Latin America and the Caribbean advance in sustainability initiatives
The Inter-American Development Bank and the International Renewable Energy Agency signed an alliance that will help promote the energy transition in the region
The alliance is based on the exchange of knowledge in the context of promoting regional integration, investment in renewable energy, finance and risk mitigation in Latin America and the Caribbean. In particular, the two sides will support each other's initiatives, such as the IDB's Energy HUB and IRENA's Climate Investment Platform, a multi-stakeholder initiative established at the UN Secretary-General's Summit on Climate Action 2019. .
Specifically, the IDB and the IRENA Agency will work to improve access to sustainable financing in the region, supporting the creation of market conditions that are conducive to investments in renewable energy and that facilitate the development of renewable energy projects. Both institutions are committed to increasing the ambition and use of renewable energy to support the realization of economic and climate goals in the region.
"We are pleased to partner with IRENA to promote our region's transition to a sustainable energy future at a critical time," said IDB President Mauricio Claver-Carone. "At the IDB we are convinced that the post-pandemic recovery must have a focus on sustainability and green growth," added the IDB president.
"Facilitating access to sustainable finance is critical to accelerating the world's energy transition," said Francesco La Camera, Director General of IRENA. “Investment in renewable energy must be doubled if we are to align ourselves with a safe path for the climate. The IDB is an active investor in the energy transition in Latin America and the Caribbean and I believe that through this alliance we can strengthen efforts to put the region at the forefront of the decarbonization agenda, ”added the Director General of IRENA.
La Plataforma de Inversión Climática es una alianza inclusiva entre IRENA, Energía Sostenible para Todos (SEforAll) y el Programa de las Naciones Unidas para el Desarrollo en coordinación con el Fondo Verde para el Clima. La Plataforma tiene como objetivo movilizar capital climático para ampliar la acción climática y apoyar la realización de los objetivos relacionados con el clima dentro de las Contribuciones Determinadas a Nivel Nacional.
IRENA joins Energy HUB, a digital platform that showcases innovative data visualizations and seeks to foster innovation in energy policy, research and mutual collaboration among its partners. The platform was launched in 2020 and includes partners such as the Latin American Energy Organization, SEforAll, the Economic Commission for Latin America and the Caribbean, and the Ibero-American Association of Energy Regulatory Entities.
The IDB and the IRENA Agency have collaborated in the past, coordinating knowledge exchange activities and technical workshops on renewable energy and energy integration, and have recently partnered under the Renewable Electric Energy for Latin America and the Caribbean (RELAC) initiative. . This initiative aims to promote cooperation between the countries of Latin America and the Caribbean towards a regional goal of 70% of the installed capacity of RE for power generation by 2030. The signing of this agreement institutionalizes the alliance between both organizations and marks a new stage for greater collaboration and cooperation.