The Inter-American Development Bank (IDB) announced the approval of 450 million dollars to invest in electric mobility projects in Latin America.
The resources come from the institution, which will provide 250 million dollars, in addition to 200 million dollars from the Green Fund, which will focus on implementing technologies that will massively increase electromobility in transportation.
In this regard, the IDB launched its Emovilac platform, which will facilitate the identification and support in the implementation of such projects.
The initiative promotes technical training, knowledge exchange and the establishment of multisectoral communities of practice around the development of sustainable mobility.
Read also: IDB Invest and Enel X Sign Strategic Alliance to Execute Electromobility Projects in Bogota
Key to Infrastructure
Ariel Yépez-García, Manager of the IDB‘s Infrastructure and Energy Sector, stressed that infrastructure and transport services are key to building much more inclusive and sustainable societies, as they enable the mobilization of both people and goods and are the means of access to more and better markets, as well as job, health and education opportunities.
He pointed out that the transportation sector in Latin America is the largest consumer of fossil fuels. Therefore, decarbonizing transportation is a priority.
Implementing a sustainable transportation public policy is a fact that will require electric mobility solutions to maximize emissions reductions.
The bank recognizes that the response to this regional priority must be multi-sectoral in nature.
“In the current post-pandemic fiscal and global energy crisis context, it is very important to offer our member countries a financing mechanism that allows us to accompany all their efforts to reduce greenhouse gas emissions,” explained Yépez-García.
To date, IDB has provided technical assistance in policy, strategy and regulation, as well as support in the development and financing of feasibility studies to electrify public transportation systems throughout the region, from Central America to the Caribbean and the Southern Cone.
Initiatives and Partnerships
In countries such as Colombia, IDB recently announced an investment of US$134 million in an agreement with Enel X and InfraBridge to promote electric mobility in Bogota.
This is a financing that will grant senior loans to companies created to join Enel X‘s project with a line of business with special purpose vehicles.
The program has already financed 401 electric buses with low polluting emissions that operate under the concession modality in 10 routes in the localities of Fontibón and Usme, in the city of Bogota.
