There has been a complete failure to tap into South America’s vast potential for renewable power, as a lack of private investment, amongst other factors, holds the continent back.
That’s the view of Gavin O’Toole in the Guardian, who points out that clean energy projects are not getting off the ground due to the failure to attract private capital.
The region lured less than per cent of the $260bn (£169bn) in new investment in clean energy projects and companies worldwide last year, despite the establishment of a business index designed to encourage investment.
Business commentators have long enthused about the region’s potential for clean energy growth led by the private sector, with . It is home to areas of huge solar potential in areas like the Atacama desert as well as huge wind, hydro and wave power possibility.
However, market hurdles – from the availability and cost of local capital to the absence of supply chains for clean energy goods – are conspiring to leave its vast potential for green power untapped.
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