Central America, Caribbean lag behind renewable targets

Spanish Market: Electricity
29/10/24

Central America and the Caribbean are falling behind global renewable goals for 2030, international renewable energy agency Irena said.

The next five years "will be crucial for making the necessary investments and implementing concrete political measures," the agency said in a report ahead of the UN's Cop 29 climate conference in Baku, Azerbaijan, next month.

Renewable sources accounted for 38.7pc of Central America and the Caribbean's power capacity in 2023, lifted by a year on year installed capacity growth of 5.2pc, or 900MW of new renewable projects.

But to achieve the global goal of tripling renewable energy capacity by 2030, the region needs an average annual growth rate of renewables of 16.4pc, Irena said.

Some countries have been doing better than others at installing renewable capacity, the report said. Costa Rica, Guatemala and Panama have been expanding renewable capacity, while Trinidad, Dominican Republic and Jamaica are seeking investments.

But cost is a problem for small countries attempting to transition from their high dependence on fossil fuels.

Some hurdles for small countries can be overcome by tax credits, levies and duty exemptions on key materials and components, Irena suggested.

Revenues from fossil fuel taxes could also be used, it said.

By Canute James

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20/05/25

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20/05/25

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19/05/25

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16/05/25

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