Excerpt from dialogochino.net
Investment in new fossil fuel production and unabated coal power needs to end this year if the global energy sector is to transition to net-zero emissions by 2050, a recent report by the International Energy Agency (IEA) argued. A net-zero energy sector is viable but requires an “unprecedented transformation” in the way energy is produced, the IEA said.
Momentum for this global energy transition received a major boost on September 21 when China, the last major public financier of overseas coal power, pledged to cut support. Addressing the UN General Assembly in New York, China’s president Xi Jinping also promised backing for developing countries in their pursuit of low-carbon development.
While slower than other developing regions, Latin America’s energy transition is underway, with unconventional renewables – namely solar, wind, and geothermal – growing their share in countries’ energy mixes. Chile, Uruguay and Costa Rica are among those leading the way and have invested heavily in unconventional renewable energy in recent years. Still, moving away from fossil fuels is proving difficult for a region that derives 75% of its primary energy supply from non-renewables.