INSTITUTE OF THE AMERICAS 2023 ANNUAL REPORT

ANNUAL REPORT 2023

Las Conchas, Mpo. Hermosillo, Sonora, Mexico

About the Photo

Hermosillo, Sonora, with a population of close to 1 million, is an emerging leader in climate action among Mexican municipalities. In the past year, the municipality of Hermosillo was selected as one of twelve cities across Latin America & the Caribbean to be part of the U.S. State Department’s Cities Forward program, a program co-managed by IOA. In April, Hermosillo’s Mayor, Antonio Astiazarán Gutiérrez also participated in an IOA-CAF sponsored panel discussion at the Cities Summit of the Americas in Denver to showcase the city’s leadership in e-mobility for its municipal fleet. This Fall, many of Hermosillo’s municipal officials and other civic leaders also actively participated in IOA’s new Sonora Energy Ambassador’s program to promote expanded energy literary across their state.

IOA at a Glance

The Institute of the Americas (IOA) is a non-partisan, independent nonprofit organization whose mission is to be a catalyst for promoting economic development and integration, emphasizing the role of the private sector, as a means to improve the economic and social well-being of the people of the Americas. Founded in 1981 by Ambassador Theodore E. Gildred and co-located on the campus of the University of California, San Diego, the IOA was established to encourage economic and social reforms across the Americas, enhancing private sector collaboration and strengthening political and economic relations between Latin America, the Caribbean, the United States and Canada.

www.iamericas.org Institute of the Americas is a 501(c)(3) organization financed by tax deductible contributions from private individuals, corporations, foundations and by government grants. Employer Identification Number (EIN): 95-3671557 © 2023 Institute of the Americas

Table of Contents

Chairman & President/CEO Joint Letter

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2023 Highlights • USMCA Deputies Meeting held at IOA • Latin American Mayor’s E-Mobility & Sustainable Transportation Site Visit • CAF-IOA Partnership • Cities Forward • Diplomatic Fellowship

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Programs • Energy & Sustainability • Conferences, Roundtables and Webinars • Research and Publications • Energy Literacy • Investing in the Next Generation • Environment & Climate Change • Sustainable Shipping • Sustainability in Business: ESG as an investment driver in North America • Subnational initiatives: Cities Forward & Loreto 2050 • Gulf of California Marine Program • 25 years of Rocky Reef Monitoring in the Gulf of California • Economic Competitiveness • Public Programs • Canada’s Provincial Clean Tech Nearshoring Potential: A Case Study of Ontario and Quebec • U.S. Industrial Policy: Impacts on the Geography of EV/Semiconductor Reshoring and its • In uence on Sub-National Investment & Job Growth Selected Convenings • 4th annual Madrid Energy Conference • Brazil Energy & Sustainability Roundtable in Rio de Janeiro • XXXII La Jolla Energy Conference • Un Día por los Mares Selected Publications • 2023 Energy Landscape & Outlook Report • Biodiversity & Nature-Related Disclosures • The largest fully protected marine area in North America does not harm industrial shing • Scrubbers Story Map • From Bridgetown to Dubai: Where International Climate Finances Stands Today

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• U.S. Ambassador to the OAS Francisco Mora highlights challenges and opportunities for the U.S. and the Inter-American System. • The Value of Partnership: Building a More Democratic, Prosperous, and Resilient Western Hemisphere with Assistant Secretary of State for Western Hemisphere A airs, Brian A. Nichols. • A Conversation with Senator Chris Dodd, Special Presidential Advisor for the Americas, on U.S. Foreign Policy in the Americas & Changing Geo-Politics.

FY-2022 Financials

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Leadership • Board of Directors • International Advisory Council • Tribute to Malin Burnham and Santiago Soldati Our Team • Sta • Non-Resident Fellows • Diplomatic Fellow 2023 Donors/ Thank you • November 16, 2022 – November 15, 2023 Partners • Institutional Partners • Energy & Sustainability Steering Committee • Other E&s Partners • Environment & Climate Change Partners

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Chairman & President/CEO Joint Letter

2023 has proven to be another year with profound changes in the world’s geo-political and economic landscape driven by war, U.S.-Sino trade tensions, supply chain disruptions, challenges to globalization and democratic institutions, the acceleration of the digital transformation (including AI) and climate change. Such changes are having ripple effects across the Americas, bringing about challenges and opportunities. On one hand, external geo-political pressures are exasperating pre-existing regional challenges across Latin America and the Caribbean (LAC) with many countries experiencing growing levels of economic inequality, poverty, democratic backsliding, violence and crime, unequal access to quality education and healthcare, environmental pressures and an increased vulnerability to natural disasters. Yet, the ever-changing global economy is also providing LAC with new economic opportunities for trade, commerce and inward foreign investment through nearshoring and a growing market demand for the region to provision the world with food commodities, energy resources and critical minerals. The question remains how individual countries will respond to such opportunities given competing economic, political, environmental and social pressures? Amidst the challenges and opportunities faced across the Hemisphere, over the past year the Institute of the Americas (IOA) has worked with a variety of partner institutions to bring together thought leaders from business, government, civil society and academia from across the region to critically examine emerging issues focused on energy, environment & climate change and economic competitiveness, convening stakeholders in Argentina, Brazil and Mexico, as well as at our annual energy conferences in La Jolla and Madrid. Given the growing importance of our work at the local and regional level, during 2023, IOA continued its work on the sub-national front with existing and new initiatives. This past Spring, IOA joined forces with other collaborative partners to support the U.S. State Department’s Cities Forward program in providing sustainability-focused capacity building for a dozen cities across LAC. Together with CAF, IOA also hosted a group of LAC municipal, energy and transportation leaders for a two-day site visit to San Diego focused on e-mobility and sustainable transportation. In partnership with Eco-Alianza de Loreto, IOA helped to convene a multi-stakeholder participatory visioning process for Loreto in BCS Mexico, dubbed Loreto 2050. On the energy front, IOA expanded its Energy Ambassadors Program in Mexico from Baja California to also include the state of Sonora. IOA continued to provide thought leadership through the diversity of issue papers and research publications authored or co-authored by IOA team members on issues ranging from nearshoring, regional energy transitions and green taxonomy to sustainable shipping and the economic value of marine protected areas. In an effort to expand regional engagement between the U.S. West Coast and LAC to promote sustainable and green development in the region, IOA formalized a memorandum of understanding with CAF-Latin American Development Bank this past Spring. IOA also launched a Diplomatic Fellowship Program together with the U.S. State Department with the goal of expanding Foreign Service networks and engagement with California’s innovation ecosystem.

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The level of civic engagement among mid-level foreign policy professionals in Southern California.

A highlight of this past year were three noteworthy keynote addresses delivered at IOA by U.S. Ambassador to the OAS, Francisco Mora; U.S. Assistant Secretary of State for Western Hemisphere Affairs, Brian Nichols; and U.S. Presidential Advisor for the Americas, the Honorable Chris Dodd. Early this year, IOA was also honored to host trade negotiators from the United States, Canada and Mexico for the USMCA Deputies Meeting. As we approach the year ahead, we look forward to working with our diverse regional partners to undertake thoughtful research and analysis as well as high-impact programming, dialogue and networking opportunities in support of our key stakeholders across the Americas.

Thank you for your ongoing support to further the Institute of the Americas’ mission.

Jorge Rosenblut Board Chair

Richard Kiy President & CEO

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2023 Highlights

USMCA Deputies Meeting held at IOA

On January 25-26, the U.S. Trade Representative Office served as host of the 2nd USMCA Deputies Meeting at the Institute of the Americas in La Jolla, where trade negotiators from the United States, Mexico and Canada discussed plans to expand economic competitiveness and also highlighted the need to upskill the workforce in our three countries. A joint statement was issued at the conclusion of the meeting. Additional bilateral meetings were held at IOA between the U.S. and Canada, the U.S. and Mexico, and Canada and Mexico. As a complement to the Deputies Meeting, IOA hosted a reception for trade negotiators with representatives of the Southern California trade community. The event was made possible thanks to the generous support of SENTRE and the San Bernardino International Airport Authority and in collaboration with the District Export Councils for both San Diego & Imperial and the Inland Empire.

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Latin American Mayor’s E-Mobility & Sustainable Transportation Site Visit

In advance of the April 26-28, 2023 Cities Summit of the Americas held in Denver, IOA and CAF organized a two-day e-mobility and sustainable transportation focused site visit in San Diego. The site visit convened mayors and sub-national officials from various cities including Hermosillo, Mexico; Panama City, Panama; Salvador de Bahía and Sobral, Brazil; Pilar, Paraguay; and Flores, Uruguay. Mayors and sub-national officials had the opportunity to meet and learn from sustainable transportation-focused experts from the San Diego-Baja California border region to gain a better appreciation of e-mobility related regulatory issues, challenges and lessons learned including approaches to addressing issues such as e-mobility social equity, and zero emission vehicle (ZEV) workforce development and vocational training.

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CAF-IOA Partnership

During the Cities Summit of the Americas, CAF – Latin American Development Bank and the IOA signed a collaboration agreement to promote sustainable and green development in the Americas and encourage greater cooperation between the U.S. West Coast and Latin America and the Caribbean. The agreement supports collaborative projects that will accelerate the energy transition and decarbonization, sustainable mobility, regional integration, the fight against climate change, sustainable urban development, trade and expanded economic inclusion. The joint IOA-CAF collaboration includes work on joint research and publications, cross border professional exchange courses, conferences and events. IOA and CAF also partnered in organizing a panel discussion at the Cities Summit of the Americas and co-sponsored various IOA events, including the Madrid Energy Conference, La Jolla Energy Conference, Un Dia Por Los Mares forum, and a reception for the recent Cities Forward initiative kickoff summit in Mexico City.

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Cities Forward

During the first Cities Summit of the Americas held in Denver, Colorado in April 2023, the U.S. Department of State announced a partnership with ICLEI-Local Governments for Sustainability, Resilient Cities Catalyst and the Institute of the Americas to create a flagship urban sustainability initiative titled Cities Forward. This program is dedicated to assisting Latin America and the Caribbean (LAC) and U.S. cities in creating sustainable, inclusive, and resilient futures through project consultation, co-design, and knowledge-sharing. In September, IOA and our partner institutions co-convened the Cities Forward kickoff summit in Mexico City, where U.S. and LAC city pairs began exploring ways to share knowledge and collaborate in addressing key sustainability priorities, including responses to climate stresses (e.g. extreme weather events, sea level rise, biodiversity loss) and adaptation challenges, including urban and green infrastructure and food systems; neighborhood redevelopment plans; and adaptation strategies for coastal areas and river corridors. Looking to 2024, IOA will organize a Hemispheric Urban Dialogue on Climate Adaptation to be held in June in São Paulo, Brazil for Cities Forward participants, where we will showcase what can and is being done to build climate resiliency and effectively manage climate risks at the city level around the world.

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Diplomatic Fellowship

Shane Christensen, our first diplomatic fellow, began his fellowship with the Institute in August. Most recently, Shane was the U.S. Consul General in Porto Alegre, Brazil and previously served as chief of staff to the State Department’s Bureau of Western Hemisphere Affairs. He has held other diplomatic posts in Mexico City, Kabul, and Dubai as well as at the U.S. missions to the OECD in Paris and the United Nations in New York. Shane is a trained executive coach and also led the negotiation training program for U.S. diplomats at the Foreign Service Institute. IOA’s Diplomatic Fellowship Program represents a partnership with the State Department that aims to provide foreign policy professionals with a one-year residency at the Institute that includes research in support of the Institute’s programs, professional development through coursework at UC San Diego; mentoring of San Diego area students interested in pursuing future careers in the U.S. Foreign Service; and engagement, more generally, with civic, business, academic and governmental institutions in California.

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Selected Publications:

2023 Energy Landscape & Outlook Reportt

The 2023 Energy Landscape and Outlook sets forth a high-level overview and insights based upon two principal themes: things we did not expect in 2022, and things we do expect in 2023, in the world of energy. Perspectives considered the long tail of COVID, inflation, China, supply chains, and especially the Russian invasion of Ukraine -- and how it has roiled already temperamental energy markets and reaffirmed the importance of energy security across the Americas and beyond.

View Report

Unlocking Sustainable Finance: Green & Sustainable Taxonomies

For many years, the lack of definition behind green and environmentally friendly products triggered greenwashing practices. Regulators, pushed by society and governments, have started to enact regulations in the form of taxonomies that serve as frameworks to classify and compare green, social, and environmental indicators for investors and companies. Now, more than 15 countries around the world, and the EU block, have published or will soon publish such instruments. There are multiple implementation and data-collection challenges related to these taxonomies, particularly in developing countries with limited resources and technical capacity—such as in Latin America and the Caribbean—and an issue will likely rise from having many different taxonomies around the world, creating burdensome realities for companies and investors to comply with. On the other hand, there are benefits and opportunities that LAC nations could reap from putting them in place, such as enhanced creditworthiness; greening of their financial systems; additional investment opportunities and access to international climate funds. Don’t miss this short brief to get the 101 on these instruments, the current state of play, and challenges and opportunities for LAC the region.

View Report

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Biodiversity & Nature-Related Disclosures

A recent World Economic Forum report found that nature-positive solutions will create $10 trillion in business opportunities and 395 million jobs through key sector transitions. On the other hand, biodiversity loss can impact businesses through transition, physical, regulatory, and systemic-wide risks that have the potential to impact investment value. However, nature-related investments have historically been overlooked by the capital markets. Similarly, risks brought by biodiversity loss and ecosystem degradation have been ignored by businesses and regulators. Now, biodiversity finally seems to be at the top levels of the private sector agenda, and we can expect resources to flow towards net-positive endeavors. Biodiversity is the fastest growing ESG theme in global capital markets. Yet, challenges for businesses to assess and disclose nature related risks are significant and will take time and capacity building. We produced this short publication to introduce readers to this up-and coming investing trend.

View Report

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The largest fully protected marine area in North America does not harm industrial fishing

A binational team of researchers, including our own Catalina López, Director of the GCMP, completed an assessment of the economic impact of Mexico’s Revillagigedo National Park, the largest marine reserve in North America. In collaboration with Scripps Institution of Oceanography, National Geography and the Centro para la Biodiversidad Marina y la Conservación, the team analyzed ship tracking data and official fisheries landing reports and found that the marine reserve has not negatively impacted the Mexican industrial fishing fleet. The use of marine protected areas as a conservation tool is being criticized, especially by the fishing industry, highlighting the importance of scientific research like this one that can inform the ongoing debate. For more details, you can read the scientific publication and a Q&A with Catalina López.

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Scrubbers Story Map

Explore this interactive story map where we follow the Sapphire of the West, a fictional but representative cruise ship, on a 5-day typical journey from San Diego to La Paz, Mexico, doing two ports of calls along the way. We analyze the impact of different environmental regulations on atmospheric and marine pollution— particularly of ships’ exhaust gas cleaning systems, AKA scrubbers, since they are highly polluting and they are not allowed in California, yet they are in Mexican waters. Take a look at our storymap to learn more!

From Bridgetown to Dubai: Where International Climate Finances Stands Today

This brief by EC2 non-resident fellow Carlos Correa discusses the current state of international climate finance and the urgent need for increased funding to address the daunting magnitude of the climate crisis. It takes the reader through a short timeline of key moments that led us to where we are today, as well as to what to watch moving forward. Correa’s policy brief highlights the importance of the upcoming COP28 in Dubai, which will play a crucial role in setting the new climate finance goals.

View Report

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Canada’s Provincial Clean Tech Nearshoring Potential: A Case Study of Ontario and Quebec

This report highlights Canada’s strides in capturing foreign investment, particularly in Ontario and Quebec, where clean tech and advanced manufacturing are gaining momentum. The report examines how Canada is enhancing its economic competitiveness by offering corporate subsidies and streamlining regulatory approvals for critical mineral projects and the national and provincial levels of government. The report also examines the growing reliance of the United States on Canada to secure alternative supply chains for critical minerals amidst shifting geopolitics and rising tensions with China.

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U.S. Industrial Policy: Impacts on the Geography of EV/Semiconductor Reshoring and its Influence on Sub-National Investment & Job Growth

This paper examines the geography of industrial policy-driven reshoring in the United States, specifically focused on EVs, batteries, and semiconductors and their resulting consequences on sub-nationally funded corporate subsidies. The co-authors raise questions about the long-term benefit of publicly-funded EV and chips related investments in terms of economic impact and job creation in light of the fast-changing nature of technological innovation and global competition.

View Report.

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Selected Convenings:

4th annual Madrid Energy Conference

The first annual Madrid Energy Conference was launched in 2019 to foster cross-continental energy transition and investment discussions. Representatives from over 20 countries in the Americas and Europe, and more than 80 companies and institutions, met in Madrid in April 2023. Participants explored opportunities and challenges associated with hydrogen, natural gas, and how to balance energy security and climate goals. Speakers issued a resounding call to action—accelerate cooperation to support the energy transition and reliable, affordable energy solutions. View Conference Proceedings.

Brazil Energy & Sustainability Roundtable in Rio de Janeiro

In June 2023, IOA organized the Brazil Energy & Sustainability Roundtable in Rio de Janeiro in collaboration with the Brazilian Center for International Relations (CEBRI). The two-day roundtable brought together a diverse group of stakeholders from industry, government and the private sector, representing the mosaic of the Brazilian energy sector. Roundtable topics ranged from global energy security concerns to Brazilian national energy reforms and nature-based solutions for emissions reduction. View Roundtable Proceedings.

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XXXII La Jolla Energy Conference

On the first day of the XXXII La Jolla Energy Conference, panelists and attendees shared experiences and knowledge as part of our Big Debates around decarbonization, energy security, digital transformation, the role of industrialization policy, geopolitics and a nightcap roundtable about China and Latin America. The second day continued with transcendental questions on the role of natural gas, the concept of electrifying everything and discussion of critical minerals in the region. A series of deep dives into the energy sector outlooks in Brazil, Argentina, Chile and the Caribbean concluded the conference. View Conference Proceedings. In commemoration of World Oceans Day, celebrated on June 8th every year, IOA’s Environment and Climate Change Program (EC2), Scripps Institution of Oceanography (SIO), National Geographic’s Pristine Seas, and the Centro para la Biodiversidad Marina y la Conservación (CBMC) organized A Day for the Oceans, strengthening the 30x30 agenda in Mexico and Latin America on May 31 in Mexico City. With its partners, IOA co-convened key policymakers, civic leaders, scientists, and conservation groups to catalyze a discussion on how to best strengthen efforts that support countries as they move to achieve 30x30 goals. Today, less than 8% of the ocean is protected, and we have come to realize that

Un Día por los Mares

protecting biodiversity and the ocean’s health is fundamental to effective climate action.

Sessions highlighted best practices on marine protected areas (MPAs), tourism tied to conservation and diving, as well as legislation and regulation needed to strengthen ocean and biodiversity conservation. The event concluded with a keynote presentation by Mexican photographer Cristina Mittermeier and Panama’s environment Minister, Milciades Concepción. You can watch videos and more related content here.

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Programs

Energy & Sustainability

At the core of the efforts and work of IOA’s Energy & Sustainability Program are 14 companies that comprise our Steering Committee. The companies and their representatives continue to provide the financial support and thought leadership that helps sustain and advance our programmatic goals and objectives each year. Beyond our strategic planning discussions, some of the briefings and meetings this year included presentations by U.S. government officials on Inflation Reduction Act (IRA) implementation as well as a breakfast with a Mexican Diputado on the political context and outlook in Mexico. IOA maintains a robust ongoing dialogue on emerging energy trends across the Hemisphere thanks to the support of our group of 10 non-resident fellows based across the region and in the UK. Their thought leadership and input to our research, event agendas and contributions as panelists, speakers, writers and reviewers are significant and crucial for the program.

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Conferences, Roundtables and Webinars

Over 32 years ago, the La Jolla Energy Conference was launched to convene policy and investment discussions focused on Latin America and the Caribbean. Since the Conference’s founding, hundreds of energy experts and thought leaders have convened each year in La Jolla for a high-level, yet relaxed event atmosphere. This year, IOA continued the tradition. The La Jolla Energy Conference remains the flagship and cornerstone event for IOA’s Energy & Sustainability Program. IOA organized its 4th Madrid Energy Conference in April 2023. The conference has been increasingly important as the nexus for Latin American and European energy sector leaders to discuss the latest advances in renewables and the synergies between the two continents.

IOA’s trademark in-country Energy Roundtables continued this year with two major convenings. The first, in Brazil, was hosted in collaboration with our partner the Brazilian Center for Foreign Relations (CEBRI). It was a momentous occasion early in the new Lula government’s term and featured a diverse array of policymakers, private executives and academics. We also continued with our annual Argentina Energy Roundtable in Buenos Aires in collaboration with our partner the Center for the Study of Energy Regulatory Activity at the University of Buenos Aires. The Roundtable took place shortly after the PASO primary election and headline-grabbing win by Javier Milei. Despite the dramatic politics, the discussions underscored the opportunity the country has and alignment across major parties, particularly with regards to Vaca Muerta, the continuous tight oil and shale gas reservoir in the Neuquén Basin. IOA remains committed to digital and web-based events such as webinars. In May, we completed a unique three-part series focused on the outlook for geothermal energy across the Americas, hosted in collaboration with the Geothermal Energy Advancement Association (GEAA). We also partnered again this year with our Steering Committee member Sproule on a webinar presentation of their 2023 regional outlook and assessment

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Research and Publications

The year also proved quite active with a wide range of unique research and publications. In late January, we published our 2023 Energy Landscape and Outlook that set forth a high-level overview and insights featuring our team of Non-Resident Fellows. In June, we published The Key Role of Seafarers in National Economies in a Net-Zero World, a report commissioned by the International Chamber of Shipping. In August, we published the first brief by our China-Latin America Non-Resident Fellow, Thiago de Aragão. In November, and in collaboration with the United States Department of State Bureau of Energy Resources as well as Deloitte, a Steering Committee member, we were pleased to publish Advancing Prosperity and Tackling Climate Change in Central America: U.S. Department of State Power Sector Program Initiatives. Also in November, we published a white paper prepared for the North American Forum meeting in Monterrey focused on nearshoring in Mexico and the importance of reliable clean energy and infrastructure. IOA’s energy program is now also actively working on another policy brief that assesses the mining sector in an energy transition world. IOA is also completing a comparative analysis of the national oil companies in Latin America with a focus on net zero and energy transition performance.

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Energy Literacy

For years, we have sought to foster a deeper understanding of the key issues facing Latin America and the Caribbean’s energy sector. Towards that end, IOA has hosted dedicated “energy literacy” workshops. This year, after years of convening sessions with citizens in Baja California, and thanks to the support of Sempra Infrastructure, we launched the first edition of our“Energy Ambassadors”workshop and training in the Mexican State of Sonora.

Investing in the Next Generation

IOA is extremely grateful for the ongoing generosity of John Gerretsen, a former Solar Turbines executive. Thanks to John’s support, several UC San Diego graduate students were able to participate at IOA’s Madrid Energy Conference to serve as rapporteurs and assist with the preparation of the conference summary report. Additionally, his support has helped underwrite the aforementioned comparative analysis of regional national oil companies with involvement of graduate students from UC San Diego. Thanks to the generous support of IOA board member, Ted Gildred III, the Theodore Gildred Scholarship was announced in partnership with CEARE at the University of Buenos Aires that will permit its first two recipients to receive full tuition scholarships for graduate studies over a two-year period. The first two scholarship recipients were awarded at IOA’s recent Argentina Energy Roundtable in August.

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Environment & Climate Change

Since its inception in 2021, IOA’s Environment and Climate Change program (EC2) has grown from an idea to a program with five priority areas: • Sustainable shipping • Blue carbon and nature-based solutions • Urban sustainability • Science and science communication (Gulf of California Marine Program) • Sustainable Finance Over the past 12 months, IOA’s EC2 program actively participated in a variety of international climate change and environmental forums, such as the Our Oceans Conference, the Cities Summit of the Americas, the UN Latin America Climate Week, and the International Bar Association annual congress. The FIL-Guadalajara, the largest book fair in the Americas, is now featuring for the second year in a row four science and science diplomacy panels developed and curated by IOA’s Gulf of California Marine Program (GCMP)’s dataMares. In addition, IOA contributed to key regional dialogues on emerging sustainability issues, such as a regional Observatory on Sustainable Taxonomies; the Latin America Taskforce of the Getting to Zero Coalition managed by the World Economic Forum and the Global Maritime Forum; and an expert committee for Ecuador’s carbon market platform.

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Subnational initiatives

ESG as an investment driver in North America

On March 22nd, IOA co-hosted a webinar with BBA Deals that analyzed ESG considerations as an investment driver in North America with representatives from Honeywell; Walmart Mexico and Central America, and the Bustamante + Freyre law firm. What transpired from these conversations was that the transition to a decarbonized economy is creating new opportunities for businesses. Even though governments have for decades lagged behind in the ESG space, they are starting to catch up and regulations such as the Inflation Reduction Act in the United States, and the sustainable taxonomy in Mexico, will incentivize more investments in sustainable projects in the region.

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Cities Forward & Loreto 2050

As cities are burdened with the toll of heavy climate risks and the need to increase urban resilience becomes urgent, the EC2 is working on two different city-wide sustainability initiatives. Beyond Cities Forward (refer to this report’s 2023 highlights to read more) and Loreto 2050. Loreto 2050 is aims to build consensus around the main challenges and development trends that Loreto, Baja California Sur, will face as it continues to grow. Through a participative process led by GeoAdaptive and hosted by EcoAlianza de Loreto, the EC2 team helped co-convene 42 local and regional experts to collect knowledge and identify concerns regarding resource use and management, zoning plans, terrestrial and marine conservation, climate-induced hazards, historical and cultural identity, amongst others. The results will serve as a baseline to inform local stakeholders in Loreto as well as the government as they tackle their community’s urban development needs and challenges over the coming years.

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Gulf of California Marine Program

25 years of Rocky Reef Monitoring in the Gulf of California

Marine ecosystems face unprecedented disturbances due to human activities, and the impacts from climate change are becoming more evident. To identify environmental effects detrimental to structure, function, and health of marine and coastal ecosystems, the GCMP continues to implement monitoring programs that generate the necessary data. 2023 marked the 25th consecutive year that an international and multidisciplinary team of scientists have studied the rocky reefs along the Gulf of California (GOC). This was celebrated with a 30-day long monitoring expedition throughout the GOC led by UC San Diego’s Scripps Institution of Oceanography and supported by IOA. Information on fish communities, blue carbon data from mangroves and estuaries, general health of ecosystems, and changes in water temperature were collected during the expedition that allowed scientists to better understand how the environment is changing. Furthermore, the expedition served as a valuable training ground for students and early-career scientists, fostering opportunities for new multidisciplinary collaborations. All data generated from the expedition is open-access and available through GCMP’s dataMares platform.

View Findings

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Economic Competitiveness

Assembly line worker at the Flextronics maquiladora plant in Guadalajara Jalisco Mexico checks a circuit board

Private sector-led investment and growth are essential to catalyze expanded economic development, reduce income inequality and boost regional prosperity across the Americas. Such investment is predicated on open markets, sound fiscal and tax policies, regulatory transparency and the rule of law, as well as a skilled workforce adaptable to the demands of today’s ever-changing digital economy. Given changing geopolitics, the Americas are well positioned to take advantage of investments made by companies working to re-shore or nearshore their manufacturing operations in closer proximity to the United States and reduce supply chain shocks and risks tied to production in China. Recent U.S. legislative initiatives –in particular the Inflation Reduction Act (I.R.A.) and the U.S. CHIPS & Science Act – have served to incentivize such investments closer to home to the United States and North American partner countries, Mexico and Canada.

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In an effort to promote expanded regional dialogue on issue of expanded North American economic competitiveness and integration, during 2023 IOA continued its partnership with UC San Diego’s School of Global Policy & Strategy (GPS) to serve as U.S. Co-Coordinator of the North American Forum (NAF), a tri lateral alliance working to bring together thought leaders from Canada, Mexico and the United States with the goal of advancing a shared vision of North America so as to contribute to improved relations among the three neighbors. IOA and GPS worked closely with NAF-Mexico colleagues for the NAF’s recent convening in Monterrey, Nuevo Leon, with a follow up presentation at the North Capital Forum in Mexico City. In close collaboration with UC San Diego’s Center for US-Mexico Studies, the George W. Bush Institute, Future Borders Coalition, and COMEXI, IOA has also become an active partner of the North American Competitiveness Working Group. Over the past year, IOA authored two issue papers for the workgroup highlighting sub nationally focused re-shoring/nearshoring initiatives in the U.S. and Canada. Closer to home, IOA is currently partnering with the Burnham Center for Community Advancement on a forthcoming strategy report on the nearshoring potential of the Cali-Baja binational region.

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Public Programs

U.S. Ambassador to the OAS Francisco Mora highlights challenges and opportunities for the U.S. and the Inter-American System

The Institute of the Americas was delighted to host U.S. Ambassador OAS Francisco O. Mora as part of our Distinguished Lecture Series. In his address, Ambassador Mora highlighted threats to the Inter-American System caused by the rise of populist leaders with autocratic tendencies. He noted the growing influence of China and Russia in the region, which impacts the cohesiveness of the original signers of the OAS’s Bogota Charter. Ambassador Mora’s keynote address was recorded by IOA’s media partner, UC-TV.

Watch Recording

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The Value of Partnership: Building a More Democratic, Prosperous, and Resilient Western Hemisphere with Assistant Secretary of State for Western Hemisphere Affairs, Brian A. Nichols

During his October 10th remarks at the Institute of the Americas, U.S. Assistant Secretary for Western Hemisphere Affairs Brian A. Nichols emphasized the power and purpose of American diplomacy – “to re-engage, re-vitalize, and re-imagine our greatest strategic asset: America’s alliances and partnerships.” He underscored the importance of regional collaboration to tackle key challenges affecting the hemisphere, including democratic backsliding, the economic fallout of the pandemic, persistent corruption, climate change, the dire humanitarian situation in Haiti, and high levels of displacement and regional migration. Nichols also discussed ways authoritarian powers seize on instability in the Americas to challenge democratic systems, spread disinformation, weaponize corruption, and meddle in elections. Assistant Secretary Nichols described progress in building a Hemisphere that is more democratic, equitable, prosperous, and resilient through regional partnerships. Examples of U.S. leadership in the region include supporting democratic actors and civil society in Nicaragua, Cuba, and Venezuela; standing up for election integrity in Guatemala; supporting Brazil’s constitutional transfer as well as Peru in the face of a coup; and working to renew the U.S. commitment to safeguarding democracy through the OAS.

Watch Recording

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ANNUAL REPORT 2023

A Conversation with Senator Chris Dodd, Special Presidential Advisor for the Americas, on U.S. Foreign Policy in the Americas & Changing Geo-Politics

In his keynote remarks, the Honorable Chris Dodd shared how President Biden, despite the multitude of international crises the President is grappling with, recognizes the importance of nurturing strong ties between the United States and Latin America given their common values and goals. According to Dodd, the region is rich in natural and human resources and boasts enormous economic potential. Yet, there is an urgent need to address the economic challenges and fear that drive inequality and irregular migration, which can cause people to lose hope. Senator Dodd emphasized the need for a far more coordinated effort, bringing together political and financial interests to provide the people of Latin America with expanded economic opportunity and security. Senator Dodd also called for enhanced collaboration between governments, the private sector, and international partners as well as for regional economic integration – especially in the areas of economic and energy policies. To be effective, policies need to be connected across the region. We need reliable supply chains, and the region should take advantage of nearshoring opportunities. According to Dodd, the private sector has a crucial role to play in driving investment to the region and creating quality job opportunities. Dodd observed that this is a unique moment for the region, in which most countries remain democracies, but timing is essential. According to Dodd, windows of opportunity open and close rapidly, so they must be seized.

Watch Recording

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ANNUAL REPORT 2023

FY-2022 Financials

STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2022 (With summarized nancial information for December 31, 2021)

2021 (NOTE 13)

ASSETS

2022

Cash and cash equivalents Accounts receivable Prepaid expenses Investments Right-of-use asset Property and equipment, net Total assets

$ 71, 339 53, 786 2, 361 11, 091, 192

$ 127, 935 17, 828 5, 299 12, 955, 534

1,080, 249 1, 656, 509 $ 13, 955, 436

1, 137, 678 1, 727, 250 $ 15, 971, 524

LIABILITIES AND NET ASSETS

Liabilities:

$ 100, 127 4, 640 15, 002 $ 119, 769

$ 108, 197 4, 640 18, 822 $ 131, 659

Accounts payable and accrued expenses Deferred revenue Capital lease payable Total liabilities

COMMITMENTS (NOTE 12)

Net assets:

$ 5, 137, 326 8, 698, 341 13, 835, 667 $ 13, 955, 436

$ 6, 021, 931 9, 817, 952 15, 839, 865 $ 15, 971, 524

Without donor restrictions With donor restrictions Total net assets

Total liabilities and net assets

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ANNUAL REPORT 2023

FY-2022 Operating Activities

OPERATING ACTIVITIES: SUPPORT AND REVENUE

WITHOUT DONOR RESTRICTION

WITH DONOR RESTRICTION

2021 (NOTE 13)

TOTAL

Contributions and grants Sponsorship and registration fees Membership dues Rent revenue Net assets released from restriction Total assets EXPENSES Program services Energy and Sustainability Environment and Climate Program STEAM Public programs Total program services

$ 241, 406 248, 550 150, 436 205, 720 850, 911 $ 1, 697, 023

$ 492, 466 - - - (850, 911) $ (358, 445)

$ 733, 872 248, 550 150, 436 205, 720 - $ 1, 338, 578

$ 709, 232 98, 787

165, 000 141, 582 - $ 1, 114, 601

$ 427, 095 617, 931 17, 522 370, 535 $ 1, 433, 083

$

- - - -

$ 427, 095 617, 931 17, 522 370, 535 $ 1, 433, 083

$ 520, 764 309, 251 298, 026 117, 629 $ 1, 245, 670

$

-

Supporting services

Management Fundraising Total support services

$ 559, 835 50. 929 610, 764 $ 2, 043, 847 $ (346, 824)

$

- - -

$ 559, 835 50. 929 610, 764 $ 2, 043, 847 $ (705, 269)

$ 476, 807 80, 477 557, 284 $ 1, 802, 954 $ (688, 353)

Total expenses

$ - $ (358, 445)

Operating de cit

NON-OPERATING ACTIVITIES:

Investment income, net Realized and unrealized loss (gain)

$ 89, 146 (626, 909) $ (537, 763)

$ 126, 181 (887, 347) $ (761, 166)

$ 215, 327 (887, 347) $ (1, 298, 929)

$ 223, 714 1, 522, 488 $ 1, 746, 202

Total non-operating activities

$ (884, 587) 6, 021, 913 $ 5, 137, 326

$ (1, 119, 611) 9, 817, 952 $ 8, 698, 341

$ (2, 004, 198) 15, 839, 865 $ 13, 835, 667

$ 1, 057, 849 14, 782, 016 $ 15, 839, 865

Change in net assets

Net assets at beginning of year Net assets at end of year

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ANNUAL REPORT 2023

Leadership

Board of Directors

Juan Martín Bulgheroni Vice Chair, IOA Board | VP Upsream Strategy & Planning Argentina, PanAmerican Energy

Javade Chaudhri Vice Chair, IOA Board | Partner, Jones Day

Nelson W. Cunningham Former President & Co Founder of McLarty Associates

Manuel Estrella President, Grupo Estrella

José Fimbres Mendoza Executive Committee Member, Grupo Calimax S.A. de C.V.

Caroline Freund Dean, School of Global Policy and Strategy, University of California, San Diego

Theodore Gildred III President and CEO, Bon Vivant Resorts. LLC, The Lomas Santa Fe Group

Rolando González Bunster Chairman and CEO, InterEnergy

Richard C. Hojel Chairman of the Board, Corporación Frigus Therme

Pradeep Khosla Chancellor, University of California, San Diego

Siobhan MacDermott Partner, Consello group

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ANNUAL REPORT 2023

Leadership

Board of Directors

José Luis Manzano President, Integra Investment S.A.

Nelly Molina Executive Vice President and Chief Financial Officer, California Resource Corporation

Tad Seth Parzen President and CEO, Burnham Center for Community Advancement San Diego, CA

Jorge Rosenblut Chair, IOA Board & Independent Consultant; Former Chairman, Enel Group (Endesa Spain)

Maria Sendra CEO & CIO, Making Waves Private Equity Funds

Ambassador Thomas A. Shannon Jr. Senior Policy Advisor, Arnold & Porter and Former Under Secretary of State for Political Affairs

Santiago T. Soldati Consultant

Alberto Völlmer Secretario, Fundación Santa Teresa

Mary Walshok Former Associate Vice Chancellor, Public Programs, University of California, San Diego

David R. Weaver Managing Director & Chairman of the Board Intercap Institutional Investors, LLC

Charles J. Wortman Managing Director, JP Morgan Securities

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ANNUAL REPORT 2023

International Advisory Council Leadership

Leslie Bassett Former U.S. Diplomat

Ambassador Jeffrey Davidow Senior Counselor of the Cohen Group

​Dr. Samuel Dychter Senior Medical Director Pfizer, Inc.

Richard Feinberg Professor Emeritus School of Global Policy and Strategy, University of California San Diego

​Rodrigo Gallegos Toussaint Senior Advisor, De la Calle, Madrazo & Mancera

Enrique García President Council of International Relations of Latin America (RIAL)

Cheryl Hammond Advisory Council

Tara C. Kenney TCK Global Advisors, LLC

​Abe Lowenthal Professor Emeritus of International Relations, University of Southern California

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ANNUAL REPORT 2023

International Advisory Council Leadership

​Atul Patel Senior Vice President, Treasurer, PriceSmart, Inc.

Zach Rabinor Founder & CEO, Journey Mexico

Paulo Sotero Distinguished Fellow and Former Director Brazil Institute Woodrow Wilson International Center for Scholars (2006-2020)

Alfredo Thorne Principal Director Thorne & Associates

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ANNUAL REPORT 2023

A Tribute To Malin Burnham And Santiago Soldati Leadership

In 2023, two of the Institute of the Americas’ longstanding board members, Malin Burnham, and Santiago “Santi” Soldati retired after over two decades of service on our board. We are profoundly grateful for the many years of service provided by both Malin and Santi over the years. Malin, with his long-standing commitment to the economic vitality of the San Diego-Tijuana border region, helped IOA in recent years re-kindle its focus on issues of regional economic competitiveness. Malin’s support helped foster IOA’s joint-collaboration with UC San Diego’s School of Global Policy & Strategy (GPS), with both organizations now serving as Co-Coordinators of the North American Forum that promotes expanded regional cooperation between the United States, Canada and Mexico. Malin’s support has also helped IOA expand research, analysis and convenings focused on nearshoring in the Cali-Baja region in collaboration with the Burnham Center for Community Advancement. Also, Malin was instrumental in underwriting IOA’s public programming amidst the COVID-19 pandemic which also helped foster our partnership with University of California Television (UCTV)) expanding IOA’s reach beyond our traditional stakeholders. Over the years, Santi has supported IOA’s expanded programming, engagement and convenings organized in his beloved country of Argentina. Santi has helped facilitate the participation of Argentine public officials and business leaders in IOA programming, as well as increasing the board’s representation of Argentina. For 3 years, Santi supported IOA’s STEAM educational outreach programs, providing high-quality science, technology, engineering, arts, and mathematics educational programming in Spanish to Latin American students and teachers. IOA has been truly blessed to have benefited from the unconditional support and sage advice provided over the years by both Malin and Santi. Through our on-going work, we honor their shared commitment for a more prosperous future for the communities and people of the Americas.

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ANNUAL REPORT 2023

ABOUT MALIN AND SANTI…

Malin Burnham

Malin was born, raised, and has lived in San Diego his entire life. He graduated from Point Loma High School, then received his B.S. Degree from Stanford University in Industrial Engineering in 1949. He joined his father’s Real Estate Brokerage firm as employee number fourteen in 1949. Upon his father’s retirement in 1961, Malin purchased the business and lead it until he sold it to his managers in 1986. During his ownership, the firm grew to over 350 personnel, including a Real Estate Investment Trust on the New York Stock Exchange and a Real Estate Partnership on the American Stock Exchange.

After pivoting full-time into the non-profit world, his principal endeavors have included leadership roles with the U.S.S. Midway Museum, Sanford Burnham Prebys Medical Research Institute, Sanford Consortium for Stem Cell Research and Burnham-Moores Center for Real Estate at the University of San Diego. Most recently, he established the Burnham Center for Community Advancement headquartered in UC San Diego’s new downtown San Diego center. He has also been a world-recognized sailor for five decades and has helped San Diego achieve prominence in both local and professional sports. At age 17, he became the youngest skipper to win a World Championship in the International Star Class. His victories include nine International Championships and a leading role in bringing the America’s Cup back to San Diego from Perth, Australia in 1987.

Santiago Soldati

A prominent Argentine businessman, Santiago “Santi” was born in Buenos Aires, Argentina and attended Fribourg University in Switzerland receiving his Doctorate in Economics. He joined his father’s company Sociedad Comercial del Plata (SCP), a holding company with interests in real estate, energy, rail, and other sectors. In the 1970s, his family became a target of left-wing extremists. Santi was kidnapped by the Montoneros guerilla group but later released after a ransom was paid. In 1979, his father died in a bombing by Montoneros. In 1991, upon the death of his brother Francis in a polo accident, he was appointed president of SCP.

During President Menem’s administration, SCP became a minority shareholder in several newly privatized services. In addition, SCP invested in two tourist attractions – the railway Train of the Coast and the Park of the Costa amusement park. In 2009, Santi retired from SCP, but has continued to work as a consultant. He is a member of several organizations including Junior Achievement Argentina, Argentine Business Association (AEA), Latin American Business Council (CEAL), FIEL, and Academia Argentina de Ciencias de la Empresa. He was elected President of the Argentine Business Council in 1997. He has served on the Institute of the Americas’ Board of Directors since 1996. He has received several honors including Chevalier Legion D’Honneur (France), Comendador Orden Rio Branco (Brazil), Comendador Orden de San Carlos (Colombia), Comendador Orden de Bernardo O’Higgins (Chile), and Isabel la Católica (Spain).

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