Latin America to significantly expand its solar capacity by 2050: IRENA report

Latin America and the Caribbean could grow their installed solar capacity by a factor of 40 by 2050, according to a new report by the International Renewable Energy Agency (IRENA).

Annual investments of over US$7 billion would boost the region’s solar PV capacity from 7GW today to more than 280GW by mid-century, at which point solar power would represent the world’s second largest power source behind wind.

In its latest Future of Solar Photovoltaic report, IRENA highlighted that while solar energy remains the highest in Asia, North America and Europe, market growth is set to shift to other regions in the world in the coming decades.

The agency also predicts that global solar power capacity will rise from 480GW in 2018 to over 8000GW by 2050, at a growth rate of 9% every year.

“Solar PV and other renewables sources represent the most effective and ready solution for addressing growing energy demand and limiting carbon emission at the same time,” said IRENA’s director-general Francesco La Camera.

“Particularly solar energy is set to become one of the most prominent power sources in 2050. Projected growth rates in markets like Latin America showcase that we can extend the energy transition to all countries. It’s possible.”