Renewables for the region
Firstly, the Global Energy Alliance for People and Planet (GEAPP) and Renewable Energy for Latin America and Caribbean (RELAC) will collaborate to bring renewables to the heart of the region’s efforts; to boost economic development and reduce greenhouse gas (GHG) emissions.
Secondly, GEAPP is a collective action platform of 18 public and private sector partners launched at COP26. It will support RELAC’s goal to increase the proportion of renewable energies in the region to 70% by 2030.
Thirdly, the collaboration will identify, address, and help RELAC’s 15 member countries overcome large-scale renewable energy investment barriers.
The support of partner agencies to the RELAC initiative is essential to accelerate the energy transition in Latin America and the Caribbean and effectively channel the significant 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 the most impactful set of projects with member countries. This is in line with IDB Group’s Vision 2025, our roadmap to achieve sustainable and inclusive growth in the region.
Benigno López, Vice President for Sectors and Knowledge at the IDB.
Lack of modern electricity
About 18 million people in Latin America and the Caribbean currently lack access to modern electricity. Moreover, climate disasters show the region’s vulnerability to weather events. In addition, people in the area could get into extreme poverty by climate-related events by 2030.
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Also, climate events may add problems to the region’s fragile and aging energy systems. Mainly, most countries depend heavily on rainfall and fossil fuel supply chains.
Collaboration project
RELAC and GEAPP will cooperate with LAC governments, civil society, and the private sector. They will develop strategies sensitive to each country’s energy challenges. The main goal is to get a just transition to renewable energy. They will ensure a viable alternative to a fossil-fuel intensive development path; and improve livelihoods for low- and middle-income communities by creating jobs catalyzing economic development.
In addition, with this collaboration, 15 million new jobs would be created by 2030; with the shift to a net-zero carbon economy.
Finally, other benefits include targeting socio-economic and gender disparities through a green workforce; and empowering the industrial, agricultural, manufacturing, and transport sectors to invest in innovations that improve reliability, flexibility, and autonomy for underserved communities across the region.
