Latam Lags in Energy Transition Race; Urgent Needs Unmet

As oil majors and developed nations push for a faster transition to clean energy, much of Latin America is struggling just to cover its basic supply needs for fossil fuels, which is forcing some countries to actually rely more on dirty energy sources.

Experts speaking at this years allvirtual CERAWeek conference said a portion of Latin America could fall behind in the energy transition due to outdated policies and resource nationalism in nations like Venezuela and Mexico, combined with an urgent need for cheap imported fuel.

In this moment, when the energy transition is being accelerated by large oil firms and governments amid political pressure, Europe and now the United States are taking the lead through carbon neutralization measures. I dont see policies as aggressive in this region, Decio Oddone, CEO of Brazils oil and gas producer Enauta S.A. told Reuters.

In 2018, Latin American nations combined emitted as much carbon dioxide CO2 as Russia, the worlds fourthlargest CO2 emitter, according to International Energy Agency data.

The regions imports of motor fuels, natural gas, fuel oil and diesel for power generation have risen consistently, interrupted only by the coronavirus pandemic that sapped fuel demand worldwide.

Last year, Latin America imported 2.69 million barrels per day bpd of crude and refined products from the United States, its largest source of oil imports, according to a Reuters analysis of U.S. Energy Information Administration data.

The 2020…

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