Is Chile On Track to Become Carbon Neutral By 2050?
Chile’s energy commission in July approved Enel Generación Chile’s plan to disconnect the second unit of the Bocamina coal-fired plant in May 2022, 18 years earlier than originally planned. The company is also set to take the first unit of the plant offline this year. Meanwhile, plans are underway for the construction of Chile’s first hybrid industrial plant, which will include both a solar power plant and a wind farm. How meaningful are these recent announcements in the context of Chile’s overall energy matrix and its goals to use more renewable energy sources? What is the status of Chile’s renewable sector today, and how has it changed over the past 10 years? To what extent has the global economic crisis affected progress in the country’s energy transition, and is Chile on track to become carbon-neutral by 2050, as it has pledged?
Andrés Rebolledo, dean of the business department of USEK Chile and former energy minister of Chile: “Chile continues to deepen its energy transition toward a more sustainable electricity generation matrix with a high participation of renewable energies, especially solar and wind. In the last five years, these sources have gone from representing 4 percent of the installed capacity in the country to 24 percent this year. This change has been the result of a profound regulatory reform that gave signals to markets and gave way to the growth of investment in these areas, as well as technological changes that have caused a significant drop in the cost of renewable technologies. Another important factor that has allowed the acceleration of the transition is the agreement reached between the previous government and the main generating companies and owners of coal-based assets to close these plants in the context of a programmed plan, whose terms were brought forward during the current government. This is a…”Read More
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