26 °C Singapore, SG
January 16, 2021
Latest News
Kerry climate team begins to take shape Australia not among 50 countries vowing to protect 30 per cent of land and sea by 2030 Investors pressure HSBC to take stronger action to phase out coal financing Morgan Stanley takes stake in SolMicroGrid in a nod toward Energy-as-a-Service model Daimler’s Mercedes-Benz triples its electric car sales as CEO predicts a ‘transformative’ decade IEEFA Indonesia: PLN has ‘Green Ambition’ but is short on renewable energy credibility 2021: The Decarbonization Race Is On From climate ambition to renewables realization – are you hopeful for a better 2021? Improving energy storage will be crucial to a smooth energy transition Major US pension fund plans fossil-free future EV Battery Packs ~50% Cheaper Than In 2016 A $7 trillion climate change warning to the stock market from its biggest shareholder World still warms in 2020 as greenhouse gases fall Human handiwork’s mass exceeds world lifeforms China and Australia face a climate tipping point Lunaz Electric Classic Range Rover Collection Includes 007’s Roofless Off-Roader Analysis: When might the world exceed 1.5C and 2C of global warming? Proposed steep tariff cut risks disruption in Vietnam’s wind market, industry body warns Is South Korea on the right path to carbon neutrality? Rising ocean heat leaves fish gasping for oxygen World Bank helps developing countries’ wind spurt Project on biomass gasification technology launched Green hydrogen, Holy Grail for long-term energy storage, getting supermajors’ attention Ford unveils new electric van for its profitable commercial business Greek island ditches fossil fuel cars to go green Toshiba to produce ‘state of the art’ wind turbine Climate Is Driving Voting More Than You Might Think, Especially For Women Researchers develop new method to turn used cooking oil into biodiesel Africa’s resistance grows as climate crisis worsens Asia’s aspiring ‘green-collar’ workers hope for jobs in Covid recovery

Latin America and the Caribbean Announce Ambitious New Renewables Target

Latin America and the Caribbean holds tremendous renewable energy promise. IRENA’s recent ‘Future of Solar Photovoltaic’ report highlighted that the region’s solar energy capacity alone could grow by a factor of 40 by 2050 to more than 280 gigawatts (GW) thanks to an abundant resource endowment and strong enabling policies. Today, during UN Climate Conference COP25 in Madrid, it took a giant leap towards realizing that potential.

A new regional initiative coordinated by the Latin American Energy Organization (OLADE) and announced to the global community during the Chile Energy Day, sets a regional goal of reaching at least 70 per cent of renewable energy in electricity in by 2030. The target involves reaching a total installed capacity of 312 GW of renewables capacity by that time – a significant proportion of which should come from non-conventional renewable energy.

The move demonstrates Latin America and the Caribbean’s strong desire to capitalise on the opportunities presented by a transition to low-carbon technologies, and to adopt a position of global leadership in the pursuit of climate mitigation and sustainable development.

Speaking at the event and in response to the announcement of the new initiative, IRENA Director-General Francesco La Camera said that several Latin American countries were already in the top ten global renewable energy investment list demonstrating the energy transformation momentum that already exists in the region.

“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,” he said. “More than 230 gigawatts of its power already comes from renewable sources and several countries make the top-ten in the global renewable energy investment list.”

Mr. La Camera went on to commend Colombia for its driving force behind the establishment of this new goal, which now has the support of Chile, Costa Rica, Ecuador, Guatemala, Haiti, Honduras, Paraguay, Peru, and Dominican Republic while Panama and Brazil are in discussion. He said Colombia’s successful renewable energy auctions which have resulted in the procurement of more than 2 GW are an ‘inspiring example for other countries in the region’. Colombia has proposed a goal of at least 4 GW by 2030 from Non-Conventional Renewable Energies domestically, reaching 74 per cent of renewable energy nationwide in the power generation grid.

Countries that have already exceeded a 70 per cent of energy from renewables at national level, are still encouraged to join this regional initiative. Partners are encouraged to favour the use of non-conventional renewable energy characterized by their minimal social and environmental impact. Small hydro, solar, wind and organic waste all fit within this framework.

Caribbean islands, together with other small island development states (SIDS), are already suffering the impact of extreme weather events, despite their negligible carbon footprint. From the frontlines of climate change, they also find themselves at the vanguard of global climate mitigation and resilience action through bold commitments to increasing short term action and long-term energy transition strategies if supported with robust and predictable international finance and other means of implementation. Several islands including those in the Caribbean plan to go 100 per cent renewables including Aruba, Dominica, Grenada and Montserrat.

More information about IRENA’s work in Latin America and the Caribbean

Source

Leave a Reply

Your email address will not be published. Required fields are marked *