In Latin America and the Caribbean, a mix of technological, economic, social and political factors could come together to ensure that the region has the right conditions to become a global example of a just energy transition. The Renewables in Latin America and the Caribbean (RELAC) initiative, signed by 15 countries, established that by 2030, 70% of the region’s electric energy consumption would come from renewable sources. The goal is attainable.
According to 2020 statistics from the the World Bank, around 20% of the world’s population lives in 70 countries with excellent conditions for photovoltaic energy, where daily averages exceed 4.5 kilowatt hours/kilowatt peak (kWh/kWp, measures of yield and production), enough to boil about 25 liters of water. The Latin American countries that fall into this category are Chile, Peru, Mexico and Argentina. The rest of Latin America is not far behind, though: in the range of 3.5- 4.5 kWh/kWp. In terms of wind power potential, Chile and Colombia lead the way.