A new study conducted by Cornwall Insight and Turner & Townsend states that Bolivia has the potential to deploy 2GW of renewable energy capacity by 2030.
The report was commissioned by the UK Embassy for Bolivia and was presented by COP26 President Alok Sharma MP to the Bolivian President, Luis Arce.
The study report, The development of a national energy transition strategy for Bolivia (2021-2051), includes several key findings:
- Bolivia is ideally placed to undertake a successful transition.
- A transition would represent a sustainable and economic opportunity for the country.
- Bolivia has high levels of natural resources, which can be developed to fund the energy transition or used to create energy storage.
- The country has the potential to export additional gas supplies if renewable capacity replaces gas-based power plants.
Mark Wainwright, Lead Director at Turner & Townsend, said: “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.”
Peter Connolly, Group Commercial Partner and Managing Director for Ireland and Scotland at Cornwall Insight, said: “This was an exciting piece of work, and we were delighted to work alongside Turner & Townsend.
“Bolivia is in a prime place to achieve an energy transition with our report showing an operational capacity of 2GW of renewable energy by 2030 is achievable. A transition of this kind will not only benefit the country’s environment but unlock the potential for a flow of capital investment, which is key to developing the Bolivian economy.”
The report used scenario analysis for the operation of power in conjunction with extensive research into policy, regulatory, market design and asset development.