The growth of renewable energy over the past few years is about to pick up even greater momentum.
The latest projections are compelling: Between 2025 and 2030, global renewable capacity will grow by nearly 4,600 GW, which is more than double the expansion seen over the last five years.
The largest driver will be solar energy, accounting for nearly 80% of the expansion. This surge is fueled by the advancement of distributed solar generation, thanks to more affordable prices and public policies that facilitate its adoption.
Wind and hydropower growth
Growth in wind power will also be robust. Onshore capacity will increase by 45%, and offshore capacity will more than double. However, the sector still faces significant challenges related to costs and supply chains.
Hydropower, especially in storage solutions, maintains its role as a key complementary energy source.
Challenges in Latin America
Now, Latin America’s vast potential is undeniable, but success is not guaranteed. The region has the necessary resources, demand, and planned projects. Yet, regulatory hurdles and financing issues could become a major impediment if not addressed promptly.
This rapid growth also increases the risk of curtailment. We have already observed this in Chile with solar and in Brazil with wind power. Consequently, this forces us to rethink how to strengthen our transmission infrastructure.
