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International Monetary Fund. European Dept.

Despite substantial progress in reducing its carbon footprint, Estonia remains one of the most emission-intensive economies in the EU. Heavy reliance on oil shale for energy and electricity generation, a low effective carbon price, and high (explicit and implicit) fossil fuel subsidies are key hurdles to decolonization. Phasing out oil shale production as planned is essential for achieving the green transition. Further increasing the share of renewables in electricity generation, removing red tapes to the deployment of renewable sources, and improving the interconnectivity of the electricity grid will support greening the energy mix. Complementing this, ambitious actions on carbon pricing, energy efficiency, and reducing fossil fuel subsidies are necessary. Targeted sectoral policies in the residential and transportation sectors, which produce the most GHG emissions after electricity generation, may provide additional support to the transition.

International Monetary Fund. Western Hemisphere Dept.

This Selected Issues Paper takes stock of the supply, transformation, and use of energy in Trinidad and Tobago.2 This allows a deeper understanding of the macroeconomic benefits, costs, and policy challenges arising from (i) declining oil and gas production due to maturing fields, (ii) the role of new exploration and discoveries of oil and gas, and (iii) the impact from climate change and the global green energy transition.