December 8, 2023 | 6 pm - 7:15 pm
B6, Building 73, Pavilion of Latin America and the Caribbean, Blue Zone*, COP28
Co-hosted with the Development Bank of Latin America and the Caribbean
Energy plays a central enabling role in achieving the SDGs. Offshore wind can produce more than enough energy to power the world 18 times over. It's a cheaper and more reliable energy source than imported fossil fuels for many island nations and coastal communities. According to estimates from the International Renewable Energy Agency (IRENA) to achieve the Paris Agreement goal of limiting global warming to 1.5 C, the world must install at least 380 GW of offshore wind by 2030, as of today, only 64 GW of offshore wind has been installed. The pace and scale of offshore wind development must increase rapidly to avoid a climate disaster.
Latin America and the Caribbean have a high potential for offshore wind, with some areas having the best conditions in the world. There are also drivers of demand in the region for renewable energy, such as state dependence on fossil fuels, decarbonization commitments, private sector interest, and large industries searching for reliable renewable sources. However, countries require support in adopting offshore wind due to high initial costs, and actions by policymakers to address the challenges and seize the opportunities will not, on their own, generate sufficient momentum. Supportive international actions will be essential to catalyze the necessary investments in offshore renewables. Given the long project execution timelines, swift action is critical to ensure that projects are deployed before the end of the decade to meet the climate goals in the Paris Agreement.
Ocean Conservancy, in its role as the Offshore Renewable Energy Sector Lead for the UNFCCC's Marrakesh Partnership for Global Climate Action, Ocean and Coastal Zones, is championing an Ocean Breakthrough initiative which calls for the allocation of $10 billion in concessional finance to developing countries to deploy offshore wind. The breakthrough is based on recommendations from the World Bank and IFC's report, which calls for using concessional finance to mitigate the initial cost premium associated with offshore wind projects in developing countries, which also presents a high-impact opportunity that can significantly advance global decarbonization efforts. Mobilizing $10 billion for concessional finance could directly avoid 416 million metric tons of greenhouse gas emissions over the life of those projects (World Bank, 2023). H.E. Razan Al Mubarak, High-Level Climate Champion launched the Ocean Breakthroughs in advance of COP.
This side event, convened by CAF and Ocean Conservancy, will bring together representatives from multilateral banks, governments, industry, and civil society to discuss the need for concessional finance mechanisms to promote offshore wind deployment to deliver on climate and conservation targets.
Opening Remarks
- Ignacio Lorenzo, Director Climate and Biodiversity, CAF
Keynote
- Tomas Ankar Christensen, Climate Ambassador of Denmark at the Ministry of Foreign Affairs and the Ministry of Climate, Energy and Utilities
- Valerie Hickey, Global Director, Environment, Natural Resources and Blue Economy, World Bank
Panel
- H.E Ana Fontoura Gouveia, Secretary of State for Energy and Climate, Portugal
- H.E. Javier Eduardo Campillo Jiménez, Vice Minister of Energy Government of Colombia
- Mariana Espécie Director of Energy Transition, Ministry of energy and Mines, Brazil
- Chadrasekar Govindarajalu Acting Practice Manager, Energy Sector Management Assistance Program (ESMAP), World Bank
- Ben Backwell, Chief Executive Officer, Global Wind Energy Council
Moderator
- Shamini Selvaratnam, Associate Director, International Climate and Clean Energy, Ocean Conservancy
* Accreditation to the Blue Zone at COP28 is required to attend this event.