In the 1930s, Trinidad and Tobago produced over 40% of the British Empire’s oil, reaching a peak of 278,000 barrels per day by the 1970s. Today, production has plummeted to below 54,000 barrels daily, with the country facing significant economic challenges due to reliance on oil, described as “Dutch disease.” A recent uptick in energy revenues to $14.7 billion contrasts with declining oil production and the closure of the state-owned Petrotrin refinery in 2018.
While the government seeks to explore deepwater oil reserves, there are calls for economic diversification, as the country struggles with chronic low growth and high public debt. The Green Hydrogen Strategy introduced in 2022 aims to transition from grey to green hydrogen, but experts warn it’s still in preliminary stages.
Environmentalists argue against continued fossil fuel reliance due to ecological harm and climate vulnerability, with Trinidad and Tobago having high per capita emissions. There is potential for new gas reserves, but the urgency to shift towards renewable energy and diversified economies is underscored. Experts suggest focusing on sectors like tourism, agriculture, and digital services to mitigate reliance on diminishing oil resources.
The article emphasizes the need for policies supporting worker transitions to new industries and the development of sustainable practices to secure the country’s economic future while addressing climate justice.
Source link
