The International Renewable Energy Agency (IRENA) report Renewable Energy Market Analysis: Latin America offers a comprehensive review of the status and trends in the region’s renewable energy development.
The report reviews and analyses renewable energy policies across all uses, some of which are considered among the most innovative in the world. These policies, coupled with recent renewable energy technology cost reductions and broader energy drivers such as energy diversification and climate change, have played a decisive role in the rapid uptake of renewables in the region. The report also assesses the framework for finance and investment in the sector. While specific characteristics vary from country to country, success depends on some common attributes, including access to affordable finance for renewables.
The significant role of hydropower in several Latin American countries, meanwhile, creates opportunities to harness complementarities and scale up other renewable energy technologies. The report includes an in-depth analysis of the mechanisms through which hydropower and other renewables can complement each other and can improve the cost-efficiency and reliability of power systems.
While the report aims to provide insights for policymakers and energy professionals in the region, it also outlines valuable lessons from Latin America for the rest of the world. Along with recommendations on creating the essential enabling conditions, Renewable Energy Market Analysis: Latin America highlights the widespread socio-economic benefits of the transition to renewables.