In Latin America, many countries are actively promoting the development of renewable energy to achieve green transformation and sustainable development of the economy. Among them, the Chilean government has made it clear that the country has the conditions to achieve diversified, sustainable and innovative development and will focus on promoting the development of the lithium industry and green hydrogen energy industry.
In Colombia, hydropower accounts for a significant share of total electricity production, approximately 70%. In recent years, the country has committed to promoting the diversification of renewable energy. According to the "2024 Renewable Energy" report released by the Colombian Renewable Energy Association, a total of 25 solar power generation projects will be put into operation in 2023, with the total installed capacity increasing significantly to 208 MW, with a year-on-year growth rate of 70%. It is expected that by 2024, the installed capacity of photovoltaic power generation will further increase to 1.24 GW, and the total installed capacity of photovoltaic power generation projects in the planning stage is as high as 1.8 GW.
In terms of policy support, many countries in Latin America have increased their efforts and regard the development of renewable energy as an important means to promote economic growth. According to the "Global Renewable Energy Outlook" report, by 2050, the investment demand for renewable energy in Latin America is expected to reach approximately US$45 billion per year, and every US$1 invested is expected to bring an economic return of US$3 to US$8. At the same time, it is expected that by 2050, investment in renewable energy will significantly promote the growth of GDP in Latin America, with the growth rate expected to reach 2.4%.
In terms of investment trends, Brazil stands out in the renewable energy sector. According to the "Energy Transition Investment Trends 2024" report released by Bloomberg, Brazil's investment in renewable energy will exceed US$25 billion in 2023, ranking third in the world. The Brazilian government has made it clear that it will increase its support to promote the development of renewable energy power generation and low-carbon hydrogen and other fields, and plans to invest a large amount of funds to promote energy transformation and the construction of related infrastructure.
In addition, Colombia has also proposed a "just energy transition" plan and established a special committee to increase investment in clean energy and decarbonization, gradually replace fossil fuels, improve energy efficiency, relax regulations to accelerate the production of clean energy, and Promote the reindustrialization of the economy. Peru attaches equal importance to investment in wind and solar projects and has formulated a clear energy transition roadmap with the goal of significantly increasing the share of renewable energy in total power generation in the next few decades.
In terms of energy cooperation between China and Latin America, Chinese companies have become an important force in renewable energy investment in the region. Research shows that in recent years, the installed capacity of photovoltaic power generation and wind power invested by Chinese companies in Latin America has achieved significant growth. In addition, Chinese companies have also actively participated in the construction and operation of local clean energy projects, providing strong support for the energy transformation and green development of Latin American countries.
Andres Rebolledo, Secretary-General of the Latin American Energy Organization, said that China is an important partner in renewable energy investment and technical cooperation in Latin America. The cooperation between the two parties in the energy field has huge potential and broad prospects.
In the future, as the demand for renewable energy in Latin America continues to grow and the technological strength of Chinese enterprises continues to improve, the cooperation between the two parties will become closer and jointly promote green development and sustainable development in Latin America.