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.
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- 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
