New York, 9 April 2024 (TDI): Uruguay’s renewable energy runs at 98 pc, according to the US International Trade Administration.
However, today, the country has almost excluded fossil fuels from electricity production. 90 to 95 pc of its power comes from renewables, with the number soaring to 98 pc. Uruguay has been able to transition to this change quickly and with profitability.
In 2007, the country was still utilizing fossil fuels for a third of its energy generation, according to the World Resources Institute.
Uruguay’s renewable energy
Uruguay’s renewable energy includes biomass, solar, and about 50 wind parks that have replaced the grid’s use of oil, the New York Times reports.
The country produces a surplus of renewable energy, which permits it to export green energy elsewhere.
Omar Paganini, Uruguay’s Minister of Industry, Energy and Mining reports that, “There is no doubt that hydrogen will play a very important role in global decarbonization, and Latin America has the opportunity to join.”
In addition to this, Uruguay has been initiating steps in the transport sector to encourage the use of electric vehicles. The country incorporates tax reductions on the purchase of electric vehicles and lowers permit costs for electric taxis.
The country has also joined the Alliance for the Decarbonization of Transport. This is an international collaboration to speed up the global transformation to net zero emissions mobility before 2050.
Lowering methane emissions
Uruguay is known for its “ranch land” and the country ranks among the top 10 global beef exporters. Additionally, 423,390 tons of its meat packing plants have been shipped, according to Bloomberg. Also, cattle produce 19 million tons of Uruguay’s greenhouse gas, the New York Times reports.
To fight against methane emissions, it is one of the 150 countries to have signed the Global Methane Pledge, which aims to lower methane emissions by 30 percent in this decade.
Furthermore, there have been discussions to provide 70 million for research on enteric fermentation, which is “the digestive process by which some animals produce gas and the largest single source of methane emissions from agriculture,” Reuters reports.
Moreover, in 2021, the country became the first nation in South America to export carbon-neutral beef, which is certified by the certification body LSQA. This goal was attained through the use of natural pastures and native forest conservation.
Sustainable business
Uruguay is a good option for investors because of the large companies moving there, persuaded by the country’s stable economy and sustainable energy. This has made sure that the “green start-up ecosystem is vibrant,” reports McKinsey.
Furthermore, McKinsey senior partner Xavier Costantini reports that “Such green businesses represent a significant economic opportunity, possibly up to 50% of the GDP, and would accelerate the socio-economic development of the country while advancing sustainability for the planet.”
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