As we close 2024, the Energy Division Inter-American Development Bank celebrates a year of impactful progress towards a just and inclusive energy transition in Latin America and the Caribbean. Our efforts have successfully impacted and improved lives in countries across the region, from areas such as energy access to the adoption of new technologies to keep innovating.
In addition, we have produced key knowledge products on the region’s energy sector and actively participated in major regional and global energy dialogues. Here are five takeaways from our work this year:
1. Strategic Investments Yield Tangible Results
Our active portfolio, valued at US$4.41 billion, has made significant strides in several key areas:
This portfolio tackles the main areas needing improvement within the Energy Sector.
2. Institutionally aligned Projects drive Remarkable Effectiveness Results
Internally, our portfolio’s operations have been recognized for their significant contribution to advancing the Bank’s regional objectives. For example:
Throughout the year, these results were fully aligned with the Bank’s core objectives, such as addressing climate change, bolstering sustainable growth and reducing poverty and inequality:
Source: Energy Division internal operations
All this has been done by maintaining operations that are 100% aligned with IDB’s focus areas:
3. With seven new IDB Board-approved projects, we delivered tailored solutions to the region's energy transition challenges
We worked tirelessly to provide financing, knowledge products, and best practices to advance renewable energy, energy efficiency, electrification, and energy access solutions. We prepared and received approval for seven projects for a total of US$1,774 million in IDB financing.
Source: IDB operations You can find out more about these projects here, as well as some of our featured work on our YouTube channel here:
4. Advocacy and Dialogue Shape Global Energy Policies
Throughout the year, the IDB co-organized and participated in diverse fora alongside public, private, and international stakeholders to discuss the challenges and opportunities of LAC’s energy transition, in several high-level events, including:
Our participation in OLADE’S Energy Week, the Berlin Energy Transition Dialogue, G20, and others, was key to continue driving our message that achieving a just and resilient energy transition is already underway for Latin America and the Caribbean, as well as showcasing the Bank’s commitment to helping lending countries achieve it.
5. Knowledge Sharing Drives Innovation and Progress
Cutting-edge knowledge development is a fundamental part of our work. This year, we produced seventeen new publications aimed at informing, guiding, and offering recommendations to policymakers and energy sector stakeholders. These publications are available here, such as:
- “Navigating the energy transition in Latin America and the Caribbean: short-term volatility and price signaling in electricity markets”. This publication analyzes the main components of short-term electricity markets in the region, evaluates the main sources of spot price volatility, identifies international best practices, and presents regulatory recommendations to improve the integration of variable renewable sources such as solar and wind.
- “Watts on: an overview at the energy sector in Latin America and the Caribbean”. Through the compilation of seven articles and videos on different energy-related, timely topics, including just transition, transmission, hydropower, clean hydrogen, and minerals for the energy transition, this publication offers a broad and accessible view related to the development of the energy sector and its impacts on the regional economy.
- “Renewable energy and energy storage value chains in Latin America and the Caribbean” offers a critical analysis of the region’s role in the global energy transition and presents recommendations to take advantage of the development opportunity that exists due to the significant mineral reserves, mining industries or more advanced industries already in place.
Reflecting on a year of impactful achievements, the IDB's Energy Division reaffirms its commitment to fostering a just and inclusive energy transition in Latin America and the Caribbean. The strides made in 2024, through innovative projects, collaborative partnerships, and a robust knowledge agenda, pave the way for a cleaner, more resilient energy future in Latin America and the Caribbean.
As we close this year, we are proud of our accomplishments and remain committed to supporting the regional energy transition. Rest assured; we are determined to continue improving lives through sustainable energy.