It is clear that the The current model of energy consumption is not sustainable in the long term, both because of the future scarcity of fossil fuels and because of the pollution they cause.
To give you an idea of just how heavily we currently rely on non-renewable energy sources, in 2017 more than 85% of the world's primary electricity consumption came from these sources.
However, in recent years there has clearly been a shift toward a more sustainable model of electricity generation and environmentally friendly, with a focus on investment in renewable energy.
This transformation can be seen, for example, in the data from global investment in renewable energy, which exceeds $300 billion for the fifth consecutive year, or the installation of more than 120 GW of capacity new in the world.
Next, we will focus on the state of clean energy in Spain and Latin America, two markets that are highly attractive to investors.
The Renewable Energy Boom in Spain
According to data provided by Red Eléctrica Española (REE), over the past year there have been applications for the installation of more than 87,000 megawatts of capacity, of which 61,000 MW come from solar power and 24,000 MW from wind power.
To put this figure into context and understand its magnitude, the total installed capacity in Spain across all types of power plants (coal, nuclear, hydroelectric, etc.) is around 100,000 MW.
This significant increase is primarily due to the recent introduction of a new financing mechanism for energy projects, known as long-term power purchase agreement (PPA) with its English acronym.
PPAs (Power Purchase Agreements) are agreements to cElectricity sale between a generator and a buyer over a long period of time, ensuring a stable price for the sale of energy. These contracts enable greater financing, which contributes to the construction of the facilities.
One example of a project in which this type of contract has been used recently is the construction of the Europe's largest solar power plant in Badajoz, which will have an installed capacity of 500 megawatts.
Finally, it is also worth noting the increase in solar energy self-consumption in Spain. From 2016 through 2018, there have been tripled the installed megawatts, rising from 55 to 236 MW, due primarily to the drop in the price of solar panels and easier installation.
Latin America, an Oasis for Investment in Renewable Energy
It is estimated that Between 2011 and 2030, electricity consumption in Latin America will increase by about 80%, linked to population growth, increased use of electrical appliances, and growth in industrial activity.
As a result, Latin America will need to significantly increase its electricity generation, and based on data from recent years, clean energy will play a very important role in this effort.
An example of this is the latest Analysis of the Renewable Energy Market in Latin America conducted by IRENA (International Renewable Energy Agency), which states that Since 2004, investment in clean energy, excluding hydroelectric power, has multiplied by eleven.
As a result, several countries in the region are leading this growth in investment in and use of clean energy. Below, we highlight some of them:
Over the past four years, Costa Rica has been able to generate more than 95% of its electricity from renewable sources, and, furthermore, extend it to 99.4% of the country's territory.
This has been made possible by the country's commitment to clean energy, with fifteen new plants added to the National Electric System (SEN) in recent years, including seven wind farms, six hydroelectric plants, one solar plant, and one geothermal plant.
Brazil has led the way in the deployment of renewable energy, accounting for more than 70% of the region’s investment between 2005 and 2009. However, this figure has declined in recent years due to increased investment from countries such as Mexico, Colombia, and Peru.
In In 2017, for example, more than 6 billion dollars were invested in clean energy, representing an 8% increase over the previous year, with wind power standing out as the sector in which approximately 360 projects were carried out.
According to the 2018 Climatescope report prepared by BloombergNEF, Chile is A global leader in the use of and investment in non-conventional renewable energy (ERNC), which has been made possible by the implementation of policies aimed at phasing out the use of coal.
Chile’s Atacama Desert covers more than 105,000 square kilometers and is considered one of the areas with the highest levels of solar radiation in the world, making it the perfect location for solar power plants.
Several interesting projects are currently underway in the country, such as Latin America's first solar thermal power plant. The The plant is located on Cerro Dominador, and once it is completed, it will have a total capacity of 210 MW.
In short, and as can be seen from the data presented, the renewable energy sector will continue its current trend in the coming years, and therefore It will offer many job opportunities to specialized professionals.
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