Latin America and the Caribbean Accelerate Their Energy Transition: By 2024, 79% of new installed capacity will be renewable.
The Latin American Energy Organization (OLADE) 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.
The 2024 Energy Outlook is a testament to the collective efforts of Latin American and Caribbean countries to move toward a cleaner, more efficient, and sustainable energy system. It also emphasizes the importance of closing energy access gaps, fostering international cooperation and interconnection, and advancing electrification, energy efficiency, and the development of low-emission hydrogen as a key vector for decarbonization.
Download the full document here:
https://www.olade.org/publicaciones/panorama-energetico-de-america-latina-y-el-caribe-2024/
Watch the presentation video here:
https://www.youtube.com/watch?v=OTYxe9Ji04s
