European major oil companies are looking at investing in Brazil renewable energy. Royal Dutch Shell Plc, Total SA and Equinor ASA have all pledged to invest in Brazil’s green energy. Brazil is said to have lots of wind and solar potential.
The increased investment could grow Brazil’s energy mix to 18% by 2026. The move towards green energy is due to predictions that oil markets will compress, as the world progress to cleaner sources of energy and less fossil fuels.
Brazil has lots of energy resources being an oil exporter, having great amounts of untapped solar potential. Brazil also has the largest wind power production in the region. Many old energy companies are now making the shift to renewables and low carbon economy even though it may be at slow pace.
Brazil’s state-owned oil company Petrobras has partnered with Total to explore Brazil offshore oil fields. Both companies signed a memorandum of understanding to further develop Brazil’s wind and solar projects.
This was followed by an announcement that Total’s Brazil branch would open a solar plant in Bahia state, Brazil. Shell is another international oil company looking into Brazil’s clean energy potential, by brings in 10 people to review Brazils green projects, studying wind as the major opportunity for investment.