The IEA believes that Latin America and the offer “bright prospects for future clean energy industries”.

Renewables, led by hydropower, already generate 60 per cent of the region’s electricity, twice the global average, while some of the world’s best wind and solar resources can be found in countries including Brazil, Mexico, Chile and Argentina.

The Latin America Energy Outlook is the IEA’s first in-depth and comprehensive analysis of the region, covering the full range of fuels and energy technologies across all 33 countries. The report finds that Latin America and the Caribbean could make major contributions to global energy security and clean energy transitions.

The region is also highly significant for the production of minerals with around half of global reserves of lithium, and more than a third of copper and silver reserves. The region’s clean electricity supply lays the foundation for the sustainable mining and processing of these materials.

“Latin America and the Caribbean can play an outsize role in the new global energy economy. With incredible natural resources and a longstanding 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,” said IEA Executive Director Fatih Birol. “Our report shows that supportive policy making and international cooperation are essential to ensure the region can take full advantage of its remarkable energy potential."

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