IRENA and IDB accelerate sustainable energy for Latin America and the Caribbean
On March 9 the International Renewable Energy Agency (IRENA) and the Inter-American Development Bank (IDB) signed a partnership to drive energy transition in Latin America and the Caribbean to meet their 2030 Agenda for Sustainable Development, and to comply with the Paris Agreement.
Built around knowledge-sharing to promote the regions integration, renewable energy investments, financing, and to mitigate risk in the Latin America and Caribbean regions.
The parties will support each other with initiatives such as IDB’s Energy Hub, and IRENA’s Climate Investment Platform.
IDB and IRENA will enhance access to sustainable finance in the region, supporting markets that are open to renewable energy investments and to facilitate development of renewable energy projects that are committed to scaling renewable energy and the deploying economic and climate goals in the region.
IDB President Mauricio Claver-Carone, said: “We’re thrilled to partner with IRENA to promote our region’s transition to a sustainable energy future at a critical time, at the IDB, we are convinced that the post-pandemic recovery must have a focus on sustainability and green growth.”
Francesco La Camera, IRENA Director-General, said: “Facilitating access to sustainable finance is fundamental to the acceleration of the world’s energy transition, renewable energy investment needs to double to if we are to align with a climate-safe path. IDB is an active investor in Latin America and the Caribbean’s energy transition and I believe through this partnership, we can strengthen efforts to put the region at the forefront of the decarbonization agenda.”
The Climate Investment Platform is a partnership between IRENA, Sustainable Energy for All, and the United Nations Development Program, in co-ordination with the Green Climate Fund. The Platform will mobilise capital to scale climate action plans, supporting climate-related targets.
The Latin America and Caribbean Energy Hub is a digital platform showcasing data visualizations, and seeking to foster energy policy innovation, research, and mutual collaboration among its partners. IRENA will join the platform, which was launched in 2020 and includes the Latin American Energy Organization, Sustainable Energy for All, the Latin America and Caribbean Economic Commission, and Ibero-American Association of Energy Regulating Agencies.
Together the IDB and IRENA have collaborated to co-ordinate knowledge exchange and workshops on renewable energy and energy integration.
The new Renewable Energy Latin America and Caribbean initiative (RELAC) aims to promote co-operation among the region to meet a regional target of 70% of renewable energy for power generation by 2030.
Signing the agreement institutionalises their partnership and marks a powerful phase for strong collaboration.