Financing Renewable Energy Projects in Latin America and Caribbean Regions
Latin America is a region with vast renewable energy resources and an enormous potential to further increase their shares of renewable energy technologies. According to estimations by IRENA, Latin America and the Caribbean requires investments of USD 118 billion each year in renewable power generation, energy efficiencies, electrification of heat, transportation, and power grids to be in line with the Paris Agreement’s objectives.
Conscious of this need, the United Arab Emirates (UAE) and the International Renewable Energy Agency (IRENA) have launched the Energy Transition Accelerator Financing (ETAF) Platform. An inclusive, multi-stakeholder climate finance solution managed by IRENA to advance the energy transition across the Agency’s 166-strong membership. The UAE committed USD 400 million in funding provided by the Abu Dhabi Fund for Development (ADFD) toward the platform’s goal of securing a minimum of USD 1 billion in total funding to be deploy by 2030.
In this context, IRENA, ETAF’s management, and the Interamerican Development Bank (IDB) have organised a two-day regional virtual event to showcase the ETAF Platform and discuss the current environment for the financing renewable technologies in the region from the perspectives of project proponents, government representatives, Multilateral Development Banks (MDBs), and other climate finance platform initiatives focused on emerging markets and the Latin America and Caribbean region. Day two of the event highlighted the investments required for the further decarbonisation of the region’s economies, as well as novel options that help facilitate climate finance.
Closed event (by invitation only)