburn country head of the bank, to discuss the steps needed to advance TT’s drive toward becoming a green hydrogen economy.

In a release, the ministry said that Young welcomed the discussions and noted the government’s interest in supporting the development of a green hydrogen market in TT.

During the meeting, Cockburn advised the IDB has already made considerable progress in the design of the green hydrogen project, which will have transformational impact on the country in the medium and long term.

In the international energy market, countries are looking for low carbon energy products as part of their energy transition initiatives, and TT is well poised to strengthen its regional and global leadership in the energy sector, the release said.

In 2022 the energy ministry got cabinet approval to request support from the IDB to advance initiatives in horizon 1 of the Green Hydrogen Roadmap with a focus on introducing demonstration projects, initiating a wind resource assessment programme and developing business models and financial structures for attracting investment from the private sector.

“The parties agreed that the IDB would hold further consultations with local stakeholders and continue to work with the Ministry of Energy and Energy Industries in the deployment of low or zero carbon products based on renewable energy and green hydrogen,” the release said.