The share of non-conventional renewable sources in Latin America and the Caribbean continues to grow steadily. This potential favored by existing natural resources, the implementation of auctions, and the security to invest can ensure a global future with net-zero emissions.
Investment in renewable energy capacity in the region grew 43% in 2019 compared to the previous year. This represents about 18.5 billion dollars for the region, according to data from an IDB publication. The same study indicates that several countries already have more than 50% of installed electrical capacity from renewable energy. Data from 2019 suggest that Paraguay, Costa Rica, and Brazil top the list with 99%, 87%, and 84% of installed renewable electricity capacity.
While countries in the region are making progress in their plans to bring global energy-related carbon dioxide emissions to net-zero by 2050, much work remains to get done. The International Energy Agency points out that the current plans are below what is required and that is why it proposes a roadmap to identify the milestones necessary to reach the net-zero carbon emissions target by 2050.
While countries in the region are making progress in their plans to bring global energy-related carbon dioxide emissions to net-zero by 2050, much work remains to get done. The International Energy Agency points out that the current plans are below what is required. Therefore, it proposes a roadmap to identify the milestones to reach net-zero carbon emissions.
Ministerial Roundtable for a Global Net-Zero Emissions Future
In this sense, to discuss the region’s strengths, the International Energy Agency (IEA), OLADE, and the Inter-American Development Bank co-organized the 2nd Ministerial Roundtable: Building on Latin America’s strengths for a global net-zero emissions future.
In this high-level dialogue, ministers of energies from the region and other countries discussed the region’s strengths to build a more secure and inclusive future. The President of the IDB, Mauricio Claver-Carone, the Executive Director of the IEA, Fatih Birol, and the Executive Secretary of OLADE participated in this event. This event focused on renewable energy and hydrogen.
Watch the webinar recording here:
- Latin America and the Caribbean strengthens its leadership in renewables worldwide in the critical decade of climate change through the RELAC initiative
- Strengthening Energy Storage Capacities in RELAC Countries: A Technical Dive into NREL
- Learning from Korea’s push on renewable energy and green hydrogen
- Unlocking Green and Just Hydrogen in Latin America and the Caribbean
- Cross-Institutional Mentoring Initiative: Improving Results through Collaboration