LATIN America and the Caribbean’s renewable energy endowment is large enough to cover its projected 2050 electricity needs 22 times over, according to a new report commissioned by the Inter-American Development Bank (IDB).
The report, Rethinking our Energy Future, argues that lower prices and new technologies are making renewables a viable alternative. Solar, geothermal, wave, wind and biomass sources in this region could produce up to 80 petawatt-hour of electricity.
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A solar panel is seen in this photo. Lower prices and new technologies are making solar, wind and other resources competitive with fossil fuels for power generation, according to the Inter-American Development Bank.
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One petawatt-hour is equivalent to one trillion kilowatt-hour, roughly three times the amount of electricity Mexico consumes in one year. At present, Latin America generates 1.3 petawatt hour. By 2050, demand is expected to grow to between 2.5 to 3.5 petawatt- hour.
The report addresses a series of myths surrounding renewable energies, noting that several of these alternative technologies have become price competitive with conventional technologies, offer good investment opportunities and should be taken into consideration by policymakers aiming to diversify their national energy matrixes, reduce fuel supply vulnerabilities and cut greenhouse gas emissions.
“Though Latin America uses more renewable energy than any other region in the world, it faces difficult choices as it seeks to generate the electricity it needs to grow without harming the environment,” said IDB President Luis Alberto Moreno. “Renewables are becoming a viable and attractive option that needs to be explored.”
The report was presented yesterday in Bogot
