The continuing importance of hydrocarbons

In conclusion, fossil fuels never stopped being a vital part of Latin America’s energy landscape. Regional commitments to the energy transition were real and in many cases ambitious, and renewables have become a key contributor to electricity generation. Further growth is likely in this regard, as conditions in many countries are advantageous and the costs of adding new renewable capacity are lower than the equivalent thermal generation plants. But decarbonising other areas of the economy has been held back by a shortfall in investment, particularly in transmission and distribution. The domestic energy transition therefore remains incomplete, which is true around the world, not only in Latin America.