Trinidad & Tobago’s investment promotion agency, InvesTT, has won an award from the United Nations Conference on Trade and Development (UNCTAD) in recognition of its success in attracting foreign investment into the country’s energy sector.
Known as Caribbean’s “power house” for its large power plants, Trinidad & Tobago’s energy sector accounts for more than 45% of the country’s GDP.
InvesTT is one of the four investment agencies that won the award; the other three are the Rwanda Development Board, Trade and Investment South Africa and United Kingdom Trade and Investment. The awards were presented at a colorful function in Geneva, Switzerland earlier this month.
The UN agency stated that the winning countries had made great strides in the areas of renewable energy, green manufacturing, waste treatment, electrical vehicles and green housing construction.
Backed by Citibank and the National Gas Company, Trinidad & Tobago recently launched an energy incubator, which offers financial aid to small and medium companies interested in launching clean energy initiatives. In a recent article, the Trinidad Guardian said the incubator would significantly reduce energy prices.
In 2011, the T&T government borrowed US$60 million from the Inter-American Development Bank (IDB) to create what it called a “sustainable energy framework” and reduce its dependency on fossil fuel.
Last year, it wrapped up a deal with the United States to set up a regional renewable energy center in Port of Span. In the first step of its plan, the country has lit up its nine community centers with solar power.