Last month OLADE, Latin America’s Energy Organisation, presented the “Energy Outlook for Latin America and the Caribbean 2024”. A report that compiles energy data, regulation and policy initiatives and projections to 2050 from its 27 member countries and highlights the region’s progress towards renewable energy generation.
The Latin America & Caribbean region (LAC) continues to be the greenest region in the world. 33% of primary energy is renewable (World: 14%). The share of renewable sources in electricity generation is 64% (World: 30%). From 2015 to 2023, the share of renewables in electricity generation increased from 53% to 64%, while emissions fell by 26% in the same period.
Main Milestones in 2023 and Prospects for 2024:
💚 Renewable Capacity & Generation: 77% of the new installed capacity in electricity generation in 2023 was renewable (79% expected for 2024) and renewable electricity generation rose 3% (13% expected for 2024). In 2023 wind and solar represent 21% of installed capacity and 15% of generation.
☀️ Solar & 💨 Wind Energy Growth: Installed solar energy capacity grew 37%, Wind 15%. Solar power generation increased 30%, wind 12%. By 2024, increases of 33% and 34%, respectively, are projected.
⚡️Energy surplus: The region produced 12% more energy than demand in 2023, and a surplus of 27% is expected in 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.
🇵🇦 Panama
Installed solar energy capacity grew 24%. In generation, wind power generation increased with 54% and Solar 23%. Due to the severe drought in 2023, hydropower generation decreased 24% while electricity generation from petroleum and gas increased. 49% of Panama’s primary energy comes from renewables (LAC 33%). Installed renewable electricity generation capacity is 68% (LAC average is 65%). 66% of installed capacity is hydropower.
View the Energy Outlook “Panorama Energético de América Latina y el Caribe 2024” (Spanish)