Latin America and the Caribbean are leading the way in solar power development, with a pipeline of projects that surpasses that of Europe and India. Although sun energy currently only generates a small percentage of the region’s electricity, the upcoming projects have the potential to increase solar energy supply by 70%.
Solar energy in Latin America is on the rise, according to IEA. Several countries in the region taking significant strides toward clean energy. This trend is encouraging, as it could have a significant impact on the energy mix of the region, which has historically relied heavily on fossil fuels. In this article, we will delve deeper into the region’s solar power development, focusing on the main drivers, the potential for growth, and the role of sun power in the region’s energy mix.
Latin America’s solar power pushers
Brazil, Mexico, Colombia, Chile, and Peru are the main drivers behind the region’s solar power push. As mentioned earlier, these countries account for the majority of the region’s installed solar capacity and planned capacity additions. These countries are also some of the largest economic and industrial powers in the region, which gives them significant clout and may encourage other countries to follow suit.
Mexico and Brazil, in particular, have significant influence in the region and could inspire other nations to shift toward clean energy. Mexico has set ambitious targets for renewable energy capacity and greenhouse gas emissions reductions, while Brazil’s new president has pledged to lead the country towards a lower-emitting trajectory.
High solar power potential
Several countries in Latin America and the Caribbean have attractive levels of solar photovoltaic economic potential. The region boasts competitive payback periods for large solar projects and a significant amount of sunshine, making it an attractive destination for solar power development. The region’s potential for solar power growth is so high that it surpasses that of Europe and India.
Solar energy in the energy mix
Although solar power currently only generates a small percentage of the region’s electricity, the upcoming projects have the potential to increase solar energy supply by 70%. This growth is encouraging as it could help the region reduce its reliance on fossil fuels and promote a cleaner energy mix. This shift could help to mitigate the environmental impact of the region’s energy production, which has been a significant concern in recent years.
Solar power in Latin America and the Caribbean is on the rise, with several countries in the region committing to clean energy goals. This shift towards solar energy could help the region reduce its reliance on fossil fuels and promote a cleaner energy mix. Furthermore, the region’s potential for solar energy growth is high, making it an attractive destination for solar power development. As such, Latin America and the Caribbean are poised to become a key renewable energy hub over the coming decade.