Trinidad and Tobago, the Caribbean’s top exporter of oil and natural gas, plans to finance the creation of a renewable energy industry to help diversify its economy as a result of decreased oil prices. As the island doesn’t currently have a renewable energy system in place, money for the project will probably involve tax breaks, subsidies, and grants, according to Energy Minister Conrad Enill.
The Minister said a government-appointed committee is currently researching solar, wind, wave, and biofuel projects to make recommendations by August.
The island nation is the top supplier of liquid natural gas to the US. But with oil, gas and petrochemical prices falling, Trinidad will this year post an $880 million budget deficit, more than 10% the size of its $8.3 billion budget.
"Oil and gas will not last forever, and renewable energy could be a means to further the country’s sustainability," Enill said in an e-mail to the Associated Press.
