Uruguay to host IRENA’s inaugural Investment Forum in Latin America
IRENA’s Director-General, Francesco La Camera, has announced that IRENA’s first Investment Forum in Latin America will be held in Uruguay. The event will take place from November 9th to 10th, 2023, and will be hosted by the Government of Uruguay, led by Minister of Industry, Energy and Mining Omar Paganini and Deputy Minister Walter Verri.
IRENA is calling on project developers from the Latin American region to submit project applications to the Climate Investment Platform (CIP) to be considered for matchmaking with investors and financiers at the Investment Forum. The submitted projects may also qualify for consideration by the Energy Transition Accelerator Financing Platform (ETAF) – a multi-stakeholder climate finance platform managed by IRENA aimed at advancing the global energy transition in developing economies.
IRENA’s Investment Forum aims to address the need to accelerate investment in renewable energy projects in Latin America, as current levels of investment in renewables are far below what is needed to achieve global deployment. Despite Latin America and the Caribbean attracting at least US$20 billion in renewable energy investments in 2022, this only represents about 4 percent of the global total, highlighting the urgent need to accelerate the flow of capital into the region.
La Camera stated that the Latin America Investment Forum marks an important occasion for the region to take stock of progress towards energy transitions, accelerate investments, and consolidate regional cooperation. He emphasized that there is a shared conviction in Latin America that renewable energy can bring a lasting solution to today’s energy problems and help create resilient and inclusive economies and societies.
Uruguay was chosen to host the Investment Forum as it is a global example with its first energy transformation completed. In a decade, the country managed to decarbonize the production of electrical energy, and it is now laying the foundations for the second transition, with electric mobility, the development of green hydrogen and its derivatives, and energy efficiency as its main pillars. Paganini, the Minister of Industry, Energy and Mining of Uruguay, emphasized the country’s commitment to the energy transition and its desire to be a leader in this field.
The inaugural Latin America Investment Forum is expected to attract high-level government officials, financial institutions, and private sector companies from the region and around the world. It will provide a platform to accelerate investments in Latin American renewable energy projects and consolidate regional cooperation. The event will contribute to the urgent need to accelerate the flow of capital into the region, support the development of sustainable infrastructure, and ultimately contribute to the achievement of the goals of the Paris Agreement.
