The city of Asunción became the energy capital of Latin America and the Caribbean with the commencement of the IX Energy Week, the most important sector event in the region, held at the Central Bank of Paraguay (BCP) Cultural Center.
The President of the Republic of Paraguay, Santiago Peña, participated in the inaugural ceremony along with the Executive Secretary of the Latin American Energy Organization (OLADE), Andrés Rebolledo, the Minister of Public Works and Communications, Eng. Claudia Centurión, representatives from the Inter-American Development Bank (IDB) Chaverri Suárez, the World Bank, Harold Bedoya, the Development Bank of Latin America and the Caribbean (CAF), Jorge Srur, among other national and international authorities.
The President of the Republic of Paraguay, Santiago Peña, highlighted energy as the path toward comprehensive and equitable development during the opening of the “IX Energy Week.” At the event, which brings together the main energy authorities and experts from Latin America and the Caribbean, Peña called for regional integration and collaboration to face current energy and climate challenges.
During the opening of the IX Energy Week, the Executive Secretary of the Latin American Energy Organization (OLADE) presented the “2024 Energy Outlook for Latin America and the Caribbean,” which reveals a scenario of moderate growth in energy supply, increasing demand, and significant progress in the transition to renewable sources.
The report highlights that the total energy supply in the region has increased by 2.2%, while final energy consumption has grown by 3.8%, driven by an average GDP growth of 3% in Latin America and the Caribbean. Specifically, the document notes that renewable generation will reach nearly 69% participation this year, an increase of almost 5 percentage points from the previous year, consolidating the trend toward a greener energy matrix.
Non-conventional renewable energies (NCRE), such as solar and wind, have shown remarkable growth in capacity and generation, with a notable increase of 30% in 2024. This progress has been essential to support electrification efforts, which will see a 3.2% increase in supply in the region.
On the other hand, although oil production has grown for the fourth consecutive year, driven by increased exports, the consumption of oil derivatives has shown a slight decline, indicating structural changes in energy consumption patterns in the region. Natural gas has also registered a slight increase, largely driven by its use in electricity generation.
Coal production, traditionally an important source for some countries, has suffered a significant 20% decline, aligning with global efforts to reduce carbon emissions. In contrast, the report notes that energy efficiency (EE) has yet to show a solid recovery after the pandemic, representing an opportunity for public policies and future investments.
A crucial aspect that still requires attention is energy access. According to the report, 17 million people in the region still lack access to basic energy services, indicating that progress in this field has not been sufficient to fully close the access gap.
The IX Energy Week brings together ministers, experts, and leaders from the energy sector across the region to discuss the necessary strategies to address these challenges and continue moving toward more sustainable and equitable energy integration.
