INDUSTRIES

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MARKETSRenewableenergyinLatinAmericaCHAPTER

01GlobalpositioningShareofrenewableenergyinelectricitygenerationgloballyfrom2007to2022Shareofrenewablesinglobalpowerproduction2007-202235%30%25%29.91%28.46%28.35%26.59%25.55%24.93%24.11%23.31%22.62%22.04%21.26%20.3%19.8%

19.97%19.27%20%15%10%5%18.24%0%20072008200920102011201220132014201520162017201820192020202120223Description:Inrecentyearsscrutinyovertheenvironmentalimpactofmoretraditionalenergysourceshasseenhugegrowthinrenewables.Theshareofenergyfromrenewablesourcesusedinglobalenergygenerationhasbeenrisingannuallysince2007,andhasalmostdoubledin2021atroughly30percent.ReadmoreNote(s):Worldwide;2007to2022Source(s):EmberSolarphotovoltaiccapacityworldwidein2022,byregion(inmegawatts)Globalsolarphotovoltaiccapacitybyregion2022Newinstalledcapacityinmegawatts0100,000200,000300,000400,000500,000600,000700,000AsiaEuropa597,573227,799NorthAmericaSouthAmericaOceania126,44332,77327,400MiddleEast12,882Africa12,64111,618EurasiaCentralAmericaandCarribean3,9874Description:In2022,itwasestimatedthatsolarphotovoltaic(PV)systemswithanoutputofaround597.6gigawattswerenewlyinstalledinAsia,makingthistheleadingregionintheworldbasedonnewinstallationcapacity.Bycomparison,NorthAmerica'ssolarPVcapacityamountedto126.4gigawatts.ReadmoreNote(s):Worldwide;2022Source(s):IRENAOnshorewindenergycapacityworldwidein2022,byregion(inmegawatts)Globalonshorewindenergycapacitybyregion2022Capacityinmegawatts150,000

200,000050,000100,000250,000300,000350,000400,000392,998450,000AsiaEurope210,190NorthAmerica163,428SouthAmerica33,54111,5227,6872,101OceaniaAfricaCentralAmericaandCaribbeanMiddleEast

1,0535Description:Asof2022,Asiawastheworldregionwiththehighestonshorewindenergycapacity,at393terawatts.EuroperankedsecondandNorthAmericathird,with210terawattsand164terawatts,respectively.

ReadmoreNote(s):Worldwide;2022Source(s):IRENAGenerationofhydropowerworldwidein2022,byregion(interawatthours)Globalhydropowergenerationbyregion2022Generationinterawatthours600

80002004001,0001,2001,4001,6001,8001,714EastAsiaandPacificNorthandCentralAmericaSouthAmerica723712Europe569SouthandCentralAsiaAfrica5391506Description:In2022,EastAsiaandthePacifichadthelargesthydropowergenerationcapacityworldwide,atover1.7petawatthours.Bycomparison,Europe'shydropowergenerationamountedto569terawatthoursthatyear.NorwaywasoneofthehighestgeneratorsofhydroelectricityinEurope.ReadmoreNote(s):Worldwide;2022Source(s):InternationalHydropowerAssociationLeadingcountriesbasedonbiofuelproductionworldwidein2022(inpetajoules)Globalbiofuelproduction2022,byselectcountryProductioninpetajoules800

1,00002004006001,2001,4001,6001,800UnitedStatesBrazil1,626.6914.5IndonesiaChina389.6148.4137.799.4GermanyArgentinaIndia96.986.8NetherlandsThailandFrance80.678.17Description:TheUnitedStateswastheleadingbiofuelproducerintheworldin2022,withproductionamountingto1,627petajoules.BrazilandIndonesiarankedsecondandthird,withfiguresatroughly915and390petajoules,respectively.Bycomparison,Germany'sbiofuelproductionreachedaround138petajoulesthatyear,placingthecountryamongstthetopfivecountriesinbiofuelproduction,andtheleadingproducerinEurope.ReadmoreNote(s):Worldwide;2022Source(s):EIA;EnergyInstitute;Kearney;KPMG;S&PGlobalCHAPTER

02CapacityRenewableenergycapacityinLatinAmericaandtheCaribbeanfrom2010to2022(ingigawatts)RenewableenergycapacityinLatinAmericaandtheCaribbean2010-2022350300314.45294.8277.5265.91251.41250236.89226.3208.04197.3220015010050186.2180.34174.08167.72020102011201220132014201520162017201820192020202120229Description:TheenergycapacityfromrenewablesourcesinLatinAmericaandtheCaribbeanneared314.5gigawattsin2022,upfromapproximately294.8gigawattsayearearlier.Incomparisonto2010,thisrepresentsanincreaseofalmost46percent.Theregion'ssolarphotovoltaicenergycapacityamountedtonearly45.8gigawattsin2022.ReadmoreNote(s):LAC;2010to2022;Estimates*;*FigureswerecalculatedbySource(s):IRENA;usingthesource'sdataforrenewableenergycapacityinCentralAmericaandtheCaribbean,SouthAmerica,andMexico.Thisstatisticwascompiledusingdifferent[...]

ReadmoreLeadingcountriesbasedonrenewableenergycapacityinLatinAmericaandtheCaribbeanin2022(inmegawatts)RenewableenergycapacityinLatinAmericaandtheCaribbean2022,bycountryCapacityinmegawatts020,00040,00060,00080,000100,000120,000140,000160,000180,000200,000BrazilMexico175,26231,683Chile17,91016,906VenezuelaArgentinaColombiaParaguayPeruEcuadorUruguayCostaRicaGuatemalaPanama15,07613,4358,8326,4315,3943,7453,1382,8782,61410Description:In2022,BrazilwastheleadingLatinAmericancountryintermsofinstalledrenewableenergycapacityintheregion,withnearly175.2gigawatts.Brazil'sinstalledenergycapacityrepresentedapproximately55percentoftheregion'srenewableenergycapacityin2021.Mexicotrailedinsecond,withacapacityof31.7gigawatts.ReadmoreNote(s):LAC;2022Source(s):IRENAHydropowercapacityinLatinAmericaandtheCaribbeanfrom2010to2022(ingigawatts)HydropowercapacityinLatinAmericaandtheCaribbean2010-2022250201.5199.19199.68199.97193.45200188.24184.29172.72168.6162.9160.58158.14153.86150100500201020112012201320142015201620172018201920202021202211Description:ThehydropowercapacityinLatinAmericaandtheCaribbeanamountedtonearly201.5gigawattsin2022,anincreaseofapproximately23percentincomparisonto2010.Thatyear,hydropowerrepresentedaround64percentoftheregion'srenewableenergycapacity,whichwasestimatedataround314.5gigawatts.ReadmoreNote(s):LAC;2010to2022Source(s):IRENA;InstalledwindpowercapacityinLatinAmericaandtheCaribbeanfrom2013to2022(inmegawatts)InstalledwindpowercapacityinLatinAmerica2013-202250,00045,00040,00035,00030,00025,00020,00044,69139,47933,90629,23325,53921,80418,83915,29115,00010,927201410,0005,00006,69420132015201620172018201920202021202212Description:In2022,theinstalledwindpowercapacityinLatinAmericaandtheCaribbeanreachednearly45gigawatts,upbysome13percentfromayearearlier.Incomparisonto2013,thisrepresentsanincreaseofroughly38gigawatts.LatinAmericaaccountedfora5.3percentshareofglobalwindpowercapacitythatyear.ReadmoreNote(s):2013to2022;InstalledcapacityattheendofeachyearSource(s):GWECSolarphotovoltaicenergycapacityinLatinAmericaandtheCaribbeanfrom2010to2022(inmegawatts)SolarPVenergycapacityinLatinAmerica&Caribbean2010-202250,00045,00040,00035,00030,00025,00020,00015,00010,0005,00045,78632,54722,67215,799201910,07020186,40320173,46020162,239201597220843958415102010201120122013201420202021202213Description:TheenergycapacityofsolarphotovoltaicsinLatinAmericaandtheCaribbeanhasincreasedbymorethan140-foldinonedecade,surpassing45.8gigawattsin2022.Incomparisontothepreviousyearalone,thePVcapacityintheregionincreasedbynearly41percent.BrazilhadthelargestinstalledPVcapacityinLatinAmericain2022.ReadmoreNote(s):LAC;2010to2022;Estimates*;*FigureswerecalculatedbySource(s):IRENA;usingthesource'sdataforsolarphotovoltaicenergycapacityinCentralAmericaandtheCaribbean,SouthAmerica,andMexico.Thisstatisticwascompiledusing[...]

ReadmoreBioenergycapacityinLatinAmericaandtheCaribbeanfrom2010to2022(ingigawatts)BioenergycapacityinLatinAmericaandtheCaribbean2010-20222523.4922.5321.8121.3920.4320.0419.452018.0117.216.441510513.9312.4411.180201020112012201320142015201620172018201920202021202214/statistics/665626/bioenergy-capacity-latin-america-caribbeanIn2022,thebioenergycapacityinLatinAmericaandtheCaribbeanwasestimatedat23.5gigawatts,nearlydoublethefigurereportedinthebeginningofthepreviousdecade.In2022,theregion'srenewableenergycapacityneared315gigawatts.

ReadmoreNote(s):2010to2022;Includingsolidbiofuels,renewablewaste,liquidbiofuels,andbiogasSource(s):IRENA;GeothermalenergycapacityinLatinAmericaandtheCaribbeanfrom2010to2022(inmegawatts)GeothermalenergycapacityinLatinAmericaandtheCaribbean2010-20222,0001,8001,8441,8221,7961,7971,6981,6741,5461,5551,6001,4001,2001,0008001,4921,4801,4661,4641,4506004002000201020112012201320142015201620172018201920202021202215Description:ThegeothermalenergygenerationcapacityinLatinAmericaandtheCaribbeanamountedtoover1.8gigawattsin2021,anincreaseofover16percentincomparisontothebeginningofthedecade.Thatyear,Mexico'sgeothermalenergycapacityaccountedformorethanhalfoftheregion'stotal.ReadmoreNote(s):LAC;2010to2022Source(s):IRENA;CHAPTER

03ProductionRenewableelectricityproductioninLatinAmericaandtheCaribbeanfrom2010to2022(interawatthours)RenewablepowergenerationinLatinAmericaandtheCaribbean2010-20221,2001,0001,072.81953.88941.83915.8913.23878.86846.5830.89820.35812.39813.9800.31786.798006004002000201020112012201320142015201620172018201920202021202217Description:ElectricityproductionfromrenewablesourcesinLatinAmericaandtheCaribbeanamountedtoroughly1.1petawatthoursin2022,anincreaseincomparisontothepreviousyear.Theglobalrenewableenergyproductionamountedtoroughly7.9petawatthoursin2021.ReadmoreNote(s):LAC;2010to2022Source(s):EmberElectricitygenerationfromrenewablesourcesinLatinAmericaandtheCaribbeanin2022,bysource(interawatthours)RenewableelectricityproductioninLatinAmericaandtheCaribbean2022,bysource900782.48007006005004003002001000136.64Wind78.9565.17Solar9.65HydroBioenergyOtherRenewables18Description:In2022,hydropowerwasbyfarthelargestrenewableenergysourceinLatinAmericaandtheCaribbean.Theregionproducedover780terawatthoursofhydropowerinthatyear.AhandfulofLatinAmericancountriesareamongthecountrieswiththelargesthydropowercapacityinstalledworldwide.ReadmoreNote(s):LAC;2022Source(s):EmberHydroelectricitygenerationinselectedcountriesinLatinAmericain2022(interawatt-hours)HydroelectricitygenerationinLatinAmerica2022,bycountryGenerationinterawatt-hours200

250050100150300350400450427.1BrazilVenezuelaColombiaMexico66.664.335.729.724.6PeruEcuadorArgentinaChile23.922.2Other*87.719Description:In2022,hydroelectricitygenerationinBrazilamountedtoover427terawatt-hours.Thisfigurerepresentedapproximately55percentoftheSouthAmericancountry'selectricityproductionthatyear.ElectricityproducedfromhydropowerinVenezuelatotaled66.6terawatt-hours.ReadmoreNote(s):LAC;2022;*IncludesotherCentralandSouthAmericancountriesandtheCaribbean(includingPuertoRico,USVirginIslandsandBermuda).ThisreportwaspreviouslypublishedbyBP.ReadmoreSource(s):EnergyInstitute;Kearney;KPMGLeadingwindenergyproducingcountriesinLatinAmericaandtheCaribbeanin2022(interawatthours)WindpowergenerationinLatinAmericaandtheCaribbean2022,bycountryElectricitygenerationinterawatthours30

40

50010206070808090BrazilMexicoArgentinaChile20.2314.028.82UruguayPeru4.81.961.36CostaRicaBolivia0.48Colombia

0.07Ecuador

0.06ElSalvador

0.0220/statistics/1447651/wind-energy-generation-by-country-latin-americaBrazilistheleadingwindenergygeneratingcountryinLatinAmerica.In2022,Brazilgeneratedroughly80terawatthoursofwindpower.MexicoandArgentinafollowedwithawindelectricityproductionofsome20and14terawatthours,respectively.ReadmoreNote(s):LAC;2022Source(s):EmberSolarphotovoltaicenergygenerationinLatinAmericaandtheCaribbeanin2021,bycountry(ingigawattshour)SolarPVgenerationinLatinAmerica2021bycountryGenerationingigawattshour10,00005,00015,00020,00025,000MexicoBrazil20,19516,761Chile10,565ArgentinaElSalvadorHondurasDominicanRepublicPeru2,2041,6431,088878861679PuertoRicoPanama657530ColombiaUruguay482Bolivia35121Description:MexicowasthelargestsolarphotovoltaicproducerinLatinAmericaandtheCaribbeanin2021,withmorethan20.2terawatthoursproduced.BrazilandChilefollowed,with16.8and10.6terawatthoursgenerated,respectively.Thesethreecountriesconcentratedroughly80percentofsolarphotovoltaicenergygenerationinLatinAmericathatyear.ReadmoreNote(s):LAC;2021Source(s):IRENALeadingcountriesinbioenergyproductioninLatinAmericaandtheCaribbeanin2021(ingigawatthours)BioenergygenerationinLatinAmerica&theCaribbean2021,bycountryProductioningigawatthours20,000

30,000010,00040,00050,00060,000BrazilChileArgentinaUruguayGuatemalaColombiaMexicoHondurasNicaraguaElSalvadorPeru55,8015,6113,8262,7452,6031,8391,6121,195912904593Cuba542Bolivia455Ecuador415DominicanRepublic34922Description:BrazilwasbyfartheleadingcountryinbioenergyproductioninLatinAmericaandtheCaribbeanin2021.Thecountry'sbioenergygenerationthatyearamountedtomorethan55.8terawatthours.Chilerankedsecond,withapproximately5.6terawatthoursofbioenergyproduced.ReadmoreNote(s):LAC;2021Source(s):IRENACHAPTER

04EmploymentLeadingcountriesinnumberofrenewableenergyjobsinLatinAmericain2022(in1,000s)NumberofrenewableenergyjobsinLatinAmerica2022,bycountryNumberofjobsinthousands600

80002004001,0001,2001,4001,600BrazilColombiaMexico1,399.99262.178.6839.4634.2714.93ChileArgentinaParaguayVenezuelaPeruUruguayNicaraguaEcuador14.2610.9310.498.418.31Panama1.88CostaRicaDominicanRepublicElSalvador1.340.30.1624Description:BrazilwasbyfartheLatinAmericancountrywiththehighestnumberofjobsintherenewableenergyindustryin2022.Thatyear,theSouthAmericancountryemployedroughly1.4millionworkersinthesector.Colombiacameinsecondintheregion,witharound260thousandjobsintherenewablessegment.ReadmoreNote(s):2022;Includingdirectandindirectjobs;includingjobsinthehydropowersegmentSource(s):ILO;IRENANumberofrenewableenergyjobsinBrazilin2022,byindustry(in1,000s)NumberofrenewableenergyjobsinBrazil2022,byindustry90080070060050040030020010008562411946841LiquidbiofuelsSolarphotovoltaicHydropowerWindpowerSolarheating/cooling25Description:In2022,theBrazilianrenewableenergyindustrygeneratedroughly1.4millionjobs,ofwhicharound856thousandwereintheliquidbiofuelssegment.Meanwhile,thehydropowersectoremployedsome194thousandpeople.BrazilhadthelargestworkforceinrenewablesinLatinAmericathatyear.ReadmoreNote(s):2022;IncludingdirectandindirectjobsSource(s):ILO;IRENANumberofrenewableenergyjobsinColombiain2022,byindustry(in1,000s)NumberofrenewableenergyjobsinColombia2022,byindustry200186.731801601401201008056.34604018.62200.360.060LiquidbiofuelsHydropowerSolidbiomassSolarphotovoltaicWindpower26Description:In2022,theColombianrenewableenergyindustrygeneratedaround262thousandjobs,ofwhich187thousandwereintheliquidbiofuelssegment.Thehydropowersectoremployed56thousandpeople.ColombiahadthesecondlargestrenewablessectorworkforceinLatinAmericathatyear,trailingonlybehindBrazil.ReadmoreNote(s):2022;IncludingdirectandindirectjobsSource(s):ILO;IRENANumberofrenewableenergyjobsinMexicoin2022,byindustry(in1,000s)NumberofrenewableenergyjobsinMexico2022,byindustry2520.3620151051917.4511.345.94.630SolarphotovoltaicHydropowerGeothermalpowerSolidbiomassWindpowerSolarheating/cooling27Description:In2022,theMexicanrenewableenergyindustryemployedaround79thousandworkers.Thesegmentwiththelargestworkforcewassolarphotovoltaic,witharound20.4thousandjobs.Hydropowercameinsecond,with19thousandpeopleemployedeitherdirectlyorindirectly.MexicorankedamongthelargestrenewablesworkforcesinLatinAmericathatyear.ReadmoreNote(s):2022;IncludingdirectandindirectjobsSource(s):ILO;IRENANumberofrenewableenergyjobsinArgentinain2022,byindustry(in1,000s)NumberofrenewableenergyjobsinArgentina2022,byindustry3028.262520151052.141.871.130.620HydropowerSolarPVWindSolarheating/coolingSolidbiomass28Description:In2022,therenewableenergysectorinArgentinaemployedsome34.3thousandpeople,ofwhich28.3thousandwereinthehydropowersector.Meanwhile,theArgentinesolarphotovoltaicsectoremployedaround2.1thousandpeople.

ReadmoreNote(s):2022;IncludingdirectandindirectjobsSource(s):ILO;IRENACHAPTER

05InvestmentMostattractivecountriesforrenewableenergyinvestmentinLatinAmericaasofJune2023,basedonRECAIscoreRenewableenergyattractivenessscoreinLatinAmerica2023,bycountry7062.460.7605040302010056.555.3ChileBrazilArgentinaMexico30Description:AsofJune2023,ChilewasthemostattractivecountryforrenewableenergyinvestmentsinLatinAmerica(amongsttheevaluatedcountries),withaRECAIscoreof62.4.Brazilrankedsecond,withascoreof60.7.TheRECAIrankingisdevelopedtwiceayear,andthehigherthescoreofacountry,themoreattractiveitistorenewableenergyinvestments.ReadmoreNote(s):June2023Source(s):EYValueofrenewableenergyinvestmentsinLatinAmericafrom2013to2021(inbillionU.S.dollars)LatinAmerica'sinvestmentinrenewableenergy2013-20212519.919.62017.717.115.2151051412.810.69.9020132014201520162017201820192020202131Description:In2021,renewableinvestmentsinLatinAmericancountriesreached19.6billionU.S.dollars,upfrom17.1billionU.S.dollarsayearearlier.Renewableinvestmentspeakedat13.9billionU.S.dollarsin2019.

ReadmoreNote(s):LAC;2013to2021Source(s):Bloomberg;BloombergNEFRenewableenergyinvestmentsinLatinAmericancountriesfrom2013to2021(inbillionU.S.dollars)RenewableenergyinvestmentinLatinAmerica2013-2021,bycountryBrazilChileMexicoOthers2520151051.71.32.94.70.62.43.23.434.64.81.76.223.953.23.83.10.72.21.53.91.13.913.21.91.519.57.36.76.35.55.14020132014201520162017201820192020202132Description:In2021,investmentinrenewableenergiesinLatinAmericareached19.6billionU.S.dollars.Brazilwasbyfarthecountrythatheldthelargestshareofinvestments,particularlyinthelastthreeyears.From2019to2021,renewableinvestmentsinBrazilalmostdoubled,reaching13.3billionU.S.dollarsinthelatteryear.Meanwhile,investmentsinrenewableenergyinMexicoandBrazilstoodat3.4and1.3billionU.S.dollarsin2021,respectively.ReadmoreNote(s):LAC;2013to2021Source(s):Bloomberg;BloombergNEFLeadingcountriesforrenewableenergyinvestmentsinLatinAmericain2022(inbillionU.S.dollars)InvestmentsinrenewableenergyinselectedLatinAmericancountriesin202230252520151052110BrazilChileMexicoColombia33Description:In2022,investmentinrenewableenergyinBrazilreached25billionU.S.dollars.ThecountryisbyfarthelargestmarketforrenewableenergyinvestmentsinLatinAmerica.RenewableinvestmentsinChilestoodattwobillionU.S.dollars,andinMexicoandColombiareachedroughlyonebillionineachcountry.ReadmoreNote(s):LAC;2022Source(s):BloombergNEF;ClimatescopeCHAPTER

06OutlookMarketsizeoftherenewableenergysectorinLatinAmericafrom2020to2022,withaforecastuntil2030(inbillionU.S.dollars)ForecastrenewablemarketvalueinLatinAmerica2020-2030250195.47200177.05161.06147.0715010050134.76123.85114.12105.4197.5690.48202184.052020020222023*202420252026202720282029203035Description:ThemarketsizeoftherenewableenergysectorinLatinAmericagrewfromroughly84billionU.S.dollarsin2020tomorethan97billionU.S.dollarsin2022.By2030,thesectorisforecasttoreachamarketsizeof195billionU.S.dollars.

ReadmoreNote(s):LAC;2020to2022;*FiguresstartingonthisyearareforecastSource(s):ExtrapolateMarketvalueoftherenewableenergysectorinLatinAmericain2022withaforecastfor2030,byenergysource(inbillionU.S.dollars)ForecastrenewablemarketvalueinLatinAmerica2022-2030,bysourceMarkets