A new regional project has been created which aims to make renewables key to the efforts of Latin America and the Caribbean to improve economic growth and cut carbon emissions, ReNewsBiz has informed.
The initiative will support RELAC’s objective to increase the region’s share of renewable energy to 70% by 2030. RELAC is an organization that promotes renewable energy in Latin America and the Caribbean. GEAPP is a collective action platform consisting of 18 public and private sector partners that was introduced at COP26, according to the ReNewsBiz.
Furthermore, the alliance will aim to identify, address, and ultimately, assist RELAC’s 15 member nations to overcome impediments to large-scale investments in renewable energy.
To expedite the energy transformation in Latin America and the Caribbean and to efficiently channel the sizeable investments necessary, partner agencies’ support for the RELAC program is crucial, according to Benigno López who is the vice president for sector and knowledge at the IDB, which serves as the technical secretariat of the RELAC program.
In this situation, a global impact initiative like GEAPP ensures that the private sector may participate early in the process and choose the most effective set of initiatives along with member countries, López argued.
According to him, this is in accordance with IDB Group’s Vision 2025, a plan to create a sustainable and equitable growth in the region.
The CEO of GEAPP, Simon Harford said that collective action is essential to providing better and more fair access to reliable electricity for people throughout Latin America and the Caribbean.
This is the reason why the GEAPP is happy to collaborate with RELAC and other nations in the area to expand access to renewable energy, Harford states.
By doing this, the carbon emissions will be reduced quickly, the energy availability will be increased, and many new green jobs will be created.