CAF will allocate 122 million dollars for electric mobility

He Development Bank of Latin America (CAF)will allocate $122 million to promote electric mobility in Panama, Paraguay and Uruguay through the Electric Mobility and Low Carbon Transport (E-MOTION) Program, which will function as a market accelerator.

This project will enable adoption electric mobility and will contribute to closing the gap between pilot projects and the mass application of electric vehicles for intensive use.

In total, CAF and GCF will allocate 231 million dollars for the E-MOTION program, which will have 4 components. The first is intended to create an ecosystem and stimulating conditions to facilitate the transition to electric mobility.

The remaining three components, co-financed by CAF, will develop innovative business schemes for the development of large fleets of electric buses, light commercial vehicles (public and private) and fast charging infrastructure. Except, EMOTION It will have a gender action plan to improve equal, safe, inclusive access to public transport free of sexual harassment.

“Latin America and the Caribbean It has strong competitive advantages in promoting sustainable transport and, in particular, electric mobility. This funding strengthens leadership Panama, Paraguay and Uruguay in establishing public and private alliances to reduce emissions in the transport sector, one of the sectors that contribute the most to global warming, and to become a benchmark for green growth not only in Latin America and the Caribbean but also in the rest of the planet.

In addition, this initiative is part of our strategy to become green coast of the region“said Sergio Díaz-Granados, Executive President of CAF.

Latin America and the Caribbean they have one of the cleanest matrices for electricity production in the world due to the high proportion of renewable energy sources. Share of renewable energy production in the energy matrix Panama is 81%, while in Paraguayan is 100% in Uruguay 98%.

Adoption electric mobility It will enable countries to lay the foundations for decarbonising the sector, as well as improving air quality, reducing air pollution-related problems and reducing dependence on imported fossil fuels.

All this will help in promoting new economic activities and creation sources of employment linked to the value chain of electric vehicles, introduce innovative public-private business models to modernize the mass transport system and promote a holistic change in sustainable urban mobility that enables its sustainability over time.