MONTEVIDEO, Uruguay, 16th March, 2023 (WAM) -- Director-General of the International Renewable Energy Agency (IRENA) Francesco La Camera on Wednesday announced that IRENA's first-ever Investment Forum in Latin America will be held in Uruguay.
The Government of Uruguay, led by Minister of Industry, Energy and Mining Omar Paganini and Deputy Minister Walter Verri, agreed to host the event from 9th-10th November 2023.
IRENA called on project developers from the Latin American region to submit project applications to the Climate Investment Platform (CIP) to be considered for matchmaking with investors and financiers at the Investment Forum.
Submitted projects may also qualify for consideration by the Energy Transition Accelerator Financing Platform (ETAF) - a multi-stakeholder climate finance platform managed by IRENA aiming to advance the global energy transition in developing economies.
"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 La Camera. "The Latin America Investment Forum marks an important occasion for the region to take stock of progress towards energy transitions, accelerate investments, and consolidate regional cooperation."
Paganin stated, "Uruguay is a global example with its first energy transformation completed. In a decade, the country managed to decarbonise 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."
Current levels of investment in renewables are far below what is needed to achieve global deployment. Continued Investments subsidies towards fossil fuel assets across the world are also hindering progress.
According to IRENA, Latin America and the Caribbean attracted at least US$20 billion in renewable energy investments in 2022. This only represents about 4 percent of the global total highlighting the urgent need to accelerate the flow of capital into the region.
The inaugural Latin America Investment Forum is expected to attract high-level government officials, financial institutions, and private sector companies from the region and around the world and provide a platform to accelerate investments in Latin American renewable energy projects.