Cuban Event on Energy Transition to Be Inaugurated in Türkiye

The event called Financial Innovation to Accelerate Cuba's Energy Transition: From Innovation to Investment; expanding solutions through the Financial and Energy Innovation Laboratory (LIFE), will begin this Tuesday at the Sustainable Development Goals (SDG) Pavilion of the 31st United Nations Conference on Climate Change, in Antalya, Türkiye.

The session will also foster a debate on the combined use of climate financing, concessional resources and private investment, and the institutional conditions necessary to transform innovative financial solutions into investment opportunities at a larger scale.

Odalys C. Goicochea Cardoso, Director General of Environment of the Ministry of Science, Technology and Environment (Citma), wrote on her official Facebook account that the event is jointly organized by the United Nations Development Programme (UNDP Cuba), the Ministry of Energy and Mines and Citma, with the participation of other international organizations and partners.

She mentioned a UNDP note according to which two of its initiatives will be presented: the Carbon Financing Project for 2 GW of solar photovoltaic energy in Cuba, aimed at mobilizing initial climate financing through high-integrity carbon credits.

Likewise, the Energy Transition Promotion Fund, designed to mobilize and channel public, concessional and private resources toward strategic investments in this sector.

Cuba, UNDP added, which currently faces a complex energy crisis, has established the goal defined in its Nationally Determined Contribution of generating 26 percent of its electricity from renewable energy sources by 2035.

This objective is pursued in a context marked by sanctions that restrict access to financing and the supply of alternative fuels.

COP 31, the United Nations Conference on Climate Change, is the largest international summit dedicated to negotiating and promoting global cooperation against climate change, a crisis that affects all countries and from which no society or economy is safe.

This time in Antalya, Türkiye, it will bring together representatives of governments, businesses, civil society organizations and other sectors from around the world.

International meetings on climate change have been held annually since 1995 and have made it possible to reach important global agreements, such as the 2015 Paris Agreement, which charted a roadmap to curb and halt climate change.