'Lithium Nodaji' Argentina and Latin America New and Renewable Strategy Report Published

KOTRA "Providing Promising Countries' Policies, Entry Strategies, and Promising Company Lists"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Moon Chaeseok] A report has been released outlining the status of key minerals in six Latin American countries, including Argentina, famous for its lithium mines?an essential material for secondary batteries known as "white petroleum." It is expected to serve as a useful guidebook for Korean companies entering the local market.

KOTRA announced on the 29th that it published the report titled "Latin America New and Renewable Energy Entry Strategy." It covers policies, market status, and entry strategies for six countries: Brazil, Mexico, Chile, Colombia, Argentina, and Peru. Leveraging KOTRA's strengths, the report provides a list of the top 100 local companies, including clients, developers, designers, and construction firms.

Latin America is emerging as a leading market for new and renewable energy. According to a report by British energy company British Petroleum (BP), the share of new and renewable energy in Latin America's energy consumption last year was 29.2%, higher than Europe (19.7%) and North America (13.2%).

The key factor is the region's swift decarbonization efforts. Each Latin American country has announced ambitious Nationally Determined Contributions (NDCs) for greenhouse gas reduction and is competitively fostering the new and renewable energy industry by utilizing infrastructure favorable for hydropower and solar energy generation.

Notably, Chile and Colombia were the first to declare carbon neutrality by 2050. They are implementing national energy policies to expand new and renewable energy, including energy transition and green hydrogen development.

By country, it is notable that in Brazil and Mexico, where the electricity markets are large, electricity demand by energy source has increased evenly. Chile and Peru are expected to grow mainly in solar power, while Colombia and Argentina are projected to grow centered on wind power.

Additionally, these countries are actively building green hydrogen ecosystems as a promising next-generation industry by leveraging their abundant power generation conditions. The demand for power equipment to expand new and renewable energy infrastructure in each country is also expected to increase.

Kim Sangsoon, head of KOTRA's Latin America Regional Headquarters, said, "Now is the right time to find business opportunities in Latin America, where the outlook for new and renewable energy is bright," adding, "We hope the report will help achieve results in project orders, development, and equipment exports."

The report can be downloaded from today on the KOTRA Overseas Economic Information Dream Overseas Market News in-depth report bulletin board.

This content was produced with the assistance of AI translation services.