For the first time, COP28 delivered a pledge from governments around the world to “transition away from fossil fuels,” a landmark agreement for the United Nations climate conference. However, big challenges remain for negotiators to deliver the goals of energy security, sustainability and affordability. What strategies can governments and industry pursue to leverage increased private and public climate financing for developing economies? What measures are critical to advance and flesh out how the energy transition can be done in a just and equitable way? How can the ambitions of COP28 be fulfilled? What are the most critical issues heading into COP29 in Azerbaijan?
Latin America countries boast vast resources to achieve energy security and lead in the energy transition, but will policies, markets and investment align to deliver that potential? Many countries have the potential to provide incremental barrels to global markets to replace natural decline rates. The region competes to offer among the world’s best solar and wind resources, the potential to produce green hydrogen and critical minerals like lithium and copper. Can Latin American countries create the political stability and policy clarity to leverage private investment? Will prospects for nearshoring deliver new pathways for growth?