Renewable Energy Investment In Brazil Continues Growing To Phenomenal Levels

 

Photo Source: Wikimedia Commons

It’s no secret that the world is talking more about renewable energy these days. Many nations started investing heavily into alternative energy sources. They want to lower their reliance on fossil fuels and lower their carbon footprints.

One example of a nation taking renewable energy seriously is Sweden. The European country pledged a commitment to 100% renewable energy by 2040! In another part of the world, Brazil is increasing solar and wind investments.

The South American nation boasts Latin America’s largest renewable energy market. They are also an influential country and a regional powerhouse.

Wind and solar power capacity continues to grow exponentially

There is no denying that renewable energy is a hot topic in Brazil these days. In fact, it’s the main topic of discussion at the International Renewable Energy Congress! In this year’s event, around 400 attendees and 20 exhibitors will be attending.

Such events are important for the future of Brazil’s renewable energy resources. Not because interest is declining. They are important to shape future wind and solar panel projects in the country.

Brazil has some ambitious targets in mind. The country wants to generate 24 GW of wind and 7 GW of solar power by 2024. Sure, it might seem like a far-fetched goal to some. But, the rate of progress in Brazil’s renewable energy sector is rapid! Many industry analysts and economists predict Brazil are on schedule to meet those targets.

Brazil: a country experiencing a renewable energy boom

Over the past two years, Brazil secured around USD $3 billion in investments for the next three years. The money will get used to continue building the country’s solar PV infrastructure. It’s also good news for the economy too. That’s because it will attract many domestic and foreign partners to the market.

It makes perfect sense for Brazil to enjoy such strong growth in the renewable energy market. The country is in a part of the world that has some of the highest solar potential. Plus, there is a strong domestic need for reliance on alternative energy sources.

Brazil is home to around 200 million people. The country consumes around 600,000 GWh (gigawatts per hour) of electricity. And there is also the fact that electricity costs are high for retail consumers.

By embarking on such ambitious renewable energy plans, the country can offer cheaper power. Plus, it will take great steps to lower its carbon footprint and dependency on fossil fuels.

Other reasons to build a better renewable energy infrastructure

Brazil is a country that is not without its challenges. Extreme droughts mean the nation can’t always rely on hydro power. Wind and solar power are two real alternatives that can provide year-round energy.

Another reason that fuels the drive towards renewable energy is variable fuel costs. In fact, fuel costs can soar to ridiculous levels for various reasons. Brazil wants to protect its economy and encourage growth. And it sees renewable energy technology as the best way to make that happen.

 

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