Latin America targets major boost in renewable energy capacity by 2030

Latin America is aiming to enhance its renewable energy capacity significantly by 2030, with a target increase of 39% from 2022 levels, reaching 450 GW. Brazil, Chile, Argentina, and Mexico are key players, accounting for nearly 80% of this growth. The region currently generates about 60% of its electricity from renewable sources, primarily hydropower. However, fossil fuels still dominate energy mixes in countries like Mexico and Argentina, highlighting the need for further decarbonization efforts. Investment needs for an effective energy transition are estimated at $431 billion by 2040. Challenges include financial limitations and regulatory uncertainties. New policies from Mexico's incoming government may support renewable energy development, contributing to regional goals.