A new report from the International Renewable Energy Agency (IRENA) indicates that many countries in Latin America have a major opportunity to accelerate the uptake of renewable energy as a result of being endowed with some of the world’s best resources.

Renewable Energy Market Analysis: Latin America suggests that there are several ways the region can speed up the rollout of renewable energy technologies. This includes catalyzing public and private finance, adapting policies to dynamic market conditions, implementing a system-level approach in the power sector, harnessing complementarities across technologies, unlocking the potential for renewable sources in end-use sectors, and fully recognizing the socioeconomic benefits of renewable energy deployment.

“The proven business case of renewables, combined with the imperative to decarbonize the energy sector, provides a compelling rationale for Latin American countries to continue deploying more renewables, including solar and wind,” said Adnan Amin, director-general at IRENA. “Policymakers also increasingly recognize renewables as a catalyst for job creation, GDP growth, development of local industries, and energy access. Add the environmental benefits – and the fact that nearly two million people are employed by renewables in the region – and the case for renewables is even more compelling.”

In 2015, Brazil, Chile and Mexico ranked among the top ten markets in terms of renewable energy investment. Latin America holds some of the most cost-competitive hydropower, solar and wind resources globally and today, more than a quarter of the region’s total primary energy comes from renewables, twice the global average.

The report will be launched today in the opening session of the Economic Commission for Latin America and the Caribbean VII Regional Policy Dialogue on Energy Efficiency, which focuses on sustainable energy in the context of the United Nations’ 2030 Agenda for Sustainable Development.