The Development Bank of Latin America (CAF, formerly Corporación Andina de Fomento), announced that it approved allocating $122 million to support electric mobility in Panama, Paraguay and Uruguay. These resources are part of the $231 million approved by the Green Climate Fund (GCF) in October 2022, the regional institution reported.

In Panama, according to the head of the National Secretariat of Energy (SNE), Jorge Rivera Staff, this economic support will serve to expand electric mobility that is developed with the Electric Mobility Strategy, promoted by the Government through the Secretariat.

CAFrán’s investments mean quickly, the SNE Rivera Staff explained in virtual mode to the participating regional audience of the recent Summit on Electric and Sustainable Mobility in Latin America and the Caribbean; Success stories 2023; organized by the Electric Mobility Portal and which also brought together more than 20 speakers from the public and private sector of the region.

As part of the Electric Mobility and Low Carbon Transport Program (E-Motion), CAF maintains that the resources “will contribute to providing a financial offer that allows for a better organized, more efficient, equitable, comfortable, safe, sustainable, resilient and affordable electric transport system in Panama, Paraguay and Uruguay.”

Latin America and the Caribbean has strong competitive advantages to promote sustainable transport and, in particular, electric mobility. This financing reinforces the leadership of Panama, Paraguay and Uruguay in establishing public and private alliances to reduce emissions in the transport sector, one of those that contribute most to global warming, and to become benchmarks for green growth, not only in Latin America and the Caribbean, but in the rest of the planet. In addition, this initiative is part of our strategy to become the green bank of the region,” said Sergio Díaz-Granados, executive president of CAF.

The share of renewable energy generation in Panama’s energy matrix is 81%, while in Paraguay’s it is 100% and in Uruguay’s 98%,” CAF highlighted on its website.

Electric Mobility Data in Panama

Until January 2023, 164 chargers operate in the national territory, of which 23 are fast-charging. In 2022, 160 100% electric cars were sold in Panama, double compared to the 80 sold in 2021. In addition, in just two months (February and February) of 2023, 37 100%E cars were sold, surpassing the 21 sold in 2021. Currently, the 100% E vehicles sold total 324. It is worth noting that from 2015 to 2020 only 47 zero-emission vehicles had been sold. In relation to hybrid vehicles, until February of this year they total 3,347 sold.

The above corresponds to the promotion of regulations, the processes of progressive replacement of fleets and market incentives through the National Electric Mobility Strategy approved by Law 295 of April 25, 2022 and whose regulation was made official with Executive Decree No. 51 of February 15, 2023, promoted by the SNE.