10 nations from Latin America and the Caribbean region have pledged to target 70% share of renewables in their cumulative energy supply by 2030 translating into 312 GW in terms of installed capacity. This was announced by a new regional initiative coordinated by the Latin American Energy Organization (OLDAE) during the UN Climate Conference COP25 in Madrid, Spain.
In October 2019 at the UN Climate Action Summit, Colombian Energy Minister Maria Fernanda Suarez had confirmed nine nations on board to accept the 70% target revealing them to be Chile, Peru, Ecuador, Costa Rica, Honduras, Guatemala, Haiti, the Dominican Republic apart from Colombia (see Latin America Proposes 312 GW RE By 2030). With Paraguay the list extends now to 10 members.
Panama and Brazil are currently in talks to join the regional goal. The 312 GW renewable energy goal by 2030 will have a 'significant proportion' to come from non-conventional renewable energy but individual targets of any of the technologies is not specified. However, eligible technologies are listed as small hydro, solar, wind and organic waste.
"This initiative encompasses the type of sizable commitment needed in order to keep global climate efforts on track and help achieve the Paris Agreement goals," said IRENA Director-General Francesco La Camera. "More than 230 GW of its power already comes from renewable sources and several countries make the top-ten in the global renewable energy investment list."
In a recent report, IRENA estimates Latin America and the Caribbean to increase their collective solar power capacity from 7 GW now to exceeding 280 GW by 2050 (see IRENA: Threefold Rise In Annual PV Deployment By 2050).
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