Argentina ranks fourth among the Latin American countries with the largest wind and solar capacity in production, according to a report by the US non-profit organization Global Energy Monitor, which highlighted the region’s potential to increase its renewable capacity by more 460% by 2030.
According to the report published this Thursday, Brazil, with 27 gigawatts (GW) of wind and solar energy production, ranks as the region’s leader in renewable energy, followed by Chile (20 GW), Mexico (10 GW) and Argentina (5 GW). GW).
Meanwhile, Chile (37%), Uruguay (35%) and Honduras (30%) are the countries where both types of electricity generation represent the highest percentage of total capacity.
“The region is at a turning point where it is important to support projects that can make it a global energy giant”said Kasandra O’Maila, director of the Global Energy Monitor monitoring project.
Meanwhile, for the researcher Sophia Bauer, the region “can become a world reference point if future projects respect ecological balances and bring not only economic but also social benefits.”
Looking ahead, the report highlights that the region’s solar and wind capacity could increase by 460%, if 319 GW are incorporated into new projects announced, in the stage prior to their construction or in the middle of the construction process.
This represents almost a 70% growth on the total electrical capacity -from all sources- that the region owns 457 GW.
Natural factors help it because in most countries there is a “high solar irradiation and great potential for offshore wind development”.
“Together with existing smaller-scale and distributed solar capacity, Latin America is on track to meet, and potentially exceed, the 2030 renewable energy targets of the International Energy Agency (IEA),” the NGO said.
With its wealth of wind and solar resources, “Latin America has the potential to be a world leader in renewable energy”he added.
Although the report highlights Argentina’s current contribution, if the planned investments are met, the country will fall behind in the renewables race, positioning itself in sixth place in 2030 behind Peru and Colombia.
Until now the country plans to add only 2.14 GW compared to the 217 GW of Brazil that, if met, will consolidate in first place.
The country currently has 4.7 GW of large-scale solar and wind facilities in operation and expects to add 1.2 GW by 2025.
Although to this calculation it is necessary to add other 10 GW of hydroelectric capacity in operationthe report advises that the country invest “much more” in solar and wind sources due to the increasing vulnerability of dams to droughts.
In its section dedicated to the country, the NGO recommended as possible strategies for the country to increase the adoption of renewables “reallocation of State subsidies to promote these projects”.
“The initial investment costs to improve renewable energy in Argentina would be the least expensive way (compared to waiting to carry out new projects) to satisfy the demands for electricity by 2050,” says the report, which considers that the renewable energy auction program (RenovAr) “is not on the right track”.
In this sense, it emphasizes that “The path towards the energy transition must be led by an administration that is willing to increase public spending on solar and wind energy”.
