Through the Renewable Energy Innovation Fund (REIF), UNIDO and its partners will support Uruguay´s 2nd energy transition by decarbonizing the transportation and industry sectors
17 May 2022
MONTEVIDEO, 17 MAY 2022 – The United Nations Industrial Development Organization (UNIDO) together with the United Nations Development Programme (UNDP) and UN Women as well as with the Uruguayan Ministry of Industry, Energy and Mining, the Ministry of Environment; the National Planning and Budget Office and the National Administration of Power Plants and Electrical Transmissions, launched the Renewable Energy Innovation Fund (REIF), an innovative financing programme to support Uruguay’s second energy transition. Financed by the Joint SDG Fund, which will provide a grant of US$10 million, the REIF is to leverage co-financing in excess of US$77 million from regional development banks and private commercial banks.
“The world is moving towards setting the infrastructure, technology and innovation for a global energy transition”, said Industry Minister Omar Paganini. “We hope that REIF will bring economic, environmental and social benefits to Uruguay”.
“We have an opportunity to see how the market reacts to these instruments”, added Environment Minister Adrian Peña. “REIF will allow us to deepen sustainable development in the country through sustainable finance and other related actions”.
“REIF is a unique programme that represents a new way of doing business in the context of the UN reform”, said UN Resident Coordinator Pablo Ruiz Hiebra.
“REIF is both innovative and disruptive”, said UNIDO Representative in the South Cone Manuel Albaladejo. “It has the potential to become a reference for the future of development cooperation in middle income countries”.
“As the REIF Lead Agency, UNIDO will ensure that a gender perspective is adopted when it comes to investments related to energy transitions”, concluded UNIDO Project Manager Marko Van Waveren.
The REIF will combat climate change by helping the transition of Uruguay's transportation and industry sectors to green energy and by providing affordable access to innovative clean technologies.
To learn more about the REIF, please visit: http://www.reifuruguay.org.uy/
For more information, please contact:
Manuel Albaladejo
UNIDO Representative for Argentina, Chile, Paraguay and Uruguay