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Latin America leads developments in green energy

First Posted: Nov 09, 2016 02:01 PM EST
Operations At Federal Electric Commission (CFE) Chicoasen Dam

Photo : Bloomberg / Contributor

Green energy is seeing a big growth in Latin America. According to news by the International Renewable Energy Agency, Latin America hosts some of the world's most dynamic renewable energy market, buoyed by fast technology cost reductions and a converging of energy policies.

The new report entitled "Renewable Energy Market Analysis: Latin America" finds that the region is equipped with some of the world's best renewable resources, giving it a unique opportunity to increase the uptake of renewable resources across all markets.

According to Adnan Amin, Irena director-general, said that the proven business of renewables, associate with imperative to decarbonize the energy sector, provides a compelling rationale for Latin American countries to keep on deploying more renewables that include solar and the wind. The lawmakers are seeing the renewables for creating new jobs, development of the local industries, an increase in GDP, and energy access. The environment benefits in which nearly 2 million people are now employed by the renewables in the region, as reported by Trade Arabia.

In the year 2015, Mexico, Chile, and Brazil are ranked among the top 10 markets in terms of the renewable energy investments. Latin America hold other of the cos-competitive hydropower, the wind, and solar resources today, there are more than a quarter of region's primary energy comes from renewables and it's twice the global average.

According to Green Energy, the report offers the latest comprehensive reviews of status and trends in the region's energy development that enabling success.

These includes: adapting dynamic market conditions to policies, adopting a system-level approach in the power sector, catalyzing private and public finance, freeing the potential for renewable sources in end-use sectors, harnessing complementarities across technologies, fully realizing the socio-economic benefits of renewable energy deployment.

According to Amin, the success of Latin America and the benefits that have realized can further enhance by establishing the right policies. The region's advanced financing schemes and energy policies offer significant insights for other energy markets in the world, especially countries that seek scale up their renewables to achieve the emission reduction targets following the Paris climate agreement.

 The report will be started November 8 in the opening period of the Economic Commission for Latin America and the Caribbean VII Regional Policy Dialogue on Energy Efficiency at the Abu Dhabi International Petroleum Conference.

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