ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE July 3, 2020

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org July 3, 2020

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, POWER SECTOR International Arbitration Group, Freshfields Bruckhaus Deringer Is Covid Speeding Mexico Expects Mary Rose Brusewitz Deal With Spanish Member, Clark Hill Strasburger up Latin America’s Utility: AMLO Jeffrey Davidow Mexican President Andrés Manuel Senior Counselor, López Obrador said he expects The Cohen Group Energy Transition? his country to reach a deal with Jonathan C. Hamilton Spanish utility Iberdrola following Partner, reports that the company had White & Case scrapped plans to build a power Ana Heeren plant in Mexico. Managing Director, Page 2 FTI Consulting Raul Herrera Partner, RENEWABLES Corporate & Securities Practice, Arnold & Porter Atlas Renewable James R. Jones Plans Solar Park Chairman, Monarch Global Strategies in Antofagasta

Jorge Kamine Many analysts believe the Covid-19 pandemic will result in an accelerated shift away from The U.S. company filed an envi- Partner, fossil fuels. Oil pump jacks are pictured above. // File Photo: U.S. House of Representatives. ronmental impact statement for Corporate & Financial Services, its planned photovoltaic park in Willkie Farr & Gallagher Chile’s Antofagasta region. Oil majors including Shell and BP recently announced plans Craig A. Kelly Page 2 Senior Director, to write off as much as $22 billion and $17.5 billion worth Americas Int’l Gov’t Relations, of assets, respectively, after slashing their long-term price Exxon Mobil OIL & GAS Tyler Kruzich Q assumptions for oil and gas to reflect the effects of the Trinidad and Director, Int’l Gov’t Affairs for Covid-19 pandemic. Additionally, BP said it expects the health crisis to the Western Hemisphere, Chevron accelerate the shift away from fossil fuels. Will the health crisis indeed Tobago Cuts O&G Jorge León speed up the energy transition—and if so, why and by how much? In what Price Assumptions Energy Economist, The Caribbean nation has cut the BP ways is the pandemic changing oil consumption patterns? Which Latin oil and gas assumptions included American countries will be most affected by such a shift, and what can Jeremy Martin in its national budget, according Vice President, Energy & Sustainability, they do now to prepare for the future? to the finance ministry’s mid-year Institute of the Americas economic review. Minister Colm Larry Pascal Imbert expects the economy to Chairman, Andrés Chambouleyron, managing director of Berkeley decline by 2.4 percent this year. Americas Practice Group, Haynes & Boone Research Group and nonresident fellow at the Institute of Page 2 Charles Shapiro the Americas: “The health crisis has reduced the demand for President, both hydrocarbons and electricity, but the reduction has been World Affairs Council of Atlanta A steeper for the former. This is mainly because confinement has caused R. Kirk Sherr President, a sharper fall in the consumption of fuels due to lower demand for both Clearview Strategy Group public (fear of contagion) and private transportation (more teleworking Mark Thurber Partner, and more online shopping) than in electricity (more teleworking and more Hunton Andrews Kurth online shopping!), a reduction that will probably have a permanent compo- Jose L. Valera nent. This steeper decline in the demand for fuels has led to a reduction Partner, Mayer Brown LLP in oil and natural gas prices that has not been matched by a correspond- Lisa Viscidi ing reduction in electricity prices. This change in relative prices will proba- Program Director, bly hit investment in renewables, favoring thermal generation. Renewable Inter-American Dialogue sources are located away from consumption centers because they need to be where the primary resource is and because they require larger sur- Imbert // File Photo: U.S. Embassy in Trinidad and Tobago. Continued on page 3

POWER SECTOR NEWS hosted by Mexican business lobby Concamin. NEWS BRIEFS “But I can’t lie to them, nor can I tell them it’s Mexico Expects Deal an opportune time to invest in Mexico,” he add- Atlas Renewable Plans ed. Landau criticized some of López Obrador’s New Solar Plant in Chile’s energy policies, without going into specifics. With Iberdrola Over Antofagasta Region Power Plant: AMLO U.S. company Atlas Renewable has filed Some actions its environmental impact statement for a Mexican President Andrés Manuel López Ob- taken over the last 577-megawatt solar photovoltaic park in Chile, rador said last week that he expects to reach few months, especial- Renewables Now reported Friday. The park an agreement with Spanish utility Iberdrola ly in the energy is to be constructed in the South American after reports that the firm had canceled a major sector, have created country’s Antofagasta region. According to project in Mexico’s Veracruz state, Reuters the filing, the company estimates it will need uncertainty...” reported June 25. The mayor of Túxpam, $350 million to install the Estepa Solar park, — Christopher Landau where the project was to be located, said the which will consist of 910,728 solar modules. Spanish company had scrapped plans to build The project’s construction phase is expected to an electricity generation plant after failing to last approximately 18 months, according to the reach an agreement to supply power to the “Some actions taken over the last few months, document. state power company, known as CFE, Améri- especially in the energy sector, have created ca Economía reported. Antonio Aguilar, the uncertainty about the government’s promise to mayor, said the company had so far invested respect what was done in the past and not to as much as $40 million in the project, and had change the rules of the game,” he added, Reu- Laid-Off Oil Refinery already selected the property and received the ters reported. [Editor’s note: See related Q&A in Workers in Curaçao necessary permits to begin construction. “They the May 29 issue of the Energy Advisor.] Protest Austere Measures had not begun because they were waiting Protests erupted in the Dutch Caribbean island on this important [deal],” he said. “It’s very of Curaçao last week in response to austerity unfortunate,” he added. López Obrador said OIL AND GAS NEWS measures and layoffs at the country’s oil refin- that “there’s going to be an agreement,” adding ery, Argus Media reported June 26. Financial that Iberdrola had sent a letter to the govern- help from the Netherlands was conditioned on ment stating its openness to continue investing Trinidad & Tobago salary cuts, prompting protests that included in Mexico. “They want to have a dialogue,” Cuts Oil and Gas vandalism, looting and arson last week. Laid- the president added. Another firm involved in off employees from the Isla oil refinery, which Mexico’s electricity sector, Sempra Energy, has Price Assumptions Venezuelan state oil company PDVSA had stopped providing a target for when it expects operated until its lease expired in December, to make a final investment decision regarding Trinidad and Tobago has cut the oil and gas were part of the protests. the addition of liquefied natural gas, or LNG, price assumptions included in its national export capabilities to its Energía Costa Azul re- budget, according to the finance ministry’s mid- gasification terminal in Mexico’s Pacific coast, year economic review, Argus Media reported S&P Global Platts reported. In an email to the June 25. The Caribbean nation’s baseline Pemex Fails to Reach news website, a company spokeswoman said scenario for macroeconomic conditions is now AMLO’s Refining Goal Sempra continues “to have an active dialogue pegged to an assumption of $45 per barrel Mexican state oil company Pemex failed with the Mexican government,” but declined for Brent and $2.90 per one million British to reach the refining goal President Andrés to provide an updated investment timetable. thermal units (BTUs) for the U.S. gas bench- Manuel López Obrador had set out for it in May, In related news, U.S. Ambassador to Mexico mark Henry Hub. It had previously assumed Forbes México reported Tuesday. The firm pro- Christopher Landau last week appeared to prices of $60 per barrel and $3 per one million cessed 640,073 barrels per day (bpd) of crude question whether it was a good time to invest BTUs, respectively. As a result, the govern- in its six refineries, according to data from the in the Latin American country, Reuters report- ment expects the economy to contract by 2.4 Energy Ministry, well below the one million ed. “For me, an essential part of my job as percent in 2020, Finance Minister Colm Imbert barrels bpd that López Obrador wanted. The ambassador is trying to fix problems when they said in the document, Argus Media reported. president had said in April that the increase in arise, and frankly to encourage the investment The Finance Ministry expects an economic refining would help boost prices of Mexican of my compatriots,” Landau said in a webcast rebound next year, with 4.7 percent growth. crude sales abroad.

However, the Trinidad and Tobago Chamber of FEATURED Q&A / Continued from page 1 Industry and Commerce, or TTCIC, questioned the government’s economic assessment, the faces of land than conventional thermal gen- tional oil companies will be forced to write Jamaica Observer reported. The 2.4 percent eration. Consequently, they require addition- down asset values, as well. Latin American decline “does not appear to be aligned with the al investment in transmission and in storage policymakers can prepare for the impact realities of the fall in energy prices and reduced (or back up) to reduce intermittency. Given by working with state energy companies to domestic economic activity,” the TTCIC said. this, it is likely that, facing lower electricity identify meaningful ways to improve their Additionally, the rebound forecast “is aggres- demand and lower relative prices of natural energy investment regime (especially for re- sive in comparison to historical low growth gas and liquid fuels, generators may find it newables), by focusing on state projects that trends, projected energy prices, sluggish global more profitable to favor thermal projects, create ‘new energy’ jobs and by holding large demand and containment measures that may thus postponing investments in renewables scale power auctions focused on renewable have to remain in place until a vaccine is found until relative prices change. Does this mean energy to lower electricity rates.” for Covid-19,” the TTCIC added, Argus Media that energy transition will be permanently reported. The American Chamber of Commerce hurt? Certainly not, it means that transition Cecilia Aguillón, director of in Trinidad and Tobago also said the Finance may be delayed until relative prices favor the energy transition initiative Ministry’s projection was unsustainable, as renewables again, either because the prices at the Institute of the Ameri- gas production in the first half of the year was of oil and natural gas increase or because A cas: “The recession caused by lower than a year earlier, while gas prices were the price of renewable technologies and/or the Covid-19 pandemic is providing ample significantly lower. Trinidad and Tobago is an storage continues to fall.” reason and opportunity for Latin America to exporter of liquefied natural gas, or LNG. accelerate its transition to carbon-free econ- R. Kirk Sherr, member of the omies. The health crisis has accentuated the Energy Advisor board and importance of respiratory health. Lockdowns Indian Refiner president of Clearview Strategy have resulted in the lowest demand for oil in Halts Purchases of A Group: “No one knows the final recent history, accompanied by a dramatic impact Covid-19 will have on the energy decrease of carbon dioxide emissions, Venezuelan Crude transition and the move away from fossil particularly in major cities where traffic and fuels. However, the pandemic adds to other air pollution had been the norm. In addition, India’s largest private refinery has halted pur- factors driving the transition. Technical stud- the concurrent drop in global oil prices is chases of Venezuelan oil, increasing pressure ies show that financial returns on renewable on the Andean nation’s struggling oil industry, projects already match returns on hydro- Bloomberg News reported last week. Reliance carbon projects. Meanwhile, wind turbines Lockdowns have Industries, which operates the Jamnagar are getting larger, PV panel efficiency is resulted in the lowest Refinery, the largest in the world, accounted increasing, and grid battery storage prices demand for oil in for 25 percent of Venezuela’s exports last year. are dropping rapidly. Thus, financial returns recent history...” However, the company has no plans to make of renewable projects will increase. Plus, — Cecilia Aguillón any future purchases, according to people the hydrocarbon disinvestment movement with knowledge of the matter. It is the latest is growing and the zoomer and millennial firm to stop buying oil produced in Venezuela generations are more concerned about cli- helping governments reduce or eliminate after U.S. refiners, China National Petroleum mate change than are boomers. Add to this fuel subsidies, thus allowing renewables to Corporation and Rosneft Trading cut off sup- growing international electric vehicle sales compete on a more level field. Latin America plies as a result of U.S. sanctions on the South and now hydrogen as a transportation fuel has already experienced success with mas- American country’s oil sector. The last time source. So, the (current) diminished demand sive renewable energy deployment through Reliance loaded a Venezuelan oil cargo was in for oil is depressing prices and lowering re- mandates and auctions resulting in giga- March, which it received in May, according to turns for oil projects while making renewable watts of low-priced solar and wind projects data compiled by Bloomberg. Reliance bought projects even more attractive. BP is reacting and billions of dollars in direct investment. 117,650 barrels per day (bpd) of Venezuelan to these factors, revising its projections Capital markets have proven their ability crude this year, down 46 percent compared and writing down asset values. They are not and desire to invest in the region. Countries to last year. Venezuelan oil exports hit their alone—a recent Deloitte study estimates that with national oil companies (NOCs) in Latin lowest level in 17 years in May amid the U.S. shale producers must write down $300 America could be the most affected by the sanctions and after two Mexican firms that had billion in project values. And many interna- shift to clean energy as their dependency acted as intermediaries for Venezuelan crude Continued on page 6

COPYRIGHT © 2020, INTER-AMERICAN DIALOGUE PAGE 3 LATIN AMERICA ENERGY ADVISOR July 3, 2020 sales stopped receiving oil, Reuters reported, citing Refinitiv Eikon data and internal PDVSA ADVISOR Q&A shipping documents. In May, PDVSA and its joint ventures exported 451,935 bpd of crude and fuel, the lowest since a general strike Can the Northern Triangle paralyzed the Venezuelan economy between December 2002 and January 2003, according Contain a Prison Pandemic? to the report. Hundreds of inmates in prisons and the prisons. The poor management of across Guatemala, El Salvador the crisis has broader security implications. POLITICAL NEWS and Honduras have tested pos- The isolation in inhumane conditions, regular Q itive for the novel coronavirus, violations of basic human rights and the sparking concerns of a humanitarian crisis looming threat of disease are a dangerous Brazilian Education in the making, along with increased risks Minister Withdraws of violence and human rights abuses. What implications do the Covid-19 outbreaks in The response has been Before Taking Office the three Central American nations’ prisons slow and insufficient...” have for both health and security? To what — Yulia Vorobyeva Brazil’s incoming education minister on extent are structures in place to effectively Tuesday withdrew himself from the position, manage the outbreaks, and what is the best just five days after President Jair Bolsonaro ap- way for the countries’ governments to deal recipe for acts of aggression and violent pointed him and just before he was to be sworn with the crisis? What effects will the pan- prison uprisings. The crisis can be effec- in, over irregularities in the list of qualifications demic have on the region’s prison systems tively addressed only through concerted he had presented to the government, Reuters in the future, especially in terms of funding measures. The governments should speed reported. On his résumé, economist Carlos and possible reforms? up the process of releasing eligible inmates; Decotelli had listed a doctorate and post-doc- increase testing capacity; and provide toral work that he never completed, according Yulia Vorobyeva, research adequate medical care to detainees to deal to local media reports. On Monday, Deco- fellow at the Kimberly Green with mental and physical health issues. telli told reporters that he had explained the Latin American and Caribbean The pandemic has exposed serious chronic “inconsistencies” to Bolsonaro. Decotelli also A Center at Florida International conditions in the countries’ penitentiary denied allegations of plagiarism in the thesis University: “Prisons have been the epicen- systems. In the long term, governments are that he wrote for his master’s degree, Reuters ter of Covid-19 outbreaks even in the most likely to reduce funding and neglect reforms reported. He told daily newspaper Folha de advanced countries, let alone the decrepit while being preoccupied with the economic S.Paulo that he would not accept the position, and overcrowded Central American peni- downturn. In a more optimistic scenario, and the swearing-in ceremony, which had been tentiaries. Occupancy rates, reaching 400 political leaders could seize the moment scheduled for Tuesday, did not occur. Bolsona- percent in some facilities, coupled with the and finally treat the disease, rather than its ro last praised Decotelli’s achievements when lack of basic sanitation, have turned these symptoms, by implementing international he announced his appointment last Thursday. prisons into true virus incubators. Although norms regarding the treatment of prisoners. Bolsonaro’s office did not respond to a request the prisons have been closed to visitors and Which approach will prevail depends only on for comment by Reuters on Tuesday. Neither some governments began releasing eligible their political will.” the presidential office nor the education inmates to reduce overload, the response ministry responded on Tuesday to requests for has been slow and insufficient, fraught comment by the Associated Press. However, in with low testing rates and flawed informa- EDITOR’S NOTE: More commentary on this a posting on Facebook late Monday, Bolsonaro tion sharing. As a result, prison personnel topic appears in Tuesday’s issue of the Latin said, referring to Decotelli, “Due to curricular and newly arrived detainees may continue America Advisor. inadequacies, the professor is facing all kinds spreading the virus between the community of delegitimization.” Bolsonaro had highlighted degrees and achievements that Decotelli had neither a professor nor a researcher there but education, in programs for executive develop- purportedly received from various institutions, that he had acted as a collaborating professor ment and not as a professor in any of the FGV’s but three of them then disavowed those in post-graduate courses, the AP reported. “The schools,” the institution said. Decotelli would achievements. Among them, the Getúlio Vargas professor acted only in courses of continued have been Bolsonaro’s third education minister Foundation said Tuesday that Decotelli was

NEWS BRIEFS since he took office in January of last year. The ECONOMIC NEWS first was in office for just three months, and the Gunmen Kill 24 in second, Abraham Weintraub, resigned in mid- British Judge Denies Attack at Mexico June after 14 months on the job. Weintraub had been targeted in a Supreme Court probe af- Venezuela’s Maduro Drug Rehab Clinic ter a video was released in which he called its Gunmen burst into an unregistered drug rehab judges “bums” and said they should be jailed, Access to Gold clinic Wednesday in Mexico’s Guanajuato state, Reuters reported. Even before his resignation killing 24 people and wounding seven others, took effect, Bolsonaro nominated Weintraub A British judge on Thursday denied Venezuela according to authorities, the Associated Press to be an executive director at the World Bank. access to more than $1 billion in gold held at reported. The attack happened in the city of Weintraub flew to the United States, despite the Bank of England, ruling that it is unlawful to Irapuato. Three of the people who were wound- a U.S. ban on travelers from Brazil because give it to President Nicolás Maduro as Britain ed were listed in serious condition. The motive of the coronavirus pandemic. In a posting on does not recognize him as the legitimate for the attack was unclear, but Guanajuato Twitter, he said, “I’m leaving Brazil as quickly president of the Andean nation, the Associated Gov. Diego Sinhué Rodríguez Vallejo said drug as possible,” The Guardian reported. The World Press reported. Maduro has demanded the gangs were apparently involved. Bank position pays approximately $258,000, gold to help the country weather the coronavi- more than three times his previous salary as rus pandemic. However, the central bank of the education minister, Folha de S.Paulo reported. United Kingdom, whose government recognizes Venezuelan opposition leader Juan Guaidó as Brazil’s Amazon Fires the country’s president, had refused to give Reaches Highest Level At Least 118 Members Maduro access to the gold. Guaidó has sought for June Since 2007 of Colombian Army to keep the gold stash at the Bank of England Brazil last month registered its highest number Probed for Abuses of Amazon fires for June since 2007, with a to- The ruling essentially tal of 2,248 fires detected, according to Brazil’s Since 2016, at least 118 members of Colom- National Institute for Space Research, or INPE, looked at who Venezuela’s bia’s army have been investigated over alle- CNN reported. The figure is higher than the legitimate leader is, at gations of sexual abuse against minors, army 1,880 fires INPE detected in June 2019 using head Gen. Eduardo Zapateiro told reporters least in the eyes of Britain. satellite imagery. Environmental activists say Wednesday in a virtual news conference. The illegal loggers and ranchers are taking advan- announcement followed the arrests last week tage of limited official resources during the of seven soldiers who stand accused in the out of the hands of the Maduro government, Covid-19 pandemic to increase their activity in gang rape of an indigenous girl in Risaralda which it claims is illegitimate and corrupt. The the Amazon, burning large areas of forest. province. The seven men and three of their su- ruling essentially looked at who Venezuela’s le- periors have since been fired. Two other senior gitimate leader is, at least in the eyes of Britain, officials have resigned over the incident. In the AP reported. “Her Majesty’s Government Uruguay’s Foreign another case, soldiers are alleged to have sexu- does recognize Mr. Guaidó in the capacity of Minister Steps Down ally assaulted a young girl who was being held the constitutional interim president of Venezue- for several days without food or water at an la and, it must follow, does not recognize Mr. Uruguayan Foreign Minister Ernesto Talvi on army site in Guaviare province, the wire service Maduro as the constitutional interim president Wednesday said he was resigning, a move that reported. The army has “zero tolerance” for of Venezuela,” Judge Nigel Teare said in the was expected after he announced his intention sexual abuse, said Zapateiro. “No Colombian ruling, adding that there was “no room for last month to devote more time to his Ciudada- soldier is trained within the institution to attack recognition of Mr. Guaidó as de jure president nos political party, one of five in Uruguay’s human rights of boys, girls or adolescents,” he and of Mr. Maduro as de facto president,” BBC governing coalition, Agence France-Presse added. “I will not tolerate any type of conduct News reported. “This is very much showing reported. Local media reported that Francisco distant from ethical principles, moral values the isolation of the Maduro government,” Bustillo, who currently serves as Uruguay’s and good customs.” While Zapateiro said 118 Christopher Sabatini, a senior research fellow ambassador to Spain, would replace him. Talvi members of the army have been investigated in for Latin America at the Chatham House think rose to prominence internationally after over- recent years, he did not specify the number of tank in London, told the AP. Lawyers for the seeing the repatriation of foreign passengers cases involved. He also did not discuss cases Maduro-controlled Venezuelan central bank, from a coronavirus-stricken Australian cruise of sexual harassment that female soldiers have which brought the case, said they would appeal ship stranded off Montevideo. recently raised. the decision.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue Copyright © 2020 on fossil fuel exports is high. However, factors that could potentially go against the NOCs have also the opportunity to be part progress of the energy transition: a context Erik Brand of the shift. They could start to retrofit their of lower relative oil prices, higher debt loads Publisher [email protected] infrastructure and retrain workers to produce for emerging economies and weakened clean fuels. Latin America can now attract fiscal positions in the region will directly Gene Kuleta Editor new investments to deploy emerging tech- affect the weighted cost of new renewable [email protected] nologies such as energy storage, electric projects. We could also see a trend toward Anastasia Chacón González mobility infrastructure and clean hydrogen. greater use of individual transportation, to Reporter & Associate Editor In fact, countries such as Chile and Uruguay the detriment of public transportation. These [email protected] are already focusing their recovery plans on are only a few possibly adverse factors. the acceleration of their energy transitions.

Their neighbors should take note and use Michael Shifter, President the health crisis as an opportunity to make The future will also be Rebecca Bill Chavez, Nonresident Senior Fellow energy transition a key pillar to stimulate the conditioned by factors Sergio Bitar, Nonresident Senior Fellow restart of their economies.” that could potentially Joan Caivano, Director, Special Projects go against the Michael Camilleri, Director, Rule of Law Program Alfonso Blanco Bonilla, progress of the Kevin Casas-Zamora, Nonresident Senior Fellow executive secretary of the energy transition.” Héctor Castro Vizcarra, Nonresident Senior Fellow Latin American Organization Julia Dias Leite, Nonresident Senior Fellow — Alfonso Blanco Bonilla A of Energy (Olade): “The drop in Ariel Fiszbein, Director, Education Program economic activity in Latin America and the Peter Hakim, President Emeritus Caribbean due to the Covid-19 pandemic has Nora Lustig, Nonresident Senior Fellow led to a logical contraction in the demand for As such, key for the future of the energy Margaret Myers, Director, Asia and electricity and has hit supply. Considering transition in Latin America and the Caribbe- Latin America Program projections of GDP contraction, final energy an will be public policies actively seeking to Manuel Orozco, Director, Migration, Remittances & Development demand in 2020 is expected to fall 9 percent improve the conditions for the development Xiaoyu Pu, Nonresident Senior Fellow as compared to last year and 11 percent in of renewables, energy efficiency and a sus- Jeffrey Puryear, Senior Fellow a trend scenario. Electricity consumption tainable recovery. These conditions have not Mateo Samper, Nonresident Senior Fellow in transportation, industry and commerce been widely developed by the countries in Tamar Solnik, Director, Finance & Administration will fall between 13 percent and 25 percent, our region, and they require long-term strate- Lisa Viscidi, Director, Energy Program while the residential sector will see a 20 gies. The role of regional multilateralism will Denisse Yanovich, Director of Development and percent increase. There is still not enough in- also be a crucial and conditioning factor in External Relations formation to understand the future evolution supporting policies that identify the energy Latin America Energy Advisor is published of the sector or predict the future of the re- transition as the engine of a sustainable weekly, with the exception of some major gion’s energy transition. However, consump- recovery and resolving financing problems. U.S. holidays, by the Inter-American Dialogue 1155 15th Street NW, Suite 800 tion patterns in the new normal are expected We have institutions capable of responding Washington, DC 20005 Phone: 202-822-9002 to be more influenced by factors such as to this need, and we must use them. But a www.thedialogue.org health and the caring for the environment. It political commitment, and the understanding ISSN 2163-7962 is likely that consumers will demand prod- that a sustainable recovery must integrate ucts with a better energy performance, the public and private efforts within a framework Subscription Inquiries are welcomed at [email protected] accelerated incorporation of new efficient of collaboration, are also necessary.” The opinions expressed by the members of the Board of technologies and renewable energies, and Advisors and by guest commentators do not necessarily the establishment of public policies that The Advisor welcomes comments on its Q&A represent those of the publisher. The analysis is the sole actively act against climate change. How- section. Readers can write editor Gene Kuleta view of each commentator and does not necessarily represent the views of their respective employers or ever, the future will also be conditioned by at [email protected]. firms. The information in this report has been obtained from reliable sources, but neither its accuracy and completeness, nor the opinions based thereon, are guaranteed. If you have any questions relating to the contents of this publication, contact the editorial offices of the Inter-American Dialogue. Contents of this report may not be reproduced, stored in a retrieval system, or transmitted without prior written permission from the publisher.