Bankers urge Latin America to ease hurdles to attract renewable energy funds
Executives spoke at an event in Colombia's capital Bogota organized by the Economic Commission for Latin America and the Caribbean.
The region's energy infrastructure investments fall short of global averages, which could hinder its ability to meet climate and energy goals.
"The solution lies in policy, because money is not lacking," Felix Fernandez, director for Latin America and the Caribbean at the European Union's Directorate-General for International Partnerships, said.
"Our region can consolidate its leadership in sustainable energy solutions, but for this, we must create conditions with adequate regulatory frameworks, investment, and a good public-private balance," added Andres Rebolledo, executive secretary of the Latin American Energy Organization.
Latin America allocates around 3% of its GDP to energy infrastructure, compared to 5% on average in Europe, Asia, the Middle East, and North Africa, according to World Bank data.
European Union companies have planned $20 billion in renewable energy investments in Colombia, where 88% of renewable energy connected to the grid is produced by EU firms, Fernandez said.
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