Energy is essential for development, but given the urgent need to mitigate climate change, developing nations are under pressure to keep their carbon emissions low. This leaves them with three options: abandon development; ignore climate concerns; or take a third path: finding energy sources that emit little or no carbon. This report focuses on the third option, which is called “development without carbon” (DWC), looking at the viability of hydroelectric power as a low-carbon energy source for Latin America and the Caribbean (LAC) in a changing climate.