The Latin American Energy Organization (OLADE) and the International Renewable Energy Agency (IRENA), have signed a new agreement to work closely on efforts to increase the deployment of renewable energy in the Latin American and Caribbean region in their pursuit of the ambitious 2030 targets.
The Memorandum of Understanding (MoU) signed by the Executive Secretary of OLADE, Alfonso Blanco, and the Director General of IRENA, Francesco La Camera, builds on a partnership signed in 2012, and establishes a general framework for collaboration to strengthen policy frameworks and stimulate low-carbon investment flows through a series of initiatives including investment forums and efforts to promote regional energy integration.
“Latin America and the Caribbean is a vast region with a significant amount of renewable energy and is presented with an irresistible opportunity to lead the energy transition, said Francesco La Camera, Director General of IRENA. “This partnership will facilitate the achievement of the region’s ambitious targets set under the RELAC initiative, which aims for 70% renewables in power generation by 2030.”
OLADE’ Executive Secretary Alfonso Blanco noted that “OLADE and IRENA share the belief that strengthening energy cooperation can foster sustainable development, help increase energy access and promote the scaling up of renewable energy projects in Latin America and the Caribbean.”
“Latin America has a significant concentration of hydropower, however, our efforts will focus on increasing the penetration of other renewable resources in the region, such as wind, solar and geothermal,” the Executive Secretary added. “In this context and within the framework of the ambitious RELAC initiative to reach 70% renewables in power generation by 2030, we look forward to working closely with IRENA.”
IRENA and OLADE committed to collaborate closely last year when the COVID-19 outbreak threatened lives and economic growth in Latin America and the Caribbean. IRENA analysis has shown that placing transition at the center of the recovery could create more than three million jobs in the region and offers an economic return of up to 8 dollars for every dollar invested.
Latin America has 61% of power generation capacity from renewables, and a greater than 26% share of renewable energy in the region’s primary energy supply, which is the highest percentage of renewables compared to the rest of the world.
IRENA’s “The Future of Solar PV” report highlighted that the region’s solar power capacity could increase 40-fold by 2050 to more than 280 GW, thanks to an abundant resource endowment and strong support policies. Furthermore, geothermal, wind and bioenergy are playing an increasingly important role in the region’s low-carbon energy mix.
About the International Renewable Energy Agency (IRENA)
IRENA is the leading intergovernmental agency for the global energy transformation that supports countries in their transition to a sustainable energy future and serves as a leading platform for international cooperation, a center of excellence and a repository of policy, technology, resource and financial expertise on renewable energy. With 166 members (165 States and the European Union) and an additional 21 countries in the process of accession and actively engaged, IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity.