The Iberoamerican Ministerial Meeting on “Energy Security In Latin America: Renewable Energy as a Viable Alternative” opened on Tuesday 26 September 2006, in Montevideo, Uruguay. The meeting was organized by the United Nations Industrial Development Organization (UNIDO), in cooperation with the Secretariat of the IberoAmerican Summit (SEGIB), and the Ministry of Industry, Energy and Mining of Uruguay. The meeting was convened to provide a forum for Ministers and representatives of the Government from the region to discuss energy security and agree on a regional cooperation programme to harness the potential of renewable energy technologies in meeting the region’s growing energy needs, especially in the context of Latin-American economic and social realities.

On Tuesday morning, Jorge Lepra, Minister of Industry, Energy and Mining of Uruguay welcomed participants to the meeting and highlighted that energy issues require innovative policies to coordinate the interests of society, States and the market, in order to ensure sustainable development and equity in access to energy sources in the region. Kandeh K. Yumkella, UNIDO Director General, recognized Latin America’s progress in promoting renewable energy and emphasized Mercosur cooperation. Enrique Iglesias, Secretary General of the Iberoamerican Summit, noted the region’s privileged position regarding energy resources stating that in order for renewables to be competitive, conventional fuels must internalize their true costs. He highlighted the need to reconcile energy and environmental needs to take advantage of the potential of hydroelectric power, and attract investments in this field. Iglesias also stated this moment is an excellent opportunity to develop projects and programmes in the renewable energy field. In addition, he recognized the role of UNIDO, together with the SEGIB and the governments of the region, in establishing a Regional Observatory for Renewable Energy, as a Latin American network for information sharing on energy matters and a center for the development of future projects and programmes in this field.

The first panel introduced global energy supply and demand scenarios, as well as potential and perspectives for the Latin-American region. In the afternoon, two panels addressed energy security and potential for renewable energy sources in Latin America and market conditions for renewable energy in the region. Participants underscored the importance of enhancing intraregional energy markets, developing renewable energy sources, reducing dependency on foreign oil, increasing energy security; and diminishing vulnerability of States in the region. A closed meeting of Ministers of Energy was held in the evening.