As part of his energy and climate campaign promises, Colombian President-elect Gustavo Petro’s intention to halt oil exploration and pilot fracking projects and accelerate the transition to renewable energy raises questions about the direction of energy policy in the country.
On June 28, 2022, the Inter-American Dialogue hosted a webinar entitled “Low-Carbon Hydrogen in LAC – Prospects and Pathways”. This online event sought to explore public and private sector plans to develop the hydrogen industry in the region, specifically focusing on barriers to the production, use, and commercialization of low-carbon hydrogen as well as international and cross-sectoral cooperation strategies to accelerate the implementation of this technology.
On June 14, the Atlantic Council and the Energy Futures Initiative held a webinar on the role of natural gas in the transition to zero-carbon energy systems. Lisa Viscidi, director of the Energy, Climate Change & Extractive Industries Program at the Dialogue, spoke about financing natural gas infrastructure in Latin America.
Companies are increasingly under pressure from the public and regulators to both disclose and improve environment, social, and governance (ESG) metrics. Such regulations in Europe and the United States will nudge investors toward low emissions projects. All this capital has to be put somewhere, and Latin America and other emerging markets are well positioned to become big recipients of these increased climate-focused flows.
In an interview with BBC’s Business Daily, Lisa Viscidi, director of the Energy, Climate Change, and Extractive Industries Program, discussed President Biden’s climate foreign policy, deforestation in the Amazon, and US-Brazil relations.
Latin American State Oil Companies and Climate Change: Decarbonization Strategies and Role in the Energy Transition
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, 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.
The electrification of the transportation sector is crucial to reducing carbon emissions and tackling global climate change.