Latam and Caribbean have ‘remarkable energy potential’, plus other top energy stories

The International Energy Agency (IEA) has released its first specialist report on Latin America and the Caribbean. The region is seen as vital to the energy transition due to its abundant resources for renewable energy.

Around 60% of electricity in the region comes from renewables, which is double the global average. Brazil, Mexico, Chile, and Argentina are major producers of wind power, and the region is also making great progress with biofuels and low-emissions hydrogen.

“Latin America and the Caribbean can play an outsize role in the new global energy economy,” says IEA Executive Director Fatih Birol.

“With the incredible natural resources and a long-standing commitment to renewables, countries in the region already have a head start on secure and sustainable transitions to clean energy. Leaning into these transitions would ignite growth in local economies – and put the world’s energy system on a surer footing.”

More than 60 countries support a deal led by the EU, US and UAE to triple renewable energy this decade and move away from coal. This effort is being promoted ahead of the upcoming COP28 climate talks and will be proposed for inclusion in the meeting's final outcome.

Several countries including Nigeria, South Africa, Vietnam, Australia, Japan, Canada, Peru, Chile, Zambia, and Barbados have agreed to join a new pledge.

The pledge would also feature a commitment to doubling the rate of energy efficiency improvements to 4% per year until 2030.

It would also include a promise to reduce the use of unabated coal power and an end to the financing of new coal-fired power plants. Negotiations with China and India to join the pledge are progressing, but no agreement has yet been reached.

Scientists emphasize that expanding clean energy and reducing CO2 emissions are crucial in addressing climate change.

The geothermal sector in Africa is expected to receive $35 billion in investments by 2050, highlighting the important role that geothermal energy will play in meeting the continent's increasing energy needs. Africa's installed geothermal capacity will exceed Europe's by the end of the decade, according to Rystad Energy.

African women are breaking barriers in the traditionally male-dominated energy sector. They are making significant contributions and leading positive change in different aspects of the industry, writes Pumps Africa.

Burkina Faso ranks among the least electrified nations globally, with only 20% of the population having electricity access, according to the International Atomic Energy Agency. To remedy this, the country’s government has decided to commission a nuclear power plant, writes DW, but some experts say solar would be a better option.

Kenya could become a hub for carbon capture and storage, reports African Business. Swiss company Climeworks is considering building a large-scale facility in the country. Kenya’s East African Rift Valley has ideal conditions for storing carbon, and the country’s geothermal resources provide renewable power for direct air capture systems.

In Namibia, construction has started on Africa's first decarbonized iron plant, which will be powered solely by green hydrogen. The steelmaking industry, known for its high pollution levels, is aiming to transition away from using coal.

There needs to be deeper political union in the EU when it comes to energy, various industrial companies say. They are calling for harmonized tax incentives and a common market to boost the bloc's industrial competitiveness and facilitate a green transition, according to the Financial Times.

A miniature economy on a Mediterranean island is being powered solely by green hydrogen, The Economist reports. The project in Mallorca shows what is possible in the future, but it is facing some supply challenges.

Switching to sustainable heating could lead to fuel and cost savings, reduced emissions and increased energy independence for Central Asia, according to The Diplomat.

Peru's government has introduced Plan Unidos to revive the economy, with a focus on mining, energy, and oil and gas. The aim is to optimize environmental requirements and consultation processes for exploration. For active mining, they will improve safety regulations and concession granting to meet specific area or sector needs, writes Mining.com.

The US government has put forward $7 billion to help establish a series of seven hydrogen hubs across the country, says The New York Times.

Energy prices are not rising, despite the war taking place in the key oil-producing region of the Middle East. International oil benchmark Brent crude is actually lower now than before the fighting started. The New York Times explores why.

How green is your country? Is it embracing more sustainable ways of doing things? If so, how does it compare to other nations around the world? Here are the countries making the most progress in 2023.

Electric vehicle sales are surging, especially in Europe, where the market grew by 62% in the past 12 months – so why is adoption still slow?

Brazil, the world’s 11th largest economy and home to over 200 million people, has pledged to cut its emissions by 50% by 2030. Here's why Brazil is poised to become a leader in sustainable aviation fuel.

To learn more about the work of the Centre for Energy and Materials, contact Ella Yutong Lin: ellayutong.lin@weforum.org