The city of Asunción became the epicenter of energy discussions in Latin America and the Caribbean last week by hosting the IX Energy Week. This event, organized by the Latin American Energy Organization (OLADE), brought together the most influential leaders and experts in the energy sector to analyze the current and future state of energy in the region, laying out a path towards comprehensive and equitable development.
During the opening ceremony, the President of Paraguay, Santiago Peña, made a clear call for regional integration and collaboration to face climate and energy challenges. He emphasized the need for shared strategies that allow the countries of the region to move towards a greener and more resilient energy matrix. Meanwhile, OLADE’s Executive Secretary, Andrés Rebolledo, presented the report “Energy Outlook of Latin America and the Caribbean 2024,” which highlights a 2.2% increase in total energy supply and a notable growth in electricity generation from renewable sources that will reach nearly 69% in 2024.
The event also served as a platform for the presentation of the first OLADE Energy Excellence Award, which recognized 28 projects in the categories of Energy Efficiency, Decarbonization, and Renewable Energy. These types of recognitions drive innovation and the adoption of sustainable practices throughout the region, reflecting a growing commitment to a fair and inclusive transition.
Additionally, strategic agreements were signed during the week, such as the agreement between OLADE and the Association of Oil, Gas, and Renewable Energy Companies of Latin America and the Caribbean (ARPEL), as well as technical cooperation with the Development Bank of Latin America and the Caribbean (CAF), reinforcing the need for robust partnerships. These agreements aim to optimize infrastructure and foster a regulatory framework that ensures equitable access to energy resources and active participation in the region’s decarbonization.
The IX Energy Week, as a whole, not only highlighted the relevance of cooperation between the public and private sectors but also underscored the importance of inclusive energy policies that take into account advanced technologies and low-emission fuels. The presence of authorities and representatives from institutions such as the World Bank, the IDB, and the CAF reinforces the certainty that only through a shared vision and concrete actions can Latin America and the Caribbean face the challenges of climate change and the growing energy demand.
This event, which also included the II Public-Private Dialogue, was a space for reflection and agreements where strategies for energy development were defined to meet the region’s demands while enhancing its capacity to respond to climate challenges. The main conclusions of this dialogue were as follows:
- Need for legal and regulatory stability: Fundamental to attract investment and ensure a reliable environment for energy development.
- Enabling infrastructure: Essential for energy transmission and interconnection between countries, facilitating an efficient and secure energy flow.
- Regional integration: It is not only about building infrastructure but also about technical and operational planning and coordination, commercial agreements, and a solid institutional architecture.
- Progress in storage: The growth of variable renewable energy requires the development of regulations and standards to incorporate more energy storage into electric systems.
- Importance of natural gas: Crucial in the transition to renewable energy, with a renewed focus on financing this source.
- Energy potential of Latin America: The development of renewable energy and natural gas is a priority for the region, highlighting its vast potential.
As a milestone within the framework of the LIV Meeting of Energy Ministers, the vital importance of regional cooperation to build a sustainable and equitable energy future that considers the diverse realities of the countries in this vast region was emphasized. The meeting provided member countries with a space to assess energy transition and propose joint strategies. Notable agreements reached include:
- The creation of a Regional Planning Council.
- The adoption of a regional energy efficiency target.
- The commitment to halt the construction of new coal-fired power plants.
- The creation of a Nuclear Energy Working Group to strengthen collaboration in that field.
- Ministerial Decision support for energy development in Caribbean countries.
- Ministerial Decision to work and advance in the decarbonization of energy demand.
- The ministers expressed support and solidarity with countries facing power supply interruptions, reaffirming the region’s commitment to mutual support.
The IX Energy Week undoubtedly continues to position itself as the most important regional energy event, which this time featured 3,000 participants and over 30 parallel events, delegations and representatives from all OLADE member countries, speakers, experts, academics, industry associations, and regional media, who discussed the strategies needed to face these challenges and continue advancing towards more sustainable and equitable energy integration.
It was agreed that the next Energy Week and Meeting of Ministers, in 2025, will be held in Chile.
Andrés Rebolledo Smitmans
Executive Secretary of OLADE
