Interestingly, the unexpected events of 2020 have led to two completely contradictory developments. While 2019 ended as the year in which CO2 emissions grew in all G20 countries, 2020 was the year in which the planet recorded the largest annual drop in CO2 emissions in history.
And countries in Europe and Latin America (LATAM) are actively working to keep their emissions low.
Europe aims to become the first climate-neutral continent by 2050, and the European Commission has pledged a 55% reduction in total emissions by 2030. Spain is actively promoting renewables with its new tool to identify the best locations, and a recent auction for 15% of its renewable energy output to 2025.
In 2019, 10 LATAM and Caribbean countries signed an agreement that set out to achieve an average of 70% of installed capacity in the renewable energy matrix by 2030.
This agreement follows the one signed by 12 renewable energy associations from Argentina, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay, and Spain to promote investments in renewable energy in LATAM, and encourage regulatory frameworks in line and consistent with the environmental and social policies of each of the countries.
Here, we provide useful data on renewable energy policies and opportunities in specific regions. We look at regulatory rules, tax benefits and different support available for the renewable industry.
Now is renewable energy’s time to shine.