Latin American national oil companies (NOCs) have made important advances in slashing emissions from their operations through techniques such as reducing flaring, improving energy efficiency, and injecting CO2 for enhanced oil recovery, according to a new report by the Inter-American Dialogue and the Inter-American Development Bank. Yet, progress in producing lower carbon energy sources for consumers has been sluggish, no Latin American NOC has committed to net zero emissions, and for some companies emissions are on the rise, the report finds.
Lisa Viscidi, Sarah Phillips, Paola Carvajal, Carlos Sucre
Lisa Viscidi, director of the Energy Program, spoke about the production of natural gas in Argentina and the fuel’s role in the country’s energy transition on a panel organized by the Organization of American States’ Energy and Climate Partnership of the Americas on December 13.
As Latin America moves towards reducing greenhouse gas emissions and fulfilling its Paris commitments, it must also work to meet rapidly growing electricity demand, which is projected to almost double by 2040.
Financial risks to companies and investors associated with climate change will become more important in the coming years as countries look to decarbonize their economies.
Latin America faces some of the toughest obstacles to halting energy emissions, but many countries in the region also have among the best opportunities to reach climate goals.
