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The vision of the green economy in Latin America and the Caribbean SP/Di No 01-12 45 Within the region, country shares are as follows Brazil, 52.7%; Mexico 17.7%; Chile 7.3%; Argentina 5.6% and Venezuela 5.0 out of the total investment in renewable energy sources in 2010. Mexico hit the largest increase in Latin America (348%). Such growth was the result of a successful funding of sizeable wind projects and a geothermal project following a government announcement related to the expansion of the goals of renewable energy sources from 3.3% to 7.6% in 2012. Argentina enlarged investments by 568%, to US$ 740 million; Peru’s investments doubled to US$ 480 million, and Chile showed a surge from 21% to US$ 960 million. Brazil’s spectacular performance in investments in renewable energy sources stems from a focused funding policy by its development bank (BNDES). Because of such funding policy, in 2010, the BNDES was the second development bank in the world to finance renewable energy projects (US$ 3.1 billion), only after the European Investment Bank (US$ 5.4 billion). BNDES activities doubled the level recorded in 2007. Nevertheless, it smashed its historical record in 2008, when investments in ethanol climaxed. Investments in renewable energy sources have given the regional private industry substantial economic benefits. For instance, Brazilian companies are emerging as major manufacturers of solar water heaters, following the policies to embolden such sector. In 2010, the Brazilian production of solar troughs reached almost one million square meters, CHART 13: Percentage share of investment in renewable energy in LAC, 2010PDF Image | green economy In Latin America and the Caribbean
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