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LAC Regional Global Green Growth Forum

Date: 18 Jun 2013

Time: 8:00 AM

Location: Bogota, Colombia

Given overwhelming evidence that the world’s current economic growth model is no longer sustainable, the Global Green Growth Forum (3GF) is a global effort to intensify large-scale public-private action to accelerate the transition to a green economy.

 

The Government of Denmark in partnership with the Inter-American Development Bank and hosted by the Government of Colombia, sponsored the first LAC regional Global Green Growth Forum, which is focused this year on renewable energy and climate change. The 3GFLAC aimed at providing a platform for dialogue among high-level stakeholders focused on transforming LAC’s energy future by making use of the substantial endowment for renewable energy.

 

Forum participants include Latin American and Caribbean energy ministers, CEOs of the largest power utilities, heads of regulatory agencies, renewable energy institutions, and the private sector.

 

The Latin American and Caribbean region’s current efforts to raise competitiveness result in a demand for energy which has outpaced the rate of economic growth. Securing energy and expanding access to it are thus an increasing concern to the region.

 

Meanwhile, the global imperative to stabilize climate calls on world economies to lower their carbon footprint by rethinking and reshaping production and consumption, particularly a key element such as energy. At this juncture, the LAC region may address these concerns effectively and reap the benefits of transforming its energy matrix swiftly toward everlasting renewables.

 

Some key steps are in order: First, there is greater awareness of the renewable energy resource endowment - at least 1 terawatt of energy potential- which could be made available over the medium-term. Second, there is today broad understanding among the region’s decision-makers of the multiple benefits of non-conventional renewable energy technologies for geothermal, wind, solar and marine energy, among others.

 

They have the potential to reduce costs of energy production, to broaden the spectrum of energy solutions, and to increase the resilience of a new energy matrix. Third, the LAC region can also overcome current policy and regulatory barriers to investment in renewable energy. Climate change increases the urgency to find solutions now and offers excellent, additional reasons to overhaul the power sector.

 

The IDB has released its White Paper on Renewable Energy for LAC, with updated analysis on the size of its resource endowment and the economic and social benefits of renewable energy, as well as new thinking on renewable energy policy. The purpose of the White Paper is to enable decision-makers to find innovative and appropriate mechanisms to foster large-scale deployment of renewable energy.

 

The 3GFLAC Forum was held in Bogotá, Colombia at the Club El Nogal on June 18th, 2013.

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