Sustainable Energy and Eco Friendly Developments in Latin America

sustainable energyDue to the sustained growth in economy and the increasing need for electricity in Latin America, the potential for renewable energy appears promising. As Latin America is rich in biodiversity and natural resources, a concern is being raised about conserving them with environment friendly technologies.

Demand for renewable energy

When power becomes expensive, renewable energy is sought as an alternative; investing in clean energy is favored by the growing middle class society who is placing a higher demand for electricity. Ethan Zindler, the Policy Analysis Head at Bloomberg New Energy Finance, is optimistic about the growth of the renewable energy sector.

As energy security is still a problem in many regions of Latin America, nations in this region are interested to become energy independent. The nations no longer want to rely upon the natural gas and oil supplies from Bolivia or Venezuela.

Brazil has pioneered in the development of biofuel technologies, most of which are funded by BNDES (Brazilian Development Bank) a nationalized bank. Petrobras, an oil group in Brazil has a biofuel research centre set up in Rio de Janeiro.

Developing renewable energy and producing eco friendly promotional products

The infrastructure for wind energy generation set up in Brazil was financed mostly by BNDES that has laid the condition that they would finance projects which involve a great part of the equipment produced on the local soil. However, governmental involvement, sometimes, imposes a lot of cross border regulations. These rules may also hamper the development of other environment friendly initiatives like the production of eco friendly promotional products for export purposes.

Development of renewable energy also faces other problems like high capital costs and ambiguity in state policies. The private sector in the continent is not strong enough to power the growth of clean energy initiatives.

But it is anticipated that the scene will change in the coming years; Sean McKaughan, Chief Executive of Switzerland’s Avina Foundation for sustainable energy, says that the funds are being created for the development of sustainable, renewable energy.

Also, in the recent days, Latin America has seen an upsurge of youth who want to conserve the environment with several eco friendly initiatives. One of the largest construction firms in Brazil, Odebrecht aims to motivate students to develop environment friendly innovations. Aside from bringing green technologies to the fore, the company wants to adopt strategies that minimize the carbon footprint of their own manufacturing facilities.

Source: http://www.ft.com/intl/cms/s/0/154e4ac6-22a3-11e2-8edf-00144feabdc0.html#axzz2CARzISh7

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