5 December 2014: Participants considered ways to maintain the momentum of renewable energy development at an event held on the margins of the Lima Climate Change Conference. The event, ‘Renewables Globally and in Latin America: Opportunities and Challenges,’ highlighted that the Latin American region is at the forefront of managing renewable energy development, as it currently maintains three times the global average share of renewable energy in its energy mix.

The Inter-American Development Bank (IDB), the International Energy Agency (IEA) and the World Business Council on Sustainable Development (WBCSD) organized the event.

Electricity generated from renewable sources is projected to increase by 45% from 2013 to 2020, according to Cédric Philibert, IEA. He warned of risks that are expected to slow renewable growth, such as policy uncertainty, which threatens the transition to advanced biofuels for transport.

Edwin Quintanilla, Vice-Minister, Ministry of Energy and Mines, Peru, described the Peruvian energy plan, under which 60% of total energy production will come from renewables by 2025, hydroelectric capacity will double and Renewable and Non-Conventional Energy (ERNC) will claim 5% of the energy mix within the next three years.

Enrique Rodriguez, IDB, discussed the Climascopio/Climatescope 2014, a country-by-country assessment, interactive report and index, which explores and assesses the investment climate and policies for clean energy investment in 55 emerging markets. He also highlighted the Sustainable Energy for All (SE4ALL) Initiative.

Sam Smith, WWF International, focused on the social aspects of renewable energy and its connection with the negotiations. She stressed: that ambitious targets towards renewable energy utilization should be rewarded with financial support; contribution to job creation through renewables; including traditional manufacturing and finance-related employment opportunities; and the necessity for aggressive policies and financial strategies to eliminate fossil fuel subsidies.

In the ensuing discussion, participants addressed, inter alia: specific projects in Peru regarding ERNC; financing of projects with a focus on hydroelectric power; and market distortions due to fossil fuel subsidies. [IISD RS ENBOTS Coverage] [IISD RS Coverage of Lima Climate Change Conference] [IEA Website] [WBCSD Website] [IDB Website]