Today, a team from the Ministry of Energy and Energy Industries (MEEI) led by the Honorable Stuart R Young MP, met with a delegation from the Inter-American Development Bank (IDB) led by Ms. Carina Cockburn as well as representatives of the National Energy Corporation of Trinidad and Tobago Limited (National Energy) and its President Dr. Vernon Paltoo.
The discussions were centered around the steps towards advancing the initiatives identified in the study The Roadmap for a Green Hydrogen Economy in Trinidad and Tobago which was launched in November 2022.
In March 2023, Cabinet approved a request for support from the IDB to advance the initiatives in Horizon 1 of the Green Hydrogen Roadmap in a specific project focusing on: (i) introducing green hydrogen demonstration projects in T&T, (ii) initiating the Wind Resource Assessment Program (WRAP), and (iii) developing the business models and financial structures for attracting private sector investors to the new green hydrogen industry. Since then, the MEEI team has been working in close collaboration with the members of the IDB and National Energy.
Minister Young welcomed the discussions and noted the Government’s interest in supporting the development of a green hydrogen market through the participation of Trinidad and Tobago’s state energy companies such as National Energy Corporation of Trinidad and Tobago, while at the same time developing a framework that is attractive for private sector participation.
During the meeting, Ms. 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. According to Ms. Cockburn, in the international energy market, countries are looking for low carbon energy products as part of their energy transition initiatives, and T&T is well poised to strengthen its regional and global leadership in the energy 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.