IDB promotes investment in alternative energy.

The Interamerican Development Bank (IDB) held a two-day conference this week in Washington DC on sustainable energy and climate change in Latin America and the Caribbean.
It's worth listening to what the IDB has to say. It's the largest lending institution dedicated exclusively to this hemisphere, and can bring large amounts of investment capital to bear. The IDB has an impressive track record on renewable energy, and is currently led by a highly energetic president, Luis Alberto Moreno. The IDB has already lent $17 billion to energy projects in the region, including financing parts of Brazil’s pioneering ethanol program.
In his opening speech, Moreno launched a Sustainable Energy and Climate Change Initiative. He highlighted growing concerns in the region regarding the environmental impact of fossil fuels, including air quality and climate change, as well as the balance of payments impact of imported fuels.
Unlike the brief boom in renewable energy in the wake of the 1970s oil crisis, Moreno said he believes this time it is here to stay for the long term. Two new factors had entered the equation this time round: the broad consensus over the urgency of the threat of global warming, and the breakthroughs in important technology for renewable sources of energy.

At the same time, he pointed out, forecasts indicate that energy demand in the region will grow 75 percent by 2030. “Latin America will be hard-pressed to meet its energy needs without a vast expansion of renewable energy sources,” he concluded.

The new initiative will focus on areas such as investments in energy efficiency, development of new biofuels, expansion of carbon finance and comprehensive mitigation and adaptation to the risks of climate change.

Click here to read Moreno's speech.

Comments

[Anahit]

Clean energy is so important for the population. By the way there is a nice story appearing in today's HULIQ that tells how a small country Armenia has become a world leader in using cleaner energy for transportation. It's by RFERL and is published at http://www.huliq.com/390/armenia-leads-the-way-in-using-cleaner-car-fuel While the European Union is looking at 2020 before 10 percent of vehicles there will use alternative fuel, in Armenia up to 30 percent of cars already run on clean compressed gas.