Report: Latin American successes in the energy transition

The Latin American renewables market is set for continued exponential growth

This new report shows that Latin American countries are developing a booming renewable energy sector by building new industries, creating jobs, reducing dependence on energy imports and insulating consumers from volatile fossil fuel prices, getting ahead of the curve towards decarbonisation. Brazil, Chile and Uruguay have boosted their renewable energy capacity over the last two decades following government measures and the rapidly falling cost of solar and wind. As renewable power generation continues to rise across the region, reliance on fossil fuel generation is expected to decrease significantly over the coming years, driving down fossil fuel demand.

Latin America’s investments in renewables have also increased exponentially by an average of 10% every year in the past decade. Driven by surging investment, the regions’ wind and solar market is expected to double by 2027. The region provided almost 100 GW of wind and solar capacity in 2022, with accelerating growth in capacity set to continue.

Download the report

To coincide with the release of the report, a media briefing will take place during Latin America and the Caribbean Climate Week on Wednesday 25th October at 1pm Panama City via Zoom. Register here.

Speakers:

• María Victoria Ramirez, Director, Ministry of Energy, Colombia
• Racquel Moses, CEO, Caribbean Climate Smart Accelerator
• Gregor Clark, Researcher, Latin America & the Caribbean, Global Energy Monitor
• Manuel Pulgar-Vidal, Climate and Energy Lead, WWF and COP20 President

Quotes

“The exponential shift towards renewables across Latin America is unstoppable! At the same time,
our opportunity and collective responsibility goes beyond transforming energy. It’s time for leaders
and communities to champion the necessary exponential shifts in nature and finance too.”

Christiana Figueres, Former Executive Secretary, UNFCCC and a Founding Partner, Global
Optimism

“Over the past year, Latin America and the Caribbean has grown its operating utility-scale solar and
wind capacity by a third, adding over 20 GW of clean, renewable energy. Looking to the future, the
region’s prospective utility-scale solar and wind capacity is greater than any other global region
outside of China. It is no trivial matter to turn those prospective projects into actual, operating wind
and solar farms. But if the region can balance implementation of these projects with a focus on
environmental and social justice concerns, it will be an example for the rest of the world to follow.”

Kasandra O’Malia, Global Solar Power Tracker, Global Energy Monitor