Bolivia has the potential to install 2GW of renewable energy capacity by 2030, according to a report commissioned by the UK Embassy for the Latin American country.
Other key findings in the report include the conclusion that Bolivia is ideally placed to undertake a successful transition and that such a transition represents a sustainable and economic opportunity for the country.
The report also found that Bolivia has high levels of natural resources, which can be developed to fund the energy transition or used to create energy storage.
COP26 president Alok Sharma presented the report to the Bolivian President, Luis Arce.
The report, titled The development of a national energy transition strategy for Bolivia (2021-2051), was produced by Cornwall Insight and Turner & Townsend, was written to assess the country’s current energy status and give recommendations for decarbonisation.
The commissioned report used scenario analysis for the operation of power in conjunction with extensive research into policy, regulatory, market design and asset development.
Turner & Townsend lead director Mark Wainwright said: “Our strong relationship with the British Foreign Commonwealth & Development Office, together with our presence and understanding of the local and regional market, allowed our organisation and Cornwall Insight to develop what we consider to be an important step in the Bolivian energy transition.
“The conclusions of the report showed great promise with significant renewable power potential within the decade.
“The roadmap forward contained in the report succinctly showed areas for focus to realise these goals, and we look forward to more interaction in supporting Bolivia in the progression of this strategy and showcasing the British government’s role in support of developing economies, as COP26 nears.”