The event has allowed the exchange of experiences between the European Union, Panama and European and Latin American countries.

Panama City, May 11, 2023. The EU-Panama Dialogue event: Financing the energy transition. An opportunity for the Global Gateway Alliance, brings together representatives of the Panamanian government and the European Union on May 11 and 12 at the Sheraton Grand Panama Hotel to explore ways of collaborating to promote Panama's transition to clean energy sources that do not contribute to increasing the effects of climate change.

The Panamanian representation at this event, organized through the European Union's Euroclima program and the International and Ibero-American Foundation for Public Administration and Policies (FIIAPP), is headed by Milciades Concepción, Minister of Environment; Jorge Rivera Staff, National Secretary of Energy, and Enelda Medrano de González, Vice Minister of Economy, and Finance. The European delegation is headed by Felice Zaccheo, Head of Unit for Latin America, and the Caribbean of the European Commission's Directorate General for International Partnerships.

At the opening of the event, Minister Milciades Concepción stressed that "Cooperation is the key to successfully address climate change. Europe has interesting experiences in climate finance, and Panama has made great progress in aligning finance with the objectives of the Paris Agreement. With this event, we hope to strengthen support and cooperation, identify specific opportunities for collaboration to further boost the energy transition towards decarbonization and highlight the importance of the link between finance and climate change, which cannot be addressed without the transformation of the financial system".

The European representative, Felice Zaccheo assured that "through Euroclima, the European Union has made available to Panama its experience in the formulation and implementation of strategies for decarbonization and energy sustainability of its economy. Besides, we want to bring to the table our ability to generate international partnerships through the Global Gateway strategy to address global challenges such as climate change through key investments in infrastructure".

Secretary Jorge Rivera also stressed that "This event reinforces the strategic ties between the two regions and the commitment to sustainability as a central element to address current and future global challenges, reinforcing the EU's confidence in Panama as an important point of reference for dialogue with Latin America and the Caribbean".

The Vice Minister of Economy, Enelda Medrano has indicated that "the materialization of the lines of action linked to each one of the strategies established in our Energy Transition Agenda requires, unquestionably, the participation of entities and organizations that, due to their nature, can promote their achievement. From the Ministry of Economy and Finance we are aware of the great responsibility we have as an entity that formulates public policies that promote the welfare of the population. Our task is to ensure a sustainable country in the future, which requires the participation of both the public and private sectors.

The transition of the economy to energy sources that do not produce greenhouse gases is a key element in the fight against climate change. In 2020 Panama formulated and approved its Energy Transition Agenda 2020-2030. This agenda is part of Panama's Nationally Determined Contribution (NDC). This is the framework plan submitted to the United Nations to meet the objectives of the Paris Agreement, and the international treaty to combat climate change and prevent the planet's temperature from continuing to rise.

Additionally, the Energy Transition Agenda is considered a mechanism to foster sustainable development, improve the country's competitiveness and strengthen the post-COVID-19 green recovery and sustainable growth of Panama's economy.

Although the implementation of the agenda has already begun to show results, Panama Government considers necessary to ensure the strengthening of mechanisms and financial resources to implement all the roadmaps that comprise it:

• Universal access to energy
• Rational and efficient use of energy
• Electric mobility
• Distributed generation
• Innovation of the National Interconnected System
• Institutional strengthening
• Green Hydrogen
• Women and Energy Nexus

Thus, in the various panels and working groups of the event are present high-level personalities from both the public and private sectors of Panama, Latin America and Europe that are relevant to the implementation of the Energy Transition Agenda.

The dialogue will take place on site over two days. The first day will be devoted to mutual understanding of energy transition strategies and public policy frameworks and instruments related to energy transition financing in the European Union, Panama and other Latin American countries.

The morning of the second day will be devoted to work on successful experiences of financing the green transition in European and Latin American countries, including issues such as green bonds, green loans, public-private partnerships, fiscal risk management, carbon pricing instruments.

Background information

The Global Gateway Strategy was launched by the European Union in 2021. It is a blueprint for how Europe can build more resilient connections with the rest of the world. It supports smart investments in quality infrastructure in the digital, energy and transport sectors, as well as health, education, and research systems. All this, while respecting the highest social and environmental standards, and in line with EU values and standards.

About Euroclima

Euroclima is a program funded by the European Union and co-financed by the German federal government through the Federal Ministry for Economic Cooperation and Development (BMZ), as well as by the governments of France and Spain through the Ministry of Foreign Affairs, European Union and Cooperation. 

The Program's mission is to reduce the impact of climate change and its effects in 33 countries in Latin America and the Caribbean by promoting mitigation, adaptation, resilience, climate investment and biodiversity. To this end, it is implemented according to the "Spirit of Team Europe" under the synergistic work of eight agencies: Spanish Agency for International Development Cooperation (AECID), AFD Group: Agence Française de Développement (AFD)/ Expertise France (EF), Economic Commission for Latin America and the Caribbean (ECLAC), International and Ibero-American Foundation for Administration and Public Policy(FIIAPP), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the UN Environment Programme (UNEP) and the United Nations Development Programme (UNDP).