China, Latin America eye cooperation on renewable energy

As China and Latin American countries have complementary advantages in the field of renewable energy, the two sides see massive potential for cooperation in the sector, an official said during a forum held in Beijing on Tuesday.

China and Latin American countries should jointly promote the large-scale development of renewable energy, including exploring renewable energy development roadmaps suitable for each country's national conditions, deputy administrator of the National Energy Administration Ren Jingdong said during the China-Latin America Renewable Energy Cooperation Forum held by the NEA on Tuesday.

The two sides should also strengthen clean energy exploitation and development cooperation, fully explore the potential of renewable energy resources in various countries and jointly plan and implement several model projects for China-Latin America renewable energy cooperation, he said.

According to the joint initiative of China-Latin American Enterprises in Renewable Energy Cooperation released by 43 companies, industry associations and financial institutions from China and Latin America, the two sides should accelerate the development of flexible facilities for pumped storage and new energy storage. It calls for strengthening the coordinated development of source-grid-load-storage and creating favorable conditions for the widespread access to a high proportion of new energy.

China and Latin American countries should also further strengthen cooperation in advanced renewable energy technology innovation, jointly explore the application of key technologies such as new type of energy storage, hydrogen energy, smart grid, integrated energy system, waste resource utilization, building integrated photovoltaic and share the progress and achievements of energy technologies.

The two sides should actively explore cross-industry integration of renewable energy, step up the integrated development of renewable energy production, supply and marketing, promote the in-depth convergence of upstream and downstream industry in renewable energy, explore the development model of peripheral industries of renewable energy, improve the comprehensive quality of renewable energy products and services and meet the increasingly diversified needs of end consumers.

The administration highlights the importance of maintaining the healthy development of the renewable energy cooperation market, strengthening dialogue and exchanges, information sharing, complementary advantages, mutual benefit and win-win, jointly maintain the security and stability of the renewable energy industry chain and supply chain and create a more positive and favorable market environment.

It also vows to continuously improve the convenience of renewable energy investment and financing. It is recommended that financial institutions and enterprises jointly explore innovative financing models, expand financing channels, give full play to the role of green financial tools, and enhance the convenience of investment and financing of renewable energy projects.