European Investment Bank looks at Latin America as an energy alternative to Russia

The vice president of the European Investment Bank (EIB), Ricardo Mourinho Félix, stated that Europe has to look to the other side of the Atlantic, specifically to Latin America, as an alternative to not depend on Russia in terms of energy or food supplies.

“We have to look to the other side of the Atlantic. The war (after Russia’s invasion of Ukraine) is affecting the entire production chain”affirmed the executive of the main European financing agency in Rio de Janeiro.

He affirmed that the crisis generated by the war, which put in doubt the supply of gas and oil that Europe receives from Russiaforces European countries to think of ways to diversify not only the origin of these resources but also the type of energy sources.

“We have to accelerate the energy transition (towards renewable energy sources) and diversify energy sources”he stated at the press conference that he offered after the signing of an agreement by which the EIB granted a loan of 200 million euros to the electricity company neoenergya subsidiary of Spain’s Iberdrola, to finance renewable energy plants in Brazil.

According MourinhoEurope realized that it needs to accelerate the energy transition and this implies diversifying not only energy sources but also the (country of) origin of the energy.

“The war makes us see the need to build energy diversification so that each country does not depend on just one source of energy”commented.

He added that Brazilwith great potential for renewable energies, has an essential role in the energy transition at a time when Europe is forced to seek greater energy diversification.

“Brazil can be one of the main producers and exporters of green hydrogen in the world. The country has a lot of potential for this fuel”he claimed.

He said that the war affected all global production chains and that, looking across the AtlanticEurope can identify new sources of supply, not only for energy but also for raw materials and food.

“Brazil, due to its size, has the potential to integrate global chains and to generate fuels that can be used in other parts of the world”he stated.

remembered that Brazil has received about 42% of the 11.4 billion euros that the EIB has offered to Latin America since it began operating in the region in 1993. Of the nearly 150 projects financed by the bank in 15 countries in the region, 44 benefit Brazil.

For his part, the president of neoenergy, Mario Ruiz Tagleaffirmed that what is happening in Europe could help Brazil to attract investments, mainly to develop renewable energy sources.

“The experience we are experiencing in Europe is showing the importance of not being dependent on energy. And not only of not depending on another country, but also of not depending on a specific source of energy generation”said.