Colombia is the third most advanced country in the region in terms of energy transition
In 2021, Latin America reached 60% of installed renewable energy production capacity, mainly due to hydroelectric sources, according to data from the Latin American Energy Organization (Olade). Colombia is the third country in the region that is making the most progress in this area with 65.93%, according to the Energy Transition Index (ETI) of the World Economic Forum. The nation that stands out the most is Uruguay, with 70.59%, followed by Costa Rica, with 66.17%. Brazil is fourth, with 65.87%, and Chile, with 65.08%.
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This index measures the performance of the energy systems of 115 countries in two areas: transition readiness and system performance. Factors such as economic development and growth, energy security and environmental sustainability are taken into account. In these pillars, the region scored an average of 65.8 and a percentage of 58.6%, with economic development and growth being the weakest points in Latin America.
According to the study, Uruguay is the country that stands out the most in the region, since nearly 98% of the energy produced in that country comes from renewable sources, especially hydroelectric, solar and wind power. Now, the country is betting on reaching the carbon neutral goal in 2050, a challenge that the government calls the “second energy transition”. The aim is to decarbonize the rest of its economy, which still depends on fossil fuels, as is the case of the transportation sector.
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In the case of Costa Rica, the country has also been working with about 98% renewable energy since 2014, driven mainly by hydroelectric (67.5%), followed by wind (17.0%), geothermal (13.5%), backup plants (1.16%) and solar panels (0.84%), according to the World Economic Forum.
Both in the region and globally, the country ranks high in the use of green energy. In the case of Colombia, most of the renewable energy generated comes from hydroelectric plants, representing 67.2% (11,974 MW) of the total energy matrix, according to the Ministry of Mines and Energy. Regarding solar and wind energy production, the portfolio has indicated that the country’s plants have a capacity to generate 1,365 MW. In addition, with the projects under development, it is estimated that in the next few years it will have a capacity of more than 4,500 MW of renewable sources.
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According to the National Planning Department, by 2023 Colombia will multiply 100 times its energy production from non-conventional renewable energy sources. Likewise, the State expects to meet its commitment to carbon neutrality by 2050, which will imply greater investment.
How does the region compare with the world?
More than a quarter of the energy produced in Latin America comes from renewable energy, which is double the global average, according to the World Economic Forum. While most countries globally seek to decarbonize their economies and increase production from renewable sources by 2050, almost two-thirds of the region’s nations have already done so. One of the most interesting cases is Brazil, which despite being a major oil producer in the world, 86% of its energy comes from nuclear or renewable sources.
