Latin America and the Caribbean Accelerate Their Energy Transition: By 2024, 79% of new installed capacity will be renewable.
The Latin American and Caribbean Energy Organization (OLACDE) has introduced the “2024 Energy Outlook for Latin America and the Caribbean,” a report that compiles official energy data from its 27 member countries and highlights significant progress toward a sustainable energy transition. This document provides a comprehensive overview of the region’s achievements and the challenges that still need to be addressed to ensure a clean and sustainable energy future. Key Milestones in 2023 and Prospects for 2024:- Growing Renewable Capacity: By 2024, 79% of new capacity will be renewable. By 2050, 85% of electricity will come from clean sources.
- Wind and Solar Energy Growth: In 2023, wind energy grew by 15%, and solar energy by 37%. For 2024, projected growth is 34% and 33%, respectively.
- Natural Gas: In 2023, electricity generation from hydrocarbons also increased modestly—natural gas by 5%, petroleum derivatives by 1%, and coal by 4%.
- Energy Surplus: The region produced 12% more energy than demanded in 2023, with a 27% surplus expected for 2024.
- 2050 Goal: An additional 1,500 GW of renewable installed capacity will be needed to reach 82% renewability in capacity and 85% in electricity generation by 2050.
- Emission Reductions: Under a carbon neutrality scenario, total CO2 emissions from the energy sector by 2050 will be 37% lower than projections under a business-as-usual scenario.
- Energy Inflation: In 2024, a significant and systematic reduction in energy prices is observed across the region, particularly for electricity and hydrocarbons.
