The Inter-American Development Bank (IDB) and the Green Climate Fund have created the first regional fund to promote electric mobility and green hydrogen use in Latin America and the Caribbean. The program plans to contribute nearly $450 million in soft loans and grants to nine countries in the region, including Paraguay.
The program will promote the transition to a low-carbon and therefore environmentally friendly transportation system, through the implementation of electric vehicles based on green hydrogen, as reported by the Islamic Development Bank.
These resources will allow to promote this change in part of Paraguay, in Barbados, Chile, Colombia, Costa Rica, Jamaica, Panama, Dominican Republic and Uruguay.
Its purpose is to eliminate 7.5 million tons of carbon dioxide emissions and its benefits include: reduced spending on imported fossil fuels, increased mobility in the public and private sectors, new green jobs, a transitional fair that takes into account gender and other considerations, an electricity transmission network More Resistant to weather events.
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Nearly two-thirds of program funds ($284 million) will be used to fund integrated electric urban mobility, by financing electric buses, taxis and other vehicles used for passenger transportation, delivery car services, trucks, and corporate fleets.
On the other hand, the remaining amount of program funds will be used to fund climate-resistant micro-mobility infrastructure, such as short-distance vehicles, charging stations, bike lanes and pedestrian streets.
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These funds will also finance the allocation and improvement of support for urban spaces and electric public transport infrastructure, address the specific needs of each gender, and connect users with alternative urban transport options (electric and non-motorized).
The program will also fund pilot projects from vehicle-to-grid (also known as V2G) and green hydrogen to assess their feasibility as ways to increase the resilience of the power grid. V2G consists of using low-carbon vehicle batteries to store electricity and later use it in climate emergencies.
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