Renewables account for around two-third of electricity generation across Latin America and the Caribbean today. But the region is endowed with a much larger potential of abundant renewable energy resources, providing a strong foundation for accelerating energy transitions.
In this context, the Partnership for Accelerating Renewables in Latin America and the Caribbean (PARLAC), a new regional cooperation platform by IRENA, responds to the regional need.
To tap into the region's significant renewable energy potential, it aims to bridge the gap between ambition, planning and implementation by supporting countries in translating long-term energy transition strategies into actionable pathways and investment programmes that foster socioeconomic benefits and opportunities.
A dedicated Global High-Level Forum on Energy Transition co-chaired by Joel Santos, Minister of Energy and Mines of the Dominican Republic and current President of the IRENA Assembly as well as IRENA's Director-General Francesco La Camera provided the platform for the launch in Santo Domingo.
PARLAC will serve as an initiative for regional cooperation aimed at accelerating the deployment of renewable energy technologies and electrification, complementing existing platforms like the SIDS Lighthouses Initiative.
As a platform of IRENA member states, PARLAC will provide a mechanism at the regional level to coordinate and optimise actions with strategic partners to accelerate national energy transition as well as develop and implement regional and cross-border energy transition initiatives.
During the event, IRENA and the Government of the Dominican Republic signed a Letter of Intent to advance cooperation on energy transition, including through the newly launched Partnership for Accelerating Renewables in Latin America and the Caribbean (PARLAC). With focus on policy planning, investment facilitation, and knowledge sharing, the cooperation will help translate regional energy ambitions into practical action.
Renewable energy deployment in Latin America and the Caribbean depends increasingly on mobilising private capital. Yet, significant investment gaps remain.
IRENA estimates that decarbonising Central America's power system will require around USD 3.5 billion in annual investment through 2050 in renewable generation, transmission, distribution and related infrastructure, while achieving the Paris Agreement's climate goal in South America would require around USD 500 billion annually in energy projects and end-use applications over the next 25 years. In the Caribbean, meeting the renewable energy ambitions reflected in national climate plans could require around 4 GW of additional renewable capacity and USD 9 billion in investment.
To help meet this challenge, IRENA and the Ministry of Energy and Mines of the Dominican Republic also hosted the first Central America and the Caribbean Energy Transition Investment Forum taking place in parallel with the OLACDE Energy Minister Meeting and Energy Week in the Dominican Republic capital.
Read more about IRENA's regional cooperation initiatives:
For more information
336 East 45th Street, 11th Floor
New York New York
United States 10017
www.irena.org
