On COP Energy Day: 10 Latin American and Caribbean countries announce a goal of 70% renewable energy use by 2030
The agreement was launched today by Colombia and Chile. It states that, given that energy represents 75% of global CO2 emissions and 56% of emissions in Latin America and the Caribbean, the scaling up of energy from renewable sources could significantly mitigate the increase in greenhouse gas emissions.
In the context of COP25, which is taking place in Madrid, ten Latin American and Caribbean nations have signed an agreement for renewable energy to represent an average of 70% of the installed capacity of the matrix by 2030. Thus renewable energy sources will account for 312 GW of installed capacity.
The initiative is being led by Colombia and was launched in the context of Energy Day, which Chile organized. The event was mainly attended by Latin American energy ministers.
The agreement, in which Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Haiti, Honduras, Paraguay and Peru are participating, is open to other countries across the region. The objective is for these countries to work together to promote renewable energy in order to support the fulfillment of the goals set by the Paris Agreement.
The regional agreement is based on the fact that, given that energy represents 75% of global CO2 emissions and 56% of emissions in Latin America and the Caribbean, the scaling up of energy from renewable sources could significantly mitigate the increase in greenhouse gas emissions.
Technical and financial cooperation will be fundamental to the initiative’s success. The Latin American Energy Organization (Olade), the National Renewable Energy Laboratory (NREL) and the International Renewable Energy Agency (IRENA) have already provided data and discussion platforms to launch the development of an action plan for implementing the initiative.
Minister Jobet: “The goal is a regional contribution to a global problem.”
Energy Minister Juan Carlos Jobet said that this goal “can be set because we are one of the wealthiest and most diverse regions in terms of natural resources. Latin America and the Caribbean have the largest water reserves on the planet, the largest surface area of farmable land - 576 million hectares - and 70% of all existing forms of flora and fauna. We are also blessed with abundant non-conventional energy sources.”
The Energy Minister added that Chile is the country with the greatest solar radiation in the world and also has an enormous wind potential in the south, a mountain chain with nearly 3,000 volcanoes and over 6,000 kilometers of coastline that show potential for geothermal and marine energy development.
“However, the abundance of these resources is precisely what makes us vulnerable to the effects of climate change. We must thus actively engage in efforts to reduce the effects of global warming,” Minister Jobet explained.
The minister emphasized that this regional goal “is a concrete and decisive response for the care of Latin America and the Caribbean, as well as the planet, because emissions and their accumulation in the atmosphere have no borders. This is therefore an effective contribution as a region to a global problem and demonstrates commitment to the actions that are required to stop climate change.”
Jobet also noted Chile’s commitment to achieving carbon neutrality by 2050 and to close coal-fired power plants by 2040.
Colombian minister: “Chile has been an example of leadership at the COP”
Colombia’s Energy and Mining Minister María Fernanda Suárez stated that Chile “has been an example of leadership at COP25 by prioritizing the environment on its agenda, and Colombia is moving in that same direction. I believe that we are also united as a region by greater sustainability in the energy basket and the significant equity challenges that our countries face.”
Minister Suárez added that the new sources are generating shared challenges, such as the need to make the network more flexible, develop carbon markets and make progress with the regulatory framework.
Meanwhile, OLADE’s Director of Integration, Access and Energy Security, Medardo Cadena, said that this agreement “is really important to the region because, by using goals that can be defined and measured over time, it will contribute to combatting the effects of climate change and reducing energy poverty in the region. We must not lose sight of the fact that 18 million people in the region do not have access to energy under acceptable conditions. The incorporation of renewable energy sources thus provides us with the tools needed to address this regional challenge.”