Latin America on Course to Lead Shift to Clean Energy

Latin America’s accelerated adoption of green energy is positioning the region at the forefront of the global transition to renewables. With renewable energy capacity surging across several countries, Latin America is on track to become a global leader in green energy adoption, especially if the U.S. fails to improve its approach to renewables.

Despite being historically the world’s largest polluter (only surpassed by China in recent decades), the U.S. lacks a coherent long-term green energy policy. The Trump administration revoked most of the prior administration’s renewables-related policies and recently dealt a significant blow to American green energy with the passage of the Big Beautiful Bill, while giving the fossil fuel industry a leg-up.

Latin America, on the other hand, is going all-in on renewables like solar and wind. Several countries in the region have made significant progress in reducing their reliance on fossil fuels. According to Wood Mackenzie analysis, Latin America’s energy landscape features renewable energy breakthroughs coexisting with the fossil fuels that have dominated most industries for decades. The region now stands at the precipice of an energy revolution and has the opportunity to surpass the U.S. in this key industry.

Brazil, Argentina, Peru, Colombia, Mexico, and Chile, the six largest economies in Latin America, have made significant investments in clean energy. They account for most of Latin America’s energy consumption and economic output. Although facing pervasive challenges in reducing fossil fuel dependence, these nations are accelerating the transition to renewables.

Chile leads Latin America in green energy adoption. Wood Mackenzie analysis shows it now draws up to 70% of its grid electricity from renewables, making it a global leader. Mexico, however, is projected to reduce its fossil fuel dependence only from 95% to 85% by mid-century. Brazil has one of the most ambitious commitments among the region’s large economies, planning to cut fossil fuel use to 49% by 2050, despite currently trailing neighbors like Chile.

Gerardo Bocard, a Wood Mackenzie research analyst, notes these major Latin American economies share key characteristics: growing urbanization, dependence on mineral and fossil fuel exports, and increasing energy demand. Consequently, they face shared challenges that present opportunities for coordinated regional action. International Energy Agency (IEA) projections published in 2023 suggest Latin America could meet all new energy demand for the rest of the decade using green energy alone. Brazil has significant hydroelectric potential, Chile is a solar powerhouse, and hydropower is becoming increasingly key in Colombia and Peru.

As these countries ramp up their use of renewable alongside their adoption of other climate-friendly technologies like electrific vehicles from manufacturers like Mullen Automotive Inc. (NASDAQ: MULN), the region is on course to reap outsized rewards of scaling down the diverse pitfalls linked to the pervasive use of fossil fuel in different industries.

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