Mexico- 9 March 2015- The development of renewable energy resources have not been taking a steady growth rate and has always been suppressed due to the fall in crude oil prices. However, according to local sources, all the countries of Latin America have set definite goals before them through various projects as to switch over to “alternative energy supply and consumption”, which are being followed despite falling price of crude oil in international markets resulting in varying economic conditions.
The head of a unit of the Economic Commission for Latin America and the Caribbean (ECLAC), namely the Energy and Natural Resources, Mr. Hugo Ventura believes that crude oil market may hamper the development of sustainable energy. However, more eminent issues like reducing carbon footprint, controlling the emission of carbon dioxide, cutting down the reliability on the exhaustible fossil fuels and finally enriching the spectrum of energy sources keeping in mind the long-term picture and benefits will be the saving factor.
According to a study conducted by The World Wind Energy Association (WWEA), renewable energy sources are gaining popularity and growing swiftly in a healthy manner. In a report published on 05 February 2014, it reflects that more and more investments made on the front of wind energy are becoming the norm. In fact, in Latin America and in few regions of Africa, wind powered electricity is available in an affordable and cheap rate, mentions Stefan Gsänger, the Secretary General of German city based WWEA.
In the present market condition wherein on one hand rapid drop in crude oil prices is affecting the economy of the crude oil generating countries like Peru, Brazil, Ecuador, Argentina, Mexico, Bolivia, Venezuela and Colombia, while on the other hand it’s a profitable scenario for the countries like Chile and other Central American ones who import in crude oil, renewable energy is competing with the price of natural gas, claims a report titled “Renewable power generation costs in 2014”, generated by the International Renewable Energy Agency (IRENA) which based in Abu Dhabi and operates with hundred and thirty nine member states.
In a comparative study conducted by the International Renewable Energy Agency points out electricity generated by solar panels which were installed during the year 2013 and 2014, fits in the price range of electricity powered by fossil fuel.
Moreover, other forms of clean energy, like hydroelectricity is becoming the biggest electricity producer in its own field in the regions of South America although it has a short coming as it can get easily affected by droughts. According to Eduardo Rincón, a professor at Universidad Autónoma de la Ciudad de México (Autonomous University of Mexico City), “Countries will continue to pursue renewable energy sources. For example, wind power is much more economical than natural gas combined cycle plants or hydroelectric power”.
Various countries are setting target of meeting a percentage of their electricity demand with clean energy supply such as Argentina plans on satisfying eight percent of electricity supply through renewable resources by 2016; Chile wants the same for its twenty percent electricity demand by 2025 whereas Mexico aims at fulfilling twenty three percent of its total energy consumption to be of clean energy electricity by 2027.
Clean energy sources generating electricity contributes to lower carbon emission, controls the crude oil consumption and in turn reduced the global warming threat, while creating more job opportunities and scopes for investments.
The head of a unit of the Economic Commission for Latin America and the Caribbean (ECLAC), namely the Energy and Natural Resources, Mr. Hugo Ventura believes that crude oil market may hamper the development of sustainable energy. However, more eminent issues like reducing carbon footprint, controlling the emission of carbon dioxide, cutting down the reliability on the exhaustible fossil fuels and finally enriching the spectrum of energy sources keeping in mind the long-term picture and benefits will be the saving factor.
According to a study conducted by The World Wind Energy Association (WWEA), renewable energy sources are gaining popularity and growing swiftly in a healthy manner. In a report published on 05 February 2014, it reflects that more and more investments made on the front of wind energy are becoming the norm. In fact, in Latin America and in few regions of Africa, wind powered electricity is available in an affordable and cheap rate, mentions Stefan Gsänger, the Secretary General of German city based WWEA.
In the present market condition wherein on one hand rapid drop in crude oil prices is affecting the economy of the crude oil generating countries like Peru, Brazil, Ecuador, Argentina, Mexico, Bolivia, Venezuela and Colombia, while on the other hand it’s a profitable scenario for the countries like Chile and other Central American ones who import in crude oil, renewable energy is competing with the price of natural gas, claims a report titled “Renewable power generation costs in 2014”, generated by the International Renewable Energy Agency (IRENA) which based in Abu Dhabi and operates with hundred and thirty nine member states.
In a comparative study conducted by the International Renewable Energy Agency points out electricity generated by solar panels which were installed during the year 2013 and 2014, fits in the price range of electricity powered by fossil fuel.
Moreover, other forms of clean energy, like hydroelectricity is becoming the biggest electricity producer in its own field in the regions of South America although it has a short coming as it can get easily affected by droughts. According to Eduardo Rincón, a professor at Universidad Autónoma de la Ciudad de México (Autonomous University of Mexico City), “Countries will continue to pursue renewable energy sources. For example, wind power is much more economical than natural gas combined cycle plants or hydroelectric power”.
Various countries are setting target of meeting a percentage of their electricity demand with clean energy supply such as Argentina plans on satisfying eight percent of electricity supply through renewable resources by 2016; Chile wants the same for its twenty percent electricity demand by 2025 whereas Mexico aims at fulfilling twenty three percent of its total energy consumption to be of clean energy electricity by 2027.
Clean energy sources generating electricity contributes to lower carbon emission, controls the crude oil consumption and in turn reduced the global warming threat, while creating more job opportunities and scopes for investments.