- Costs for implementing renewable energy are dropping across Latin America
- Decarbonization, once a pipe dream, has now become feasible
- The biggest obstacles are a lack of proper infrastructure and political will
Like the rest of the world, Latin America is undergoing an energy revolution. What makes the region’s change unique are the challenges that the major countries face in taking advantage of it. Some are making use of their geographic advantages like ample sun and wind. Others, mostly inadvertently, have put up barriers that will slow the adoption of renewables and keep the region dependent on coal and gas for longer than necessary.
Renewable energy is now competitive in most Latin American countries, even without subsidies. Auction prices are now consistently falling below the cost of electricity generated by fossil fuels.