The Inter-American Development Bank (IDB) and the International Renewable Energy Agency (IRENA) have signed a partnership that will help drive the energy transition in Latin America and the Caribbean (LAC).
The partnership is built around knowledge-sharing in the context of promoting regional integration, renewable energy investment, finance and risk mitigation in the Latin America and the Caribbean. In particular, the two parties will support each other’s initiatives such as IDB’s Energy Hub and the IRENA’s Climate Investment Platform – a multi-stakeholder initiative established at the UN Secretary General’s Climate Action Summit Climate Action Summit 2019.
Specifically, IDB and IRENA will work to enhance access to sustainable finance in the region by supporting the creation of market conditions that are conducive to renewable energy investments and that facilitate the development of renewable energy projects. Both institutions are committed to scaling up renewable energy ambition and deployment to support the realisation of economic and climate goals in the region.
“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.”IDB’s president Mauricio Claver-Carone.
“Facilitating access to sustainable finance is fundamental to the acceleration of the world’s energy transition. Renewable energy investment needs to double 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.”Francesco La Camera, IRENA Director-General.
This initiative aims to promote the cooperation among the LAC countries towards a regional target of 70% of RE installed capacity for power generation by 2030.