Isn’t carbon leakage already addressed by EU’s Emissions Trading System (ETS)?
The ETS is the world’s first international emissions trading scheme and the EU’s flagship policy to combat climate change. It sets a cap on the amount of greenhouse gas emissions that can be released from industrial installations in certain sectors. Allowances must be bought on the ETS trading market, though a certain number of free allowances is distributed to prevent carbon leakage. That system has been effective in addressing the risk of leakage, but it also dampens the incentive to invest in greener production at home and abroad. The CBAM will progressively become an alternative to this. Under the EU’s new proposal for a revised ETS, however, the number of free allowances for all sectors will decline over time so that the ETS can have maximum impact in fulfilling our ambitious climate goals. Furthermore, for the CBAM sectors, the free allowances will gradually be phased out as from 2026.
I am delighted to welcome you to our annual Caribbean Sustainable Energy Conference. This is the event where we really get into the details of the energy transition and what companies, governments and other stakeholders need to do to meet the challenge of providing the world with secure, affordable, low carbon electricity, fuels and petrochemicals.
We have themed this year’s conference “From Ideas to Action” because we want the next three days to focus on the actions that we need to take to meet this challenge.
Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022–2028 period.
Alongside the increasing demand for electricity being driven by economic growth, the global demand for sustainable heat is also increasing. This demand has led to a growing trend in the use of geothermal resources for heating and cooling applications where technically and economically feasible.
“Today, we are seeing strong momentum behind energy efficiency. Countries representing over 70% of the world’s energy consumption have introduced new or improved efficiency policies since the global energy crisis began over a year ago. We now need to push into a higher gear and double energy efficiency progress by the end of this decade. I believe this major global conference, which I’m delighted to co-host with French Minister Pannier-Runacher, can be a vital impetus for accelerating ambition and action.”
Rules, procedures, and guidelines continue to be essential elements, but they mean less if they are not embraced by crew, or if they don’t become ingrained in the safety culture of a company. This will lead to a deeper awareness of the safety hurdles and a more comprehensive understanding of new technologies.
At what temperature should the air conditioner be set to get the best cooling effect during the heat season, while still using the least amount of electricity?
Households place a high demand on air conditioners because of the heat. The air conditioner will not provide the best cooling effect and will also result in significant power loss if not used properly.
So, what is the most efficient and cost-effective way to use an air conditioner?
Carbon market participants are optimistic that ambitious reforms will continue to drive compliance market prices higher in the coming years, while voluntary carbon stakeholders are confident that the market will grow to meet increasing demand for carbon reductions, according to IETA and PwC’s 18th annual GHG Market Sentiment Survey.
The National Gas Company of Trinidad and Tobago Limited (NGC) deepened its presence and participation along the local natural gas value chain, with its latest acquisition of shareholdings in several upstream gas assets. Following the execution of a Sales and Purchase Agreement in July 2021, NGC E&P Investments Limited - a wholly owned subsidiary of NGC - completed the acquisition of Heritage Petroleum Company Limited’s (Heritage’s) participating interest in the Offshore Blocks NCMA 4 (20%), Block 22 (10%) and Block 9 (100%), which are in Trinidad’s North Coast Marine Area (NCMA). It also acquired Heritage’s 19.5% shareholding in Point Fortin LNG Exports Limited (PFLE). Gas is sold to NGC for the Domestic market and to PFLE for the LNG export market.
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has been advised by the Government of Trinidad and Tobago Ministry of Energy and Energy Industries ("MEEI") that Trinity's application for the Buenos Ayres block offered in the 2022 Onshore and Nearshore Competitive Bid Round has been successful.
Touchstone Exploration Inc. announced that it’s wholly owned subsidiary, Primera Oil and Gas Limited (Primera) was awarded the Cipero onshore block in the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round.
The Honourable Stuart R. Young, MP Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister delivers keynote address at the Energy International Summit of the Association of International Negotiators Under the theme- “Pursuit of Energy Security and Sustainability - A Caribbean Perspective” on June 1st, 2023 in Miami, Florida.
bpTT has announced the successful completion of the first phase of its “small pools” drilling campaign which began in October 2022. The campaign includes three wells in the Mango field, one well in the Savonette field and 3 wells in the Angelin field.
Chairman Michael Quamina SC and the Board of Directors of Heritage Petroleum Company Limited (Heritage) have selected Erik Keskula as the CEO of the Company. Mr. Keskula will serve as the CEO Designate for the period June 1st to June 13th and will assume full responsibility when Ms. Arlene Chow current CEO retires from the Company on June 13th, 2023.
After four years of service, Chief Executive Officer and veteran energy professional Arlene Chow will retire from Heritage Petroleum Company Limited (Heritage).
The Government of the Commonwealth of Dominica has signed a Framework Agreement that will initiate the first large-scale green hydrogen geothermal development in the Caribbean. This milestone agreement represents a material step taken by a Caribbean island to monetise its significant geothermal resources on a large scale, through its generation of green hydrogen and green electricity both for export and local consumption.
The sod-turning ceremony for T&T's first grid-scale renewable energy project was held yesterday at Brechin Castle. The ceremony marked the commencement of construction of the solar project which, when completed, will generate 112MW of renewable energy across two sites (Brechin Castle and Orange Grove), making it the largest project of its kind in the Caribbean.
Trinity Exploration has indicated in their operational update that wellsite preparation for the onshore deep Jacobin well is underway, with the well expected to spud in late April.
The Energy Chamber of Trinidad and Tobago is pleased to announce its recent achievement of certification of our quality management system to the ISO 9001:2015 international standard. The certification covers the management of Safe To Work (STOW) and individual personnel (PLEA) certification services, training services including occupational health and safety, professional and executive development as well as all our advocacy and support services to members of the Energy Chamber.
