July 12, 2017 |
Latin America is making the switch. Long reliant on oil and gas, the region’s economies have lined up billions of dollars in investments to develop renewable energy projects and meet ambitious targets in years to come.
Brazil, South America’s largest economy, expects to get 23% of electricity generation from renewable sources by 2030, while Mexico is aiming for 35% by 2024 and 50% by 2050, according to the latest report from the renewable energy policy network REN21. Chile wants 20% by 2025.
Despite the lofty goals, renewable energy investments in Latin America slipped in 2016, due in part to a sluggish economy in Brazil, slow-moving energy reforms in Mexico and lower development costs for
Investments in renewable energy projects dipped in 2016, due in part to a prolonged recession in Brazil and slow-moving reforms in Mexico. But as the sector strives to reach parity with more traditional sources, investments will rise and demand will grow