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Abstract The global energy market is in the midst of a dramatic evolution, slowly shifting away from an economy based on fossil fuels that relies on cheap fuel and resource extraction toward a market economy focused on sustainability, reliability, innovation, and energy independence. Although renewable energya only makes up 16 percent of the world’s energy production, there is nearly 1,320 GW of renewable energy capacity worldwide, employing over 3.5 million people (Renewable Energy Policy Network for the 21st Century [REN21], 2010). The evolution toward clean energy has inspired generations and, as a result, has become increasingly popular, growing by 1.9 percent per year over the past two decades (Meisen and Krumpel, 2009). According to the Renewable Energy Policy Network for the 21st Century (REN21), the number of countries with policies directed at promoting renewable energy has doubled over the past five years (REN21, 2011). The United States, along with European and Asian countries, is actively promoting renewable energy to catalyze and achieve profound economic and environmental changes. By contrast, the countries of Latin America and the Caribbean (LAC) have been slow to adopt renewable energy because of poverty, lack of awareness, and lack of government support to mitigate climate change, stabilize energy supplies, or invest in innovation (UN Industrial Development Organization, 2011). Although U.S. renewable energy markets are still emerging and over a dozen LAC nations rank higher than the United States in an Environmental Performance Index study (Yale University, 2010), there is a lot to be learned from the United States’ experience in promoting clean energy technologies. A robust and comprehensive renewable energy market in LAC, equal to or greater than that in the United States, might not only trigger a wave of innovation, but could open previously untapped opportunities for economic growth. And, as with most new technology markets, the more the public and private sectors invest in renewable energy, the more affordable it becomes. a Throughout this document, renewable energy is defined as biomass, wind power, geothermal, hydropower, and both solar electric (PV) and solar thermal. Renewable Energy Best Practices in Promotion and Use — Andrea Luecke — Page 2PDF Image | Waste Heat Recovery and RPS Policies in the US
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