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  • 1 year ago

Finance Minister Colm Imbert says the energy transition for this country must be careful and prudent.The Minister made the remarks during the launch of the Report on Economic Development 2024. Minister Imbert made it clear that the transition must be without compromising the ability of future generations to meet their own needs.

Transcript
00:00Under the theme of Renewed Energies, a Just Energy Transition for Sustainable Development,
00:06the Finance Minister reiterated that,
00:08the transition to renewable energy must be conducive to long-term social and economical sustainability.
00:16It calls for the creation of a comprehensive energy transition plan,
00:20with clear objectives and timelines for the phased removal of fossil fuels.
00:25He urged caution amongst the echoes of international pressure that may be mounting in certain quarters.
00:56It is easy for spokespersons from advanced diversified economies to insist on the elimination of fossil fuels.
01:05And the extreme weather events affecting many countries in recent years makes this a clear and obvious imperative.
01:15But for countries that have few alternative sources of income, the future will be difficult.
01:22Trinidad and Tobago is an energy-based economy, and therefore we must be careful and prudent.
01:29According to the Minister, it just isn't practical to abandon the production of oil and gas,
01:35referred to in the narrative of reducing carbon footprint and maximizing renewable energy opportunities.
01:42The Minister thanked CAF for their continued assistance to TNT, which is in excess of $1 billion.
01:49CAF has supported us for projects in the road sector, air and sea transportation,
01:55tourism infrastructure, strengthening of our health system, and during the COVID-19 emergency,
02:03as well as, and I saw some members of the Ex-Im Bank here today,
02:08as well as assisting us to capitalize the Ex-Im Bank of Trinidad and Tobago, which is very, very important to us.
02:17Stacey Richards-Kennedy, CAF's Regional Manager, gave us some insight into this year's report.
02:24In presenting today's report, we will examine the triple challenge that our region faces,
02:30reducing greenhouse gas emissions, reducing inequality and poverty,
02:35and closing the income gap with the developed world.
02:39And achieving this requires reversing sluggish growth trends.
02:45It demands political support, robust infrastructure, and innovative financing,
02:52where institutions like CAF can play a crucial role.
02:56Akshaya Goldstein, TV6 News.
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