A new regional initiative has been launched which aims to make renewables central to Latin America and the Caribbean’s efforts to boost economic development and cut emissions.
The Global Energy Alliance for People and Planet (GEAPP) and Renewable Energy for Latin America and Caribbean (RELAC) GEAPP, a collective action platform of 18 public and private sector partners that launched at COP26, launched the initiative that will support RELAC’s goal of increasing the proportion of renewable energy in the region to 70% by 2030.
Specifically, the collaboration will focus on identifying, addressing, and ultimately, helping RELAC’s 15 member countries overcome barriers to large-scale renewable energy investment.
“The support of partner agencies to the RELAC initiative is essential to accelerate the energy transition in Latin America and the Caribbean and to effectively channel the large investments required.
“In this case, having a global impact initiative such as GEAPP guarantees that the private sector can get involved early in this process and identify together with member countries the most impactful set of projects.
“This is in line with IDB Group’s Vision 2025, our roadmap to achieve a sustainable and inclusive growth in the region” said Benigno López, vice president for sectors and knowledge at the IDB, which acts as the technical secretariat of the RELAC initiative.
Simon Harford, CEO of GEAPP, said: “Collective action is critical to ensuring greater and more equitable access to reliable energy for people across Latin America and the Caribbean.
“This is why we are proud to be partnering with RELAC and working hand in hand with countries in the region to scale up access to renewable energy.
“Doing so will deliver tangible results on the ground to rapidly reduce carbon emissions, expand energy access, and create green jobs.”