According to a new report by the Inter-American Development Bank (IDB), Latin America and the Caribbean’s renewable energy endowment is large enough to cover its projected 2050 electricity needs 22 times over. Lower prices and new technologies are making renewables a viable alternative. Solar, geothermal, wave, wind and biomass sources in this region could produce up to 80,000 TWh of electricity. 1,000 TWh is roughly 3 times the amount of electricity Mexico consumes in one year. At present, Latin America generates 1,300 TWh. By 2050, demand is expected to grow to between 2,500 to 3,500 TWh.
While investments in renewable energy have been limited so far, the study argues that major new developments are underway in Latin America. Wind is the fastest growing non-traditional renewable source in the region. Mexico is the fifth largest producer of geothermal energy in the world and Colombia, Panama and Ecuador are exploring their own resources. Biomass, solar and wind are increasingly being used in Brazil, Mexico, Guatemala, Argentina and Chile.
Interested in Power Plants?
Enerdata has developed a market research service to screen, monitor and analyse the development of power generation assets.
Power Plant Tracker offers an interactive database and a powerful search engine covering power plants worldwide – including both installed and planned capacities for renewables and fossil fuels.