Energy Minister Stuart Young said nothing is wrong with having an oil and gas-based economy.
At the BBC World Questions TT event on Wednesday evening, Young declared: “Thank God we have an oil and gas economy” in response to questions by BBC royal correspondent Jonny Dymond, on what was Government doing to move towards more renewable forms of energy in order to lower TT’s carbon emissions and its carbon footprint.
Young said, “One thing we should all learn from the Russian/Ukraine war last year, is that a lot of the developed countries in Europe are in a rush to restart coal plants. They didn’t have what we have.
“The first thing I’ll like to propose is, let us thank God we have an oil and gas economy. Now at the same time, government is the front leader in the whole of the Caricom region in implementing renewable energy.”
Young said that on the issue of renewable energy, the first thing TT must not do is bastardise its oil and gas industry.
“I am happy we have an oil and gas-based economy. Are we moving to renewable energy? The answer is that we are the ones who have moved the most along that line.
“But we will continue to work on our hydrocarbon-based economy until the last (drop of) oil comes out of the ground and until the last gas is out of the ground. That’s what we are going to do.”
The energy sector accounts for around 34.9 per cent of the country’s GDP.
Young said, “This means 65 per cent of our GDP is not based on oil and gas. So, one of the main areas we are also focusing on is geographical location and we are looking to get into the maritime shipping industry.
“The truth is we have become very dependent on the type of foreign exchange, the type of revenue that comes from an oil and gas-based economy.
“So the answer is while we are moving toward other alternatives and trying to diversify the economy, the proposition is – don’t run from oil and gas because nothing is wrong with having an oil and gas-based economy.”
The BBC World Questions TT, staged in collaboration with the British Council, was held at the Central Bank Auditorium before a live audience of 200 people with questions being asked around a range of topics specific to this country including rampant crime and murders, reliance on oil and immigration.
Young was the Government’s representative while Tabaquite MP Anita Haynes represented the Opposition at the forum. Others who spoke on the panel were UWI economist Marlene Attz and Lawrence Arjoon, CEO of the Heroes Foundation.
The show will be aired on the BBC’s World Service on Saturday.