Redefining The Global Architecture In Solar Energy: The US, LAC, And China
Redefining The Global Architecture In Solar Energy: The US, LAC, And China Forbes
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Winning the Renewable Energy Race: The New Global Architecture in Solar Energy
From the annual UN General Assembly meetings to the G20 and the Expanded BRICS, nations around the world are placing importance on developing alternative forms of energy, with solar being a key example. The race to control the narrative and set global standards in renewable energy is crucial, especially in achieving the Sustainable Development Goals (SDGs).
The Shift in Dynamics in the Western Hemisphere
In the past two decades, the dynamics in the Western Hemisphere have changed significantly. A lack of attention from the U.S. government and private actors has prompted Latin American and Caribbean governments to seek development assistance and reliable trade partners from the East.
China’s Economic Engagement in Latin America and the Caribbean
China’s intentional and sustained economic engagement in Latin America and the Caribbean (LAC) is evident through its significant investments in the region. China has surpassed the United States as South America’s largest trading partner, and its developmental finance institutions have provided billions of dollars in sovereign loans to LAC countries since 2005.
The Potential of Solar Power in LAC
LAC has a voracious appetite for investment in renewable energy, particularly solar power. With abundant sunshine and high PV electricity potential, the region has the most extensive solar power project lineup outside of East Asia and North America. Latin America has the potential to increase its wind and solar power capacity by more than 460% by 2030.
The Role of the U.S. in the Renewable Energy Transition
The U.S. is the fastest-growing and most affordable source of solar electricity. The Biden administration has taken initial steps to re-engage with the region and support renewable energy initiatives. However, the U.S. must marshal its resources effectively to lead and collaborate with LAC nations in setting environmental and sustainability standards.
China’s Dominance in Solar Production
China holds a considerable advantage over the U.S. in solar production, representing over 80% of the supply chain and investing significantly more in solar manufacturing. Chinese state-owned firms are involved in numerous projects in LAC, including major solar projects in Argentina and Brazil.
Conclusion
The race to control the renewable energy narrative in LAC is ongoing, and the U.S. cannot afford to sit idly by while China determines the region’s energy future. The U.S. must increase its efforts to support renewable energy initiatives, collaborate with LAC nations, and address human rights and environmental concerns associated with Chinese projects. By playing to its strengths and remaining consistent, the U.S. can reduce the region’s dependency on foreign energy sources and compete effectively in the renewable energy transition.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix
- SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
- SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The article mentions several indicators that can be used to measure progress towards the identified targets:
- Percentage of renewable energy in the global energy mix
- Total value of yearly trade with Latin America & Caribbean (exports + imports)
- Total amount of sovereign loans provided by China to Latin American countries
- Percentage of renewable energy participation in the region’s energy mix by 2030
- Capacity increase in wind and solar power in Latin America by 2030
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | – Percentage of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | 9.1: Develop quality, reliable, sustainable, and resilient infrastructure | – Total value of yearly trade with Latin America & Caribbean (exports + imports) |
| 9.4: Upgrade infrastructure and retrofit industries to make them sustainable | – Total amount of sovereign loans provided by China to Latin American countries | |
| SDG 13: Climate Action | 13.1: Strengthen resilience and adaptive capacity to climate-related hazards | – Percentage increase in wind and solar power capacity in Latin America by 2030 |
| 13.2: Integrate climate change measures into national policies, strategies, and planning | – Capacity increase in wind and solar power in Latin America by 2030 | |
| SDG 17: Partnerships for the Goals | 17.17: Encourage and promote effective public, public-private, and civil society partnerships | – Collaboration between the U.S. and LAC nations in funding renewable energy initiatives |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: forbes.com
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