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Latin American and Caribbean nations poised to lead the transition
29/11/2023
6 min read
Feature
It is perhaps not widely known that countries of Latin America and the Caribbean are among world leaders in adopting renewable energy, led by hydroelectric schemes, writes Fernando Zúñiga, Managing Director for Latin America & Caribbean with MPC Energy Solutions (MPCES).
Governments across Latin America and the Caribbean have been making significant strides in the adoption of renewable energy sources. Countries such as Guatemala and Jamaica have made bold commitments to boost their resilience and transition from fossil fuels to cleaner energy generation.
Additionally, the Latin American Energy Organization (OLADE) and the International Renewable Energy Agency (IRENA) have agreed to collaborate on strengthening policy plans, supporting the growth of low-carbon investments in the region and facilitating the pursuit of the RELAC (Renewable Energy in Latin America and the Caribbean Initiative) member states’ goal of reaching 70% renewables in power generation by 2030.
Latin America already has a high concentration of hydroelectric energy, but this partnership is expected to accelerate the transition to renewable energy sources and promote sustainable development in Latin America and the Caribbean more generally. According to OLADE and IRENA, their efforts will focus on increasing the penetration of other renewable resources in the region such as wind, solar and geothermal.