Economy

Market roundup: Brazil’s solar power boom

This year will see more investment in renewable energy than in oil and gas, predicts the IEA. Brazil is one of the main emerging markets targeted by this investment

Solar power farm in Oliveira dos Brejinhos, Bahia. Photo: Joa Souza/Shutterstock
Solar power farm in Oliveira dos Brejinhos, Bahia. Photo: Joa Souza/Shutterstock

Brazil’s solar power generation hits 30 gigawatts

Latin America’s largest economy has just reached 30,400 gigawatts of solar power generation, which includes not only large plants (9.3 GW) but also small, self-generating photovoltaic systems on roofs, facades, and small plots of land (21.1 GW). The total generated is equivalent to 13.7 percent of the country’s energy matrix, according to industry association Absolar.

Why it matters. According to Absolar, since 2012, solar power has brought approximately BRL 150.7 billion in new investments to Brazil, and the trend is set to increase. According to a recent report by the International Energy Agency (IEA), investments in carbon-neutral energy, led by solar, are expected to exceed those in fossil fuels for the first time in 2023.

By the numbers. While investments in renewable energy and nuclear technologies are expected to total USD 1.7 trillion this year, oil, gas, and coal-based production will attract USD 1 trillion.

  • Solar energy projects alone are expected to attract USD...

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