Latin America’s Renewable Energy Revolution
Latin America the source of renewable energy provider across worldwide is now creating a new economic spectacle – utilizing those natural resources for domestic growth. The revolution is expected in the energy resources like oil, Coal and electricity.
In past few years Latin America has met great landmarks utilizing wind, solar, geothermal and biofuel energy resources. It is now on the verge of an energy revolution that will restructure the region and create a platform of business opportunities. To watch the changes taking place Canning House aided in organizing the recent Green Finance Summit in London and commissioned a Canning Paper from Latin News. Currently, Latin America is yet dependent on one more of its natural resources that is oil. It accounts for more than 20% of the world’s oil reserves. This makes it the second-most important oil region in the world.
Although the reserves, Latin America’s electricity sector has already begun to wear itself off its oil dependence. According to the Inter-American Bank, Latin America is expected to almost double its electricity output between 2015 and 2040 and will need an extra 1,500 terawatt (Tw) hours of power. Practically none of Latin America’s new large-scale power plants will be oil-fuelled, which opens up the field for different technologies.
Growing environmental objections mean that new coal plants are unlikely to be adopted by many Latin American countries in the future. Dominican Republic that holds 5% of Latin America’s coal is meant to be of prime importance in near future.
According to the Energy Market report published by Coherent Market Insights, the renewable sources of energy are expected to have an increasing demand with the exhaustible energy resources touching the finishing lines. A brief share about the same is available in the report mentioned.
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