SUSTAINABILITY

Renewable energy. On March 9, the Inter-American Development Bank (IDB) and the International Renewable Energy Agency (IRENA), an intergovernmental organization that supports countries in their transition to a sustainable energy future, signed an alliance to promote the energy transition in Latin America and the Caribbean. This is based on the exchange of knowledge in the context of regional integration, investment in renewable energy, finance and risk mitigation in Latin America.

The IDB and IRENA 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. “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.

In particular, the alliance implies that the organizations support two initiatives. First, the IDB’s Energy HUB, launched in 2020, which is a digital platform that showcases innovative data visualizations and seeks to foster energy policy innovation, research, and mutual collaboration among its partners. Second, the IRENA Climate Investment Platform is an alliance that aims to mobilize climate capital to scale up climate action and support the realization of its climate-related goals.

Next steps

On March 9, the Inter-American Development Bank and the International Renewable Energy Agency signed an alliance to promote the energy transition in Latin America and the Caribbean. The organizations will work to improve access to sustainable financing in the region, supporting the creation of favorable conditions for investments in renewable energy. It is expected that in the medium term the countries of the region will develop favorable agendas for the development of renewable energies.