The Inter-American Development Bank (IADB) has launched an initiative to support regional renewable energy investments in Latin America.
IADB President Luis Alberto Moreno announced the plan November 28 at a meeting in Washington of more than 300 government officials and experts to discuss sustainable energy investment in Latin America.
Moreno said the IADB initiative would focus on energy efficiency, biofuels, carbon finance, and adaptation to the risks of climate change.
The initiative will seek to close the gap in financing renewable energy and energy efficiency by scaling up IADB investments. It also is to integrate policy reform and removal of barriers with innovative financing for market transformation.
The bank also seeks to improve access to the carbon emissions reduction finance market and to foster partnerships with financial, public, and private sector institutions.
Moreno said the initiative is driven by the threat of global warming and the narrowing of the cost gap between conventional and renewable sources of energy due to a technological revolution. At the same time, he said regional energy demand is predicted to grow 75 percent by 2030.
�Governments and private companies throughout Latin America are rising to the challenge of expanding renewable energy,� Moreno said. �We can do much more as catalysts and strategic partners for the region.�