'World Reaches 1,000GW of Wind and Solar, Keeps Going'

Source: Bloomberg NEF, August 2018

Bloomberg NEF data indicate that the world has attained the landmark figure of 1TW of wind and solar generation capacity installed, and estimates that the second terawatt of wind and solar will arrive by mid-2023 and cost 46% less than the first.

New output from the BNEF database shows that there were 1,013GW of wind and solar PV generating capacity installed worldwide as of June 30, 2018. The 1TW milestone would have been passed sometime just before this date. The total is finely balanced between wind (54%) and solar (46%).

 

 

Today’s market is being characterised by a definite turn towards cleaner and greener energy generation in Latin America and The Caribbean

The Latin America region is undergoing a massive growth in renewables with Mexico and Chile taking the lead; the potential of solar and wind energy is only just starting to be realised. 

Excitement is also building from new advances in renewable technologies from the industry’s leading manufacturers, including energy efficiency and battery storage developments.

Panama’s total primary energy supply has historically had a high dependence on oil and oil products. The graph below taken from IRENA shows the evolution of the country’s primary energy sources, with oil generally accounting for over 60%, and reaching nearly 80% at certain points.

 

Panama’s total primary energy supply (% per source, 1986-2016)

Source: IRENA (2018), Renewables Readiness Assessment: Panama, International Renewable Energy Agency, Abu Dhabi

 

Why Panama?

  • Panama was recently ranked the third most attractive country in which to invest in clean energy

  • The country is looking to achieve 70% renewables by 2050

  • It is a financial hub with one of the most globalised banking sectors in Latin America

  • Its GDP is forecast to grow at around 5.4% in 2018 (World Bank 2017a)

  • Cross-Border Power Trade due to the regional grid (SIEPAC)

  • Due to its strategic location, Panama is key to plans to connect the electricity grids of North and South America through the Colombia-Panama electricity interconnection project (ISA).

  • Panama is the gateway between the Caribbean Sea and the Atlantic Ocean to the North and the Pacific Ocean to the South