Latin America and the Caribbean can achieve a 40-fold increase in solar capacity by 2050, according to a new International Renewable Energy Agency report.

By investing $7B annually, the report says the regions’ solar capacity would jump from its current 7 gigawatts (GW) to 280GW by 2050. At which time solar PV could be providing a quarter of global energy needs. The details are set out in the Future of Solar Photovoltaic report launched this week at Sun World 2019 in Lima.

“Solar PV and other renewables sources represent the most effective and ready solution for addressing growing energy demand and limiting carbon emission at the same time,” said IRENA’s Director-General Francesco La Camera. “Renewables are practical, affordable and climate-safe. They are key to sustainable development, enabling energy access, spurring economic growth, creating employment and improving health. Particularly solar energy is set to become one of the most prominent power sources in 2050. Projected growth rates in markets like Latin America showcase that we can extend the energy transition to all countries. It’s possible.”