The European Euroclima programme has organised a dialogue for the exchange of experiences between the European Union, Panama and European and Latin American countries
The event EU – Panama Dialogue: Financing the Energy Transition. An opportunity for the Global Gateway Alliance has brought together representatives of the Panamanian government and the European Union to explore ways of collaboration to boost Panama’s transition to clean energy sources that do not contribute to increasing the effects of climate change. This dialogue has been organised through the European Union’s Euroclima programme, which aims to reduce the impact of climate change and its effects in 33 countries in Latin America and the Caribbean.
The Panamanian representation in this event is headed by Milciades Concepción, Minister of Environment; Jorge Rivera Staff, National Secretary of Energy, and Enelda Medrano de González, Vice-Minister of Economy and Finance. The European delegation is led by Felice Zaccheo, head of the Latin America and Caribbean Unit of the European Commission’s Directorate-General for International Partnerships. In addition, the various panels and working groups of the event have been attended by high-level personalities from both the public and private sectors of Panama, Latin America and Europe that are relevant to the implementation of the Energy Transition Agenda.
The dialogue was held in person over two days. The first day was devoted to mutual knowledge of energy transition strategies and public policy frameworks and instruments related to the financing of the energy transition in the European Union, Panama and other Latin American countries. The second has been devoted to work on successful experiences of green transition financing in both European and Latin American countries. This includes issues such as green bonds, green loans, public-private partnerships, fiscal risk management or carbon pricing instruments.
At the opening of the event, Minister Milciades Concepción stressed that “Cooperation is key to successfully tackle climate change. Europe has interesting experiences in climate finance, and Panama has made great progress in aligning finance with the objectives of the Paris Agreement. With this event, we hope to strengthen support and cooperation, identify specific opportunities for collaboration to further boost the energy transition towards decarbonisation and highlight the importance of the link between finance and climate change, which cannot be addressed without the transformation of the financial system”.
For his part, Felice Zaccheo, European representative, said that “through Euroclima, the European Union has made available to Panama its experience in the formulation and implementation of strategies for decarbonisation and energy sustainability of its economy. In addition, we want to bring to the table our capacity to generate international partnerships through the Global Gateway strategy to address global challenges such as climate change through key investments in infrastructure”.
Secretary Jorge Rivera underlined that “This event strengthens the strategic ties between both regions and the commitment to sustainability as a central element to face current and future global challenges, reinforcing the EU’s confidence in Panama as an important point of reference for dialogue with Latin America and the Caribbean”.
For her part, the Deputy Minister of Economy, Enelda Medrano, indicated that “the materialisation of the lines of action linked to each of the strategies established in our Energy Transition Agenda unquestionably requires the participation of entities and organisations that, by their nature, can promote their achievement. At the Ministry of Economy and Finance, we are aware of the great responsibility we have as an entity that formulates public policies that promote the well-being of the population. Our task is to ensure a sustainable country in the future, which requires the participation of both the public and private sectors.
The transition of the economy towards clean energy sources, which do not produce greenhouse gases, is a key element in the fight against climate change at the global level. In 2020, Panama formulated and approved its Energy Transition Agenda 2020-2030. This agenda is part of Panama’s Nationally Determined Contribution (NDC), the framework plan submitted to the United Nations to meet the objectives of the Paris Agreement, an international treaty to combat climate change and prevent the planet’s temperature from continuing to rise.
The Energy Transition Agenda is also considered a mechanism to promote sustainable development, strengthen the green recovery after the pandemic, improve the country’s competitiveness and the sustainable growth of the Panamanian economy. Although the implementation of the agenda has already begun to yield results, the Government of Panama considers that it is necessary to strengthen the mechanisms and financial resources to implement all the roadmaps that make up the agenda:
– Universal energy access
– Rational and efficient use of energy
– Electric mobility
– Distributed generation
– Innovation of the National Interconnected System
– Institutional strengthening
– Green Hydrogen
– Women and Energy Nexus