Latin America and the Caribbean need to double financing for clean energy projects to US$150 billion by 2030 to fulfil the Announced Pledges Scenario (APS), according to the International Energy Agency’s Latin America Energy Outlook.
Renewables are set to contribute 80% of new power capacity to 2030 in the stated policies scenario (STEPS), with solar PV alone accounting for more than half of it, according to the International Energy Agency (IEA).
The expansion of solar PV and battery storage is keeping the global net zero 1.5 degree pathway open, and the current host of planned manufacturing capacity expansions will be enough to meet demand by 2030.
Clean energy investment across Africa has to double the current US$90 billion target by 2030 and reach nearly US$25 billion per year, according to a report by the International Energy Agency (IEA) and the African Development Bank Group (AfDB).
China's installed capacity of solar power has reached over 470GW in the first half of 2023, according to statistics from the country's national energy administration.
Solar PV additions have seen significant increase over the past few years, while it is also leading the increase in new renewable capacity worldwide this year, according to the International Energy Agency’s latest report Renewable Energy Market Update June 2023.
Global solar energy investment will surpass oil for the first time in 2023 as PV leads the charge in a projected 24% increase in clean energy investment compared with 2021.
Renewable energy developer MPC Energy Solutions has expanded its footprint in Latin America by entering the Panamanian market, taking a step forward to strengthen its portfolio in the region.
