Min­is­ter of En­er­gy and En­er­gy In­dus­tries Stu­art Young met with a del­e­ga­tion from the Caribbean De­vel­op­ment Bank (CDB) to­day to dis­cuss T&T’s ef­forts to pro­mote Car­bon Cap­ture and Se­ques­tra­tion projects.

Dur­ing the meet­ing Min­is­ter Young al­so re­it­er­at­ed Gov­ern­ment’s com­mit­ment to the re­duc­tion of green house gas­es and de­car­boniza­tion and the pro­gress­ing of re­new­able en­er­gy projects.

Ac­cord­ing to a press re­lease from the Min­istry it was al­so agreed that a Mul­ti­source fi­nanc­ing fa­cil­i­ty that com­bined var­i­ous sources of in­come in­clud­ing from the pri­vate sec­tor could have a trans­for­ma­tive de­vel­op­ment im­pact for the re­gion’s en­er­gy sec­tor.

The fol­low­ing is a press re­lease from the Min­istry of En­er­gy:

Min­is­ter of En­er­gy and En­er­gy In­dus­tries and Min­is­ter in the Of­fice of the Prime Min­is­ter, the Ho­n­ourable Stu­art R. Young M.P. along with Per­ma­nent Sec­re­tary (Ag.) San­dra Fras­er, met with Caribbean De­vel­op­ment Bank (CDB) Pres­i­dent, Dr. Hy­gi­nus ‘Gene’ Leon, CDB Vice-Pres­i­dent Isaac Solomon, Di­rec­tor of Projects, Daniel Best and Se­nior Ad­vi­sor to the Pres­i­dent of CDB, Dr. Shel­ton Nicholls, this morn­ing, Mon­day 24th Jan­u­ary, 2022.

Min­is­ter Young wel­comed the CDB del­e­ga­tion and dis­cussed T&T’s ef­forts to pro­mote Car­bon Cap­ture and Se­ques­tra­tion projects and re­it­er­at­ed Gov­ern­ment’s com­mit­ment to the re­duc­tion of green house gas­es (GHG’s) and de­car­boniza­tion and the pro­gress­ing of re­new­able en­er­gy projects.

Min­is­ter Young sup­port­ed Pres­i­dent Leon’s call for holis­tic de­vel­op­ment and re­silience to­wards strength­en­ing de­vel­op­ment out­comes in the re­gion.

In or­der to pro­pel de­vel­op­ment in T&T and the Caribbean re­gion, Min­is­ter Young em­pha­sized the need for sig­nif­i­cant ex­pan­sion in the fi­nan­cial as­set base of the CDB. He un­der­scored that this could be achieved through widen­ing the fund­ing base to in­cor­po­rate pri­vate sec­tor fund­ing.

It was agreed that a Mul­ti­source fi­nanc­ing fa­cil­i­ty that com­bined var­i­ous sources of in­come in­clud­ing from the pri­vate sec­tor could have a trans­for­ma­tive de­vel­op­ment im­pact for the re­gion’s en­er­gy sec­tor.