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IDB sets up Energy Innovation Centre to work alongside the IDEAS Energy Innovation Contest

The new IDB initiative gives boost to the development of clean, affordable energy in Latin America and the Caribbean

The IDB announced at a summit for energy ministers of the Americas last week that it will be setting up a new Energy Innovation Centre to promote innovation and cutting edge energy technology. This Centre is being set up in partnership with the US Department of Energy and will also provide technical assistance and capacity building, facilitate knowledge sharing and dissemination and will serve as a regional incubator for project implementation and financing.

The new Energy Innovation Centre is a very exciting development — says Sarah Adams GVEP International’s CEO, who was at the summit — and will be a great complement to the existing IDEAS contest. It will allow us to capitalise on the learning from the award winning IDEAS projects and will form an invaluable resource for future rounds of the contest”. The IDEAS contest, jointly sponsored by GVEP International with GTZ, the IDB and the Korean government was launched in March 2009. The contest generated more than 1,000 proposals from nearly every country in Latin America and the Caribbean. Twenty-six successful projects were chosen from 28 Latin American countries, based on their innovation, financial sustainability, and the scope for replication.

As with the IDEAS contest, the creation of the Energy Innovation Centre responds to the pressing energy challenges in Latin America and the Caribbean. There are many barriers to the development of clean energy technologies in the region, such as a lack of knowledge, institutional capacity, regulatory frameworks that investors can predict and financing. The Energy Innovation Centre will be able to make use of the resources of the IDB and the US Department of Energy’s to tackle these issues and many more. The Centre will be staffed by professionals from the partner institutions energy experts from Latin America, the US, Europe and Asia and will cooperate closely through with the region’s renewable energy centres.

Category/ies:Regional News.
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