A new report from Infiniti Research outlines Latin America’s ambitious plans for renewable energy as the region expects to install over 47 gigawatts of new capacity in wind energy alone over the next 10 years.
Until recently, Brazil was the dominant player in Latin America’s wind power market, but political and economic instability will likely weaken its efforts to install new capacity in 2019, the report predicts.
Consequently, Brazil’s lead in the market is likely to be overtaken by Chile, Argentina, and Mexico – all three of which have declared ambitious targets to raise use of renewable energy sources.
Mexico’s renewable energy future is being shaped by the new laws passed in 2012 and 2014 to raise the renewable energy goal to 50% by 2050 and to reform the energy market.
Chile revamped its laws in 2008 following a energy crisis from a cut in supply via Argentina, and has passed a law to establish 70% renewables by 2050.
Argentina has set a target for 20% renewables by 2025 and has support from The World Bank to promote private sector investment.