Michael Brower, president and CEO of the American Council on Renewable Energy, or ACORE, said the articles in the Latin America and Caribbean market briefing illustrate how renewable energy has the potential to address a variety of challenges. Among them: very high electricity prices, outdated or burgeoning infrastructure, and water and energy access concerns.
"ACORE invites our members and others who are focused on power generation models, global business opportunities, and infrastructure modernization, to play an active role in creating the financial, policy, and market solutions needed to facilitate renewable energy growth in the Latin America and Caribbean markets," Brower stated.
According to Bloomberg New Energy Finance, the private sector invested $92 billion in renewable energy in the Latin America/Caribbean region between 2008 and 2013, including $9.3 billion in 2013. This investment is expected to continue as an increasing number of nations in the region set renewable energy goals and offer financial incentives for project deployment and manufacturing.
"As a result of ongoing demographic and socio-economic structural changes, the demand for electricity in the Latin America/Caribbean region will double by 2030 and triple by 2050," estimated Camila Ramos, managing director of Clean Energy Latin America and an author of the briefing. "Consequently, countries will require more than $350 billion of investment in new power generation assets between 2013 and 2030 to meet this demand."