The International Renewable Energy Agency (IRENA) has announced its first ever Investment Forum in Latin America. The event will be hosted by the Government of Uruguay from November 9 to 10, 2023.
IRENA Director-General, Mr. Francesco La Camera, announced the event, calling on project developers from the Latin American region to submit project applications to the Climate Investment Platform (CIP). The CIP will match developers with investors and financiers at the Investment Forum. Projects submitted may also qualify for consideration by the Energy Transition Accelerator Financing Platform (ETAF).
“There is a shared conviction in Latin America that, with renewable energy, we can bring a lasting solution to today’s energy problems and help create resilient and inclusive economies and societies,” said Mr. La Camera.
Uruguay, with its first energy transformation completed, is considered a global example. According to Minister of Industry, Energy and Mining, Mr. Omar Paganini, “the country managed to decarbonize the production of electrical energy; now we are laying the foundations for the second transition, with electric mobility, the development of green hydrogen and its derivatives, and energy efficiency as its main pillars.”
Despite the region’s commitment to renewable energy, investments are still far below what is needed to achieve global deployment. Latin America and the Caribbean attracted only 4% of the global total of renewable energy investments in 2022. IRENA hopes that the inaugural Latin America Investment Forum will help to accelerate the flow of capital into the region.
The event is expected to attract high-level government officials, financial institutions, and private sector companies from the region and around the world, providing a platform to accelerate investments in Latin American renewable energy projects.