According to GTM Research, by 2018, Mexico and Brazil will generate 2 Gigawatts and 3.4 Gigawatts of solar PV, respectively.
The increasing vulnerability of the region, and an economy that shows no signs of slowing down, represents just a few of the obstacles when attempting to reduce greenhouse gases and assuring an economic growth in Latin America (LA).
The region has proven its commitment on developing renewable energy as their main source of power. The world should not underestimate Latin America’s capacity to be considered a future green energy leader; as of today, it possesses 53% of the electricity-generating capacity coming from clean energy sources.
A report published by the World Economic Forum, Mexico, Chile and Brazil, along with other Latin American countries, are swiftly developing their solar and wind resources, surpassing fossil fuels. Although Chile gathers most of the projects, Brazil and Mexico each have over 500 MW under construction.
In Brazil, the Nova Olinda will become the largest photovoltaic plant in the region with a total capacity of 292 MW which will cover an area of 690 hectares and will be able to meet the annual energy demand of around 300,000 Brazilian households.
However, these big countries are not the only protagonists. During 2016, Costa Rica managed to purely run on renewable power for months and Uruguay generated 92.8% of its electricity from renewables. Guatemala was under the spotlight during the same year as it brought its first wind power plant.
An accelerating economic growth and the imminent threat of climate change, forces the region to bet on renewables. However, as mentioned above, the evidence is clear and offers high hopes for its transition to a low-carbon economy.
Latin American Post | Laura Iguavita
Copy edited by Susana Cicchetto