Latin America has a fivefold potential to increase renewable energy generation capacity
Latin America has the potential to more than quintuple (by 460%) its large-scale wind and solar power capacity by 2030, from 69 gigawatts (27.6 gigawatts of solar and 41.5 gigawatts of wind) to the announced 319 GW either before or under construction.
This is one of the main conclusions of the report “A Race to the Top: Latin America,” prepared by the Global Energy Monitor.
It highlights that Latin America is “rich in resources” and can become a “world leader” in renewable energy.
“A potential energy surplus from large-scale solar and wind energy development could allow Latin American countries to compete in the global energy market,” the study says.
By country, Brazil, Chile, Colombia, and Mexico lead Latin America in operating large-scale wind and solar farms, with a combined capacity of more than 57 gigawatts.
However, Mexico will only meet 70% of its commitment to offer around 40 gigawatts of wind and solar energy by 2023 as the development of these energy sources stagnates.
Conversely, the 2030 target could increase ninefold in Colombia as the country pursues its plans to build renewable energy parks.
Specifically, Venezuela’s neighbor aims for four gigawatts and could reach 37 gigawatts.
Countries like Peru, meanwhile, are on the scene of a “promising” resurgence and are among the Latin American territories targeted by Global Energy Monitor, taking into account the outcome of the 2022 energy auction.
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