Sustainable Development is often viewed as economic entity and emphasis has been placed on fostering production growth, investment and market depth and breadth. The environmental, political and social dimensions have frequently been neglected. Therefore sustainable development should be viewed as a concept that frames the relationship between economics, environment, social and political dimensions in a radical new way. It demands both new ways of thinking and new designs for organizing at the international, national, organizational and individual level.
Trinidad and Tobago as a developing nation has been encouraging sustainability but key strategic environmental planning and energy policy issues are often neglected. These strategic environmental planning and energy policy issues are important to encourage not only the economics but also environmental, social and political dimensions of sustainable development.
This paper seeks to address some of the strategic environmental planning and energy policy issues that are pertinent in accomplishing sustainability. Strategic Environmental Planning issues of risk management, collaboration, business strategy and competitive advantage would be addressed as well as energy policy issues such as integration, renewable resources, efficiency in energy consumption and energy security.
Trinidad & Tobago is a country endowed with abundant energy resources. Oil and natural gas play a central role in the socio-economic development of the country, while simultaneously providing the necessary infra-structural economic base for the country becoming an attractive host for foreign investments in the energy sector.
Subsequently, Trinidad and Tobago has earned a reputation as an excellent investment site for international business. In the face of declining crude oil, exploration activities revealed the existence of significant reserves of natural gas.
As a result of this, the petrochemical industry has seen tremendous growth. Natural gas is now mainly used as petrochemical feed and as fuel for both heavy industries and electricity generation.
As the government pursues its macro-economic policy on growth, employment and redistribution changes are taking place in the energy sector that continue to present us with interesting challenges. These challenges include the transformation of state-owned entities, the reshaping of governance principles, the enhancement of socio-economic welfare within communities, and even the changing the people's attitude towards the use and importance of national energy resources.
The establishment of an Energy Policy Green Paper in 1998 was intended to outline government policy that will achieve the desired results.
In the future, the focus will be on several policy issues such as review of fiscal incentives, review of oil and gas taxation regime, reprioritize goals in gas sub-sector, prioritize downstream products, renegotiate royalty issues, expand LNG, new industrial estates and direct sale of natural gas from producers to consumers.