This country report examines the effects of border carbon adjustment (BCA) schemes on Trinidad and Tobago, incorporating insights from diverse stakeholders. It addresses challenges such as short-term impacts on exports, economic activity, and employment. Recommendations highlight balancing climate action with equity through international collaboration and best practices, including special treatment for developing countries in BCA design.
Authors
- Pages
- 50
- Published in
- Canada
- Rights
- IISD, 2024
Table of Contents
- Table 1. Trinidad and Tobago’s top export products in 2021 14
- Table 2. Trinidad and Tobago’s top export partners in 2022 15
- Table 3. The world’s main exporters of BCA-affected products 17
- Table 4. Mitigation measures in BCA-affected sectors 20
- Table 5. Employment across sectors (% of total employment) 22
- Table A1. Trinidad and Tobago’s top exports to the European Union in 2021 47
- Table A2. Trinidad and Tobago’s top exports to the United States in 2021 47
- Table A3. Trinidad and Tobago’s top exports to the United Kingdom in 2021 48
- Table A4. Trinidad and Tobago’s top exports to Canada in 2021 48
- Table A5. Trinidad and Tobago’s top exports to Japan in 2021 49
- Figure 1. Methodology and approach 11
- Figure 2. Trinidad and Tobago’s exports to the EU 16
- Figure 3. GHG Emissions by sector and BCA-affected sub-sectors 18
- Figure 4. GHG emission, total and industrial sector (in gigagrams of carbon dioxide equivalent [Gg CO₂e]) 18
- Figure 5. Stakeholder familiarity with BCAs 24
- Figure 6. Stakeholder support for BCAs 24
- Figure 7. Stakeholder view on whether BCAs will become a widespread policy tool 25
- Figure 8. Stakeholder views on the most relevant design elements of BCAs 29
- Figure 9. Stakeholder views on whether BCAs will encourage global cooperation 33
- Figure 10. Stakeholder views on how BCAs will impact global carbon emissions 34
- Figure 11. Stakeholder views on which principles should be prioritized when guiding BCA design 34
- Figure 12. Stakeholder views on whether the financial sector is supporting decarbonization 38
- Figure 13. Stakeholder views on obstacles to providing green finance 38
- 1.0 Background, Methodology, and Approach 8
- 1.1. Introduction 8
- 1.2 Objectives of the Report 10
- 1.3 Methodology and Approach 10
- 2.0 The Potential Impacts of BCAs on Trinidad and Tobago 12
- 2.1 Trinidad and Tobago: Context 12
- 2.2 Economic Impacts 13
- 2.3 Environmental Impacts 17
- 2.4 Social Impacts 21
- 3.0 Stakeholder Responses 23
- 3.1 Responses and Actions Taken by Stakeholders 23
- 4.0 Key Design Elements of BCAs 29
- 5.0 International Principles and Best Practices 33
- 6.0 The Role of the Financial Sector 37
- 6.1 Financial Sector Support for Decarbonization 37
- 6.2 Design of BCAs for the Financial Sector to Play a Role 41
- 7.0 Conclusion and Recommendations 42
- References 45
- Appendix A. The Economic Impact of Border Carbon Adjustments 47