 Hello, and welcome to the launch of the IEA's first ever Latin America Energy Outlook. I'm Jethro Mullen, head of the IEA's communications team, and I'm joined today by IEA Executive Director, Dr Fatih Birral, and Report Lead Author, Stephanie Bukat. We are also very pleased to have with us today leaders from three key international institutions involved in energy issues in Latin America who will also be discussing the report with us. During today's event, Dr Birral will make some opening remarks, and then Ms Bukat will present the key findings of the report. After that, our three guest speakers from the Inter-American Development Bank, the Latin America Energy Organization, and the UN Economic Commission for Latin America and the Caribbean will provide their reactions to the report. We'll then have time to take some questions from journalists. For the journalists taking part in the webinar, we invite you to send your questions via the Q&A function in the Zoom. You can do this at any point during the presentation, and we'll also take a two-minute break right after the presentation for you to enter your questions. And with that, I'll hand over to our Executive Director, Dr Birral. Thank you very much, dear Jethro. Greetings to everybody from International Energy Agency headquarters. As my colleague Mr Madan just mentioned, I am really very happy today to share with you some of the key findings of our first ever report on Latin America. Now this report, ladies and gentlemen, comes in our view at a very critical time for Latin America, because when we look at the world, world energy system, which we do at the IEA on a daily basis, we see that the clean energy transitions are moving fast and faster than many people realize. And we think there is a big opportunity for Latin America to be a key part of this clean energy transition and benefit from this transition immensely. This is one reason we thought we should make this report. The second reason is we are also observing that in Latin America, many governments are putting the clean energy, or in general energy issues, climate change is a key priority for the government programs, the existing governments, new governments taking the offices. So we thought this would be a timely input for their thinking. Now this report carried out with a big team at the International Energy Agency and one of the two managers, the lead authors with me today, my colleague Stefana Bukart. My esteemed colleague, thank you very much, Stefana, to you and to your team also. My colleague, Brandt Werner, who is the second lead author of this study. I am really impressed with the depth and breadth of this analysis. My colleagues not only look at the Latin America as a whole and as a group, but they did also make a country-by-country analysis of several key countries' economies in the region, such as Argentina, such as Brazil, such as Chile, Colombia, Mexico, or Costa Rica. All these countries now have an energy strategy. Their future energy system is an input for their consideration. And I am also very impressed that throughout this study, which took almost a year, my colleagues were in close contact with the governments in Latin America, with the industrial players, with NGOs, with academia, several workshops, several discussions, dialogues, and we benefited from them immensely. And I wanted to thank all of them here at this very meeting. Dear colleagues, when I look at the report, I see one message, a clear message emerging, which is Latin America has a major opportunity at its fingertips. And I mentioned to you that the clean energy is moving fast. And in general, we believe a new clean energy economy around the world is emerging and Latin America can well be a key beneficiary with all the resources the countries in the region has. These resources range from the existing traditional fuels such as oil, such as gas, to lithium, to hydropower, to biofuels, and a wind and other different clean energy sources. And countries in the region has an impeccable reputation when it comes to sustainability. And I would say always sustainability is in the DNA of the decision makers in Latin America. Different countries, different political parties come and go, but it is in the DNA, the sustainability of the countries in the region. And when we look at the numbers, we see the impacts of it. For example, in terms of electricity sector, power generation, the carbon footprint of the Latin America is one of the lowest in the world. About half of the global average takes the huge amount of hydropower, bioenergy, and others. Now, we also look at the current energy system. And we also see that the countries do have, of course, oil and gas. Even though we are seeing a transition to clean energy, we are also well aware of the fact that the oil and gas will be with us years to come. But also we know that their contribution needs to slowly but surely, in some cases, decline to be in line with our climate course. But in the meantime, countries will make the most out of their resources, be it is the oil and gas or biofuels or others. Now, we see that in terms of critical minerals, our report shows, the countries in the region has huge potential. Because when we make the electric cars, solar panels, windmills, and others, we need critical minerals. And when we look at the countries in the region, they have a huge potential. For example, lithium, one of the most prominent critical minerals. The region has about half of the global lithium potential. And we call it the lithium triangle. Chile, Bolivia, and Argentina has huge reserves there. But not only lithium, when it comes to other important materials such as copper, again, a major component there. Chile, Peru, Mexico, significant amount of copper resources. Silver, graffitis, again, the nickel-ray materials. There is a huge potential of critical minerals, of course, to have the potential something to benefit from that economically is something else. So it is the reason why we have this report, to make some suggestions to the countries in the region, what is the best way, how to maximize the economic benefits of these reserves. Now, we know that the countries in the region went through economically a difficult time, and the decade, I should say, the economy increased slowly when we compared the global averages. About one-third of the global economic pace was observed in Latin America. But we think, thanks to all these energy resources, the traditional ones, and also the clear energy resources, there is an important opportunity to use these energy resources to boost the economic growth of today and also tomorrow. When it comes to the climate responsibility of the countries, even though the countries in the region do not make a significant contribution to the global CO2 emissions, most of the countries made significant ambitious pledges and also commitments. And we think if those commitments are met, moving into clean energy domain, there is a lot of oil and gas that the countries are producing today. They may be used for exports, bringing the hard currency money to the economies. But also in terms of the renewables, there is a huge opportunity there. And we think the wind, solar, biofuels will be the three key drivers of the renewable expansion in the region. And thanks to the renewables, new technology emerging, which is the hydrogen, there is an ample opportunity in the region. When we look at the cost, which is a key issue for the green hydrogen or low-cost hydrogen, whatever you call it, Latin American countries ranging from Chile to Brazil, from Colombia to Argentina, and many others, they present one of the most cost-effective ways to produce a clean hydrogen. This is a major, major advantage when all the countries around the world, almost all the countries around the world would like to make most of the hydrogen potential at home, but also importing from the major resource holders such as Latin America. Now, in terms of the critical minerals, I wanted to also mention, as it is very clearly discussed in our report, having the critical minerals at home is something, but the question is, in our view, not only to export the critical minerals, but to refine and process it at home and to get much more value added from this resource. It's a very, in my view, important element that the countries, in my view, need to consider not only just export the raw material, raw critical minerals, but process it, refine it at home, and then export it to other countries. There are some issues we think the governments, as it was mentioned clearly in our report, need to consider. First of all, the transition to clean energy needs to be an orderly one. You cannot go from one day, the economies based on oil and gas, tomorrow everything goes to clean energy. There should be an orderly transition, and this needs to be well designed by the governments, and the governments are here in the driving seat to make sure that their countries, their economies are ready for the next chapter of the economies, namely clean energy economies, but making sure that from today's energy system to go to the tomorrow's energy system in an orderly way to maximize the energy resources. The second one is that we believe the transition to clean energy needs to be in a fair way, in an equitable way, and we need to make sure that all the segments of the population needs to benefit from the clean energy transition, especially those low-income groups, indigenous people, and the disadvantage, economic disadvantage, parts of the population. We need to see clean energy transition with the support of the people. Therefore, fairness and equity is very important for us. We know that the access to electricity and access to clean cooking is still a problem in some of the countries, and we think this needs to be give a high consideration. And again, I wanted to underline the critical mineral deposits in the region is a gold mine. I know they are not gold, but there's a gold mine for the countries, for the economies. How to make the most out of it is very important. When we export it, if we just export it through different trade negotiations, we want to tell the governments, please negotiate the American countries very hard with the buyers and look at the global picture, not only today, but tomorrow, because their prices may go up, make the right negotiations with your trade partners. But also, as I mentioned before, please make sure that you have the investment capabilities working with the companies in your country or in other countries in order to process the processing and refinery industry in your countries and send it to other markets. And here, the Latin American countries have a very important advantage vis-à-vis some other potential exporters of critical minerals, because if it is processed in Latin America, given the clean electricity option there, the carbon footprint of the critical mineral processing will be very low, so provides an advantageous position for these countries. So, what needs to happen in our report that my colleagues put together in a very clear way, there are three areas that I would like to highlight. The first one is the investment. Now, currently, the clean energy investment in the region is about 75 billion US dollars on an annual basis. And in order to have an orderly transition, in order to make Latin America a clean energy powerhouse, this investment needs to double about 150 billion US dollars by 2030. This is definitely within reach because the potential is huge. It is important to make sure that the investors find a good, see the good potential in Latin America. Rule of law is there. Democracy is there. And a lot of good potential for economic growth is there. And I see with the right policies in the countries, I see no major problem the investment will flow and double the current numbers. The second one is that we would like to call upon the international organizations and the countries around the world to support the clean energy transition in the region. In my view, both the regional and international financial institution need to support the clean energy transition in Latin America, which is good for those countries and good for the global economy and also sustainability. And the third and the last one, we believe the regional cooperation among the countries will be beneficial for all the countries in the region. There were a lot of good efforts from, for example, such as Mercosur. Perhaps it is not full success yet, but when it comes to energy, especially electricity and maybe other sources of energy, regional integration and having a clear strategy as Latin America would be beneficial for all these countries in the region. And we very much hope as international energy agency that this report, the first it is kind for Latin America, would provide a good input to build this strategy so that we have an effective and a successful regional cooperation among the Latin American countries. Thank you. Over to you, Mr. Malin. Thank you very much, Executive Director. We'll now have the presentation of the report's key findings from lead author, Stephanie Buchart. Over to you, Stephanie. Thank you very much. I'm really pleased today to present some of the key findings of this first Latin America energy outlook. Latin America and the Caribbean represents 8% of the global population, 7% of the global economy, but definitely as our Executive Director just said, it can play an outside role in the new energy economy. Within this report, we didn't look at the region as a whole, as Dr. Biral said, but we have looked at the specificities of the countries as each country has its own resources, own history, own geography, own challenges, and own opportunities. So to start with, let's have a look at how the regions compare to the global average. First, in terms of fossil fuel share, the fossil fuels account only for two thirds of the primary mix, which is quite different from the global average of 80%, and this is notably linked to the relatively low use of coal in the region compared to the quarter that we have globally. On the other hand, oil represents larger share in the region accounting for the maturity of the fossil fuel used, accounting for 40% of primary mix in the region. But as it is well known, the use of renewable energy has been really a mainstay in the region, especially in the power sector. We see that either power has been really the long-time foundation of electricity at 60% share of renewables within the electricity generation. We really see that it's quite different from the global average twice the rate. In Costa Rica and Paraguay, for example, 100% of electricity is today produced via renewable. We see a similar role and similar role of renewable energy in the transport sector, whereby fuels account for 10% of energy consumption in the transport sector, so again, twice the global average. However, on the energy efficiency side, the region is lagging behind somewhat. Energy efficiency improvement has been much lower than the global rate, and we see that there is a significant room to increase policy coverage on energy efficiency, as less than a third of countries have today minimum energy performance standards for industrial motors and household appliances, and only a few countries have mandatory building energy codes. So this gives an idea of where the region stands today, but what about where it could go? So thinking about the future, we look at the different options that the country and regions could have. So first, on vast natural resources, the region is poised with amounts of renewable energy, has some of the best solar and wind resources in the world, along with either power and biotechnology. So anywhere in dark orange or dark blue within this map will be high quality solar resources and high quality wind resources. So together, this holds great promises for generating cheap electricity as well as cheap low emissions hydrogen. The region is also rich in fossil fuel, accounting for 15% of global oil and gas. As our Executive Director said, the region is today a net exporter of crude oil, but still a net importer of natural gas. But beyond traditional energy sources, the region has also significant reserves of critical minerals, so notably lithium and copper. So overall, the region's ample resource and also long history of policy innovation mean that the region is really well placed to thrive in the coming years, knowing also that the region is quite well placed to access nearly all markets today. So now turning back to the outlook for oil, which is, as I said, the largest fuel in the region's energy mix, accounting for 40% of the primary mix compared to the 30% global average in the stated policy scenario, so which reflect today's policy setting in each country combined also with projected population and economic growth in our detailed global energy and climate model. Oil use is broadly stable and its share is though declining. However, fulfilling all pledges and targets on time sets out a very different pathway for the region leading to decline in fossil fuel use. In this scenario, so in the announced pledge scenario, oil use is cut by nearly 10% by 2030, with most reduction coming from the transport sector, thanks to an increased availability of public transit efficiency gains, but also ramp up of cleaner fuels such as biofuels and electric vehicles with 16 million electric vehicles on the road by 2030. In this scenario, the APS, the announced pledge scenario, one out of five cars and buses sold in 2030 is electric, compared to a less than one percentage point today. But we see great example ready when it comes to electric bus in the region, with Chile and Colombia being in the top 10 countries with the largest electric bus fleet today. Beyond electrification of transport, we see also electrification of buildings and industry accounting for this cut of oil use. But at the same time, as was said, our oil production in the region continues to grow to 2030, led by major increases notably in Guyana and Brazil. In fact, over the period to 2030, these two countries, Guyana and Brazil, are two of the three largest increase in oil production in the world. When combined with falling demand in the case of the announced pledge scenario, this translates in an addition of about two million barrels per day of net exports from the region, which will offer some diversification benefits to the global oil supply. However, any new projects will face major commercial risks if the world is on track to deliver net zero emissions by 2050 as oil demand declines rapidly in this scenario. As mentioned previously, in the power sector, renewables account for big share, 60% of the electricity mix today, and cold use is quite low. So these two factors give the region, Latin America and the Caribbean, one of the cleanest electricity mix already today and in the years ahead. Today, generating one kilowatt hour of electricity emits an average of 220 grams of CO2, which is about half the global average. By 2030, in the EPS to the announced pledge scenario, this rate falls by almost half, well ahead of the global average. This is notably linked to the fact that most new electricity demand is met by wind and solar PV, which translates in the tripling of their share to about 30% by 2030. Of course, each country follow its own path in the EPS, as some countries rely much more on hydro such as Colombia and Brazil, while wind and solar PV is much more important in Chile. Compared to other regions of the world, this CO2 content is very low within the power sector. By 2030, while advanced economies close to the gap, emerging market and developing economies have much less clean electricity sectors. So this clearly provides Latin America with a springboard for transition in the electricity sector and to produce also low emissions origin, but also other industrial products. So now turning to emissions, the region has accounted for 5% of all global energy-related greenhouse gas emissions since 1971. Under current policies, the level of the CO2 emissions flattens up to 2030 and increases by 10% by 2050. We see a very different picture in the case of the EPS, which assume all pledges and targets are achieved in full and on time, so notably the NDCs put up by countries, but also the 16 net zero emissions pledges. In 2030, we see an implementation gap between these two scenarios of about 200 million tons of CO2. So clearly highlighting an implementation gap of between the steps in the EPS and faster deployment of renewables, electrification and energy efficiency are really key measures to cut that gap. By 2050, we see that CO2 emissions are below 800 million tons of CO2, but this is still far above the level that we reach in the global net zero emissions by 2050 scenario. Beyond tackling CO2 emissions, there is also an opportunity in the region to cut methane emissions from oil and gas production, as most countries in the region have signed the global methane pledge. We have assessed, you know, analysis that nearly 80% of methane could be reduced at low cost and around 40% could be reduced at no net cost. In addition to the energy-related emissions shown here, emissions from land use and agriculture sector, which account for around half of all the greenhouse gas emissions in the region today, are very cut quite quickly and reach net zero by 2030 in the EPS. And this is mostly driven by reduced deforestation as over 80% of the forests in the region are in countries which are part of the Glasgow pledge aiming to stop deforestation by 2030. So, to recap, we see that the region, Latin America and the Caribbean, has clearly all the ingredients to achieve a people-centered and inclusive transition, as highlighted in the case of the announced pledge scenario. So first, by improving access to clean cooking, the region could reduce perimeter death from household air pollution by about 35%. So there are 30,000 people. By improving access to electricity, as there are still 17 million people without access to electricity, so really reaching the last mile. And the clean energy transition also offer new employment opportunities with clean energy jobs growing from 3 to 4 million. And this could also contribute to bring workers more into the formal economy. But of course, to achieve that, as our executive director said, we need a boost in clean energy investments. In the EPS, those investments need to double with a shift from a one-to-one ratio today between fossil fuel investments and clean energy investment to a four-to-one ratio in favor of clean sources already in the 2030s in the EPS. But beyond achieving its own transition, the region can also secure its position in the global energy economy. First, by boosting biofuels production, as the region has also potential for becoming an important biojet-cursing exporter as well to support aviation decarbonization. Second, by increasing and ramping up low-emissions hydrogen production. By 2030, we see that the region could produce two million tons of low emissions hydrogen, with half being for export and the other half for domestic purposes. And by boosting also the production of critical minerals, which could enable to increase revenue from critical minerals by 50 percent already by 2030 and overtaking fossil fuel revenue already in the long-term in the case of the EPS. But of course, sustainable success in all of these points, so to increase biofuels production, critical minerals production and low emissions production require adherence to high environmental, social and government standards and inclusion benefits for the local communities. So to conclude, later again, the Caribbean is really set to play an outside role in the new global energy economy and stronger economic growth could be unlocked with sound energy policy and resource development. Thank you for your attention. Thank you very much for the presentation. So we're now very pleased to be able to hear from Ariel Yepez, who is the Infrastructure and Energy Sector Manager at the Inter-American Development Bank. He is joining us live from Montevideo in Uruguay, where the Latin American Energy Organization's ministerial meeting is taking place today. So Mr. Yepez, over to you. Thank you and good afternoon to the Latin American energy community and to our colleagues in the International Energy Agency. It is a privilege for the Inter-American Development Bank to address you today for the presentation of the first Latin American Energy Outlook. The IDV thanks and congratulations for TV Roland's team for this report. And we are honored to have participated in the consultation process and providing inputs and resources. The report has a rich perspective on the region's major advances in the energy transition. Latin America faces important opportunities to accelerate a fair and inclusive energy transition, generating employment, taking advantage of the new frontiers in electrification, developing new fuels such as hydrogen, and enabling a sustainable use of critical minerals for the energy transition. Latin America's region has the cleanest electricity matrix on the planet, with practically 60% of the generation coming from clean sources. The region's ambitions does not stop there. Sixty countries have committed to the RILAC initiative to reach a 70% share of renewable energy in electricity generation by 2030. At the IDV, we are moving forward by supporting the region in the carbonizing new frontiers of energy consumption. In regional integration, which is critical for the energy transition, the bank leads the technical secretariat of the four main regional electricity integration initiatives in the whole region. Together with the Green Climate Fund, we have a structure of 450 million dollars fund with highly concessional resources to accelerate the transition to more resilient electric public transport. On clean hydrogen, the IDV has supported the development of 11 national hydrogen strategies, and these are critical strategic pieces for our region. We are sure the IEA's Latin America Energy Outlook, which has been launched today, will be a benchmark report that will provide key information for Latin America to continue as a leader adopting renewable energy. Congratulations once again to the International Energy Agency. Thank you very much, Mr. Yepez, for joining us from Montevideo. I'm now very pleased to be able to hear from Andrés Rebolledo, the Executive Secretary of Olade, the Latin American Energy Organization, who is also in Montevideo, where he is at the heart of the meeting of the region's energy ministers. So, Mr. Executive Secretary, the floor is yours. We are hosting the Energy Week in Uruguay, and I would like to share with you where we are going with Olade. We are moving forward to an energy sector much more friendly with the environment, and at the same time, more inclusive and more aware of its responsibility by becoming one of the access, and perhaps the most important for the economic and social development of our region. Olade and its member countries are dedicated to a fair and responsible energy transition, customized and specific to each country, Latin America and Caribbean, as the green energy matrix worldwide, and that we are proud of it. This report analyzes the most relevant and pressing issue for the energy and climate agenda for the region. Effences, people-centered transition, critical mineral transition of producer economies, hydrogen, renewable and regional integration. We appreciate cooperation on key instances of regional dialogue, such as the high-level work session in Santiago in March this year. Looking forward to further deepen cooperation between our agencies, identifying common ground across these areas. We are celebrating this year our 50th anniversary, and looking forward to congratulating our 50th agency on its 50th anniversary. Thank you Executive Secretary, Rebel Yedo of Olade. Congratulations obviously from the IAE on Olade's 50th anniversary, and we too at the IAE look forward to celebrating our 50th anniversary next year in 2024. Our third and final guest speaker is Jose Manuel Salazar Shirinax, who is Executive Secretary of the UN Economic Commission for Latin America and the Caribbean. Mr. Executive Secretary, the floor is yours. Dear Dr. Fratid Virol, Executive Director of the International Energy Agency. Dear Ms. Ana Maria Iváñez, Vice President of the Inter-American Development Bank. Dear Mr. Andrés Rebel Yedo, Executive Secretary of Olade. Dear colleagues, it is a pleasure and an honor to have the opportunity to join you in this very important launch of the Latin America Energy Outlook 2023, developed by the International Energy Agency in close collaboration with Olade, IDB and ECLAC. As you may recall, ECLAC hosted the meeting to provide regional high-level experts inputs for the modeling and elaboration of this report in Santiago last March, and it is wonderful that today the International Energy Agency is launching it. As you might know, ECLAC is strongly promoting a sustainable, inclusive, and just energy transition based on the simultaneous advancement of five key pillars of action. First, universal access to electricity based on renewables. Second, significant increase of renewable sources in the energy mix. Third, increased energy efficiency in all productive sectors, residences, and buildings. Fourth, greater energy interconnection and integration among countries to increase economies of scale and security. And fifth, greater energy resilience and security in the face of external shocks. This energy transition represents a triple win solution for our region. It improves the well-being of our societies, enhances the sustainability and resilience of our economic activities, and facilitates decarbonization to protect our environment. To ensure that no one is left behind, we must work towards universalizing access to electricity, especially for low-income households. This might involve subsidies for renewable infrastructure and distributed generation, as well as fostering community engagement. Despite significant progress in electricity access in our region, some 16 million people, mainly in remote areas, still lack access to this vital service. Moreover, an alarming 90 million people do not have access to clean cooking systems, which adversely affect their health. Simultaneously, we firmly believe that the energy transition can serve as a driver of productive transformation towards a cleaner development model in our region. Energy is a fundamental need for all communities and economic sectors. Therefore, the deployment of renewable energy sources and related industries must be based on the development of local and regional enterprises and expanded value chains. This approach enhances economic efficiency, sustainability and resilience across all sectors and holds the potential to generate multiple social and environmental benefits. For instance, our estimates show that an 80% increase in renewable electricity generation in South America could create up to 7 million green jobs and reduce CO2 emissions by 32%. The Latin American region is also blessed with abundant natural resources necessary for sustainable energy production. This includes ample sources of solar, wind, biomass, hydro and geothermal energy. Furthermore, the region possesses strategic minerals, a skilled workforce, engineering expertise and labor capabilities that can significantly enhance the value across the entire production chain. To accelerate national and regional energy transition pathways, we must work together to strengthen key public policies and enabling conditions. This includes modernizing regulatory and governance frameworks, enhancing regional energy interconnection and integration, and improving data and information accessibility for policy and decision making. This report is a significant step forward in this regard, providing invaluable scenarios and insights including a net-zero scenario. The current global context, characterized by multiple crisis, presents both an enormous challenge but also an opportunity for change. This underscores the importance of collaborative efforts between governments, the private sector and communities to facilitate the necessary energy transition. Dear colleagues, we would like to express our appreciation for the collaboration with the IAA in the creation of this comprehensive report, the Latin America Energy Outlook, which will undoubtedly be an essential reference for decision makers and stakeholders in the energy sector. As you explore the report, you will find valuable insights and guidance on advancing the energy transition in a region. As always, our ECLAC team remains at your service for supporting the creation of a more productive, inclusive and sustainable future in our countries. Thank you very much. Thank you very much, Mr. Executive Secretary. So that's the last of our guest speakers. We now have some time to take questions from journalists. So we invite the journalists in attendance to send your questions through the Q&A function of the Zoom, if you haven't done so already. And please, if you can, mention your media outlets along with your question. We'll just take a two-minute break to give you a chance to enter your questions and we'll be right back. Okay, we're back and thank you very much for the questions that are coming in. So we're going to get to as many of them as we can in the time we have. So we have one on critical minerals. How can Latin America make sure its critical mineral resources benefit its own economies rather than just providing raw materials for industries in other regions? And then a question a bit outside the energy sphere, but affecting emissions, obviously. So given the significant deforestation occurring in Latin America, how was that included in your analysis? How do you take that into account in your scenarios? So I think those two questions I'll maybe let Stephanie Bucart, lead author, address those two over to you, Stephanie. Thank you very much for those questions. Indeed, as our Executive Director said at the beginning, there is an opportunity for Latin America and the Caribbean countries to move up in the supply chain of critical minerals by processing and refining critical minerals domestically. And we see that as a great opportunity also for the world because it will mean that those critical minerals will be greener given that processing and refining are electric intensive parts of the supply chain of critical minerals. So with the low emissions electricity that the region has already today, it will mean that we will have access to greener critical minerals in the future. Then maybe on the other question about deforestation and land use in our scenario, so within our model we have worked closely with colleagues from IASA, so covering land use and agriculture sector within their modeling, we have coupled our two models to ensure that in our scenario we take that into account. So it means that not only the Glasgow pledge in the announced pledge scenario is taken into account and we take into account the stopping of deforestation by 2030 for most of the countries in the region, which means that we see a potential to cut greenhouse gas emissions from that sector by two gigatons already by 2030. And in addition to that, given that our two models are coupled, we also see that all the increase of biofuel production is not done at the expense of the land use sector, so it means no deforestation coming from this increase of biofuel production in our scenarios. Thank you very much Stephanie. So we got some more questions, some good ones. This one from Jody Zamora from Agence France Presse, who highlights a sentence in our press release that we put out this morning for the launch of the report, which says, if countries announced pledges realized, Latin America and the Caribbean would see renewables meet all energy demand this decade. This would allow oil exports to rise by nearly two million barrels per day by 2030, diversifying global supply and increasing revenues. And Jody asks, is that the goal of a sound energy transition? So I guess the the dual growth of both renewables and oil exports. And then a question from Maria Monica Montsalvé from El País America. How does the goal proposed for COP28 to triple renewable energy worldwide by 2030? How would this impact Latin America and the Caribbean? Another good question. And then we have one also on the G20. So next month, the leading Latin American country, Brazil, will take over the G20 presidency. What do the IAEA expect from Brazil's presidency in terms of energy and climate? So I think those are three questions that our Executive Director, Dr. Fatih Bero, can take over to Dr. Bero. Of course. Of course. Thank you very much, Jethro. Let me start from the first one. Our report finds out that if the Latin American countries pushed the clean energy options, they would free up two million barrels per day of oil to be exported. So I don't see any contradiction here, because the world will not stop using oil. It will hopefully use less oil in the future, but the world will use still oil. And if the Latin American countries, by pushing the, I don't know, biofuels, by using energy more efficiently, pushing the electric cars, electric transportation, they can free up. They're only the producing oil, oil is produced there. And instead of using it at home, if they can export it to other countries, they can get some money, which will be good for their economies. We don't see a contradiction there. What we are seeing is oil will not be stopping tomorrow. We will still use oil less and less, but these two million barrels per day would be a good contribution from the countries of Latin America. The second question is about renewables. Yes, for the COP28, we have five criteria in order to consider. COP28 is a successful summit, and one of them is the tripling of the renewable capacity. We think one of the regions that can achieve this target is Latin America and the Caribbean region, because we have huge potential. As my colleague Stephanie just showed in a very telling map a few minutes ago, we have huge potential of untapped solar, untapped wind, huge potential and good quality potential. We have still hydro, we have still bioenergy. I think Latin America can achieve this target and be one of the, once again, one of the leaders here. The third question about the G20 leadership of presidency of Brazil. I am very happy that Brazil is going to be the president of the next G20. For several reasons, I am happy, first of all, Brazil is an energy country, and the sustainability is, as I said before, the DNA of Brazil and other Latin American countries in Brazil since 30, 40 years, not only governments, but the men and women in the street. Sustainability is a critically important concept for them. So a country, such a country with a huge energy country, with a lot of experience in the energy sector and also sustainability being a major priority is definitely one of the reasons that I am happy. The second reason I am happy is that it is the voice of the emerging world. We hit Indonesia two years ago this year in India and once again another G20 country, a leader in the global economy. Brazil being a presidency is very good. And on top of that, the voice of Latin America will be heard much strongly at the international forum. It is one of the reasons that I am happy. And I hope that we will hear from the Brazilian government, the priorities. But knowing my Brazilian colleagues, having a good discussion with President Lula in the recent G7 summit in Hiroshima, I expected the fairness and the people-centered transition would be at the heart of the energy program, which is what I hope. And as the International Energy Agency, we are very keen to support the Brazilian government for this very important international role. If I may, Jethro, just to finish this session by saying that many thanks for the colleagues, the friends who are following this, in my view, important launch of our report. I just heard from my colleagues there some 40,000 people around the world, especially in the Latin America following the livestream launch of our report. Many thanks to them for following it. And throughout this, putting this report together, hundreds of energy experts in Latin America did support us, gave us advice, guidance with thoughts, with data, with the views in workshops and bilateral meetings. Many thanks to them. Many of them we already tanked in our report. Thanks a lot to them. And also, my thanks go once again to my colleague, Stephanie, here on my right, on my side always. Thank you very much, Stephanie, to you, to Brandt and the entire IEA team working on this very important report. We very much hope, as International Energy Agency, that this report provides the input for the Latin American governments, for Latin American people, to a better energy future. Thank you. Thank you very much, Dr. Birrell. That is all we have time for today. I'm afraid we've gone a bit over time to fit in as many questions as we can. If any journalists have questions that didn't get answered during the Q&A that you'd like to follow up on, we invite you to reach out to our press office and we'll get back to you as soon as we can. I think Dr. Birrell has covered us well with the thanks, so I'll just remind you that the full Latin America energy outlook is available for free on our website, IEA.org, so please do go take a look. It's all there available for free and that's all for today. Thank you and goodbye.