Economy and Development

Uruguay Leads Energy Revolution

October 13, 2016

Uruguay has begun to revolutionize the way that the small South American country uses its energy resources, and is demonstrating to the rest of the world their increasing focus on using “green” energy. Since 2008, wind farms have sprung up all over the country, and these wind farms have helped the country to become nearly energy self-sufficient, no longer relying on the oil reserves of neighboring and overseas nations.

Why are there More Latin American Billionaires?

October 13, 2016

In a recent column, the editor of The Miami Herald, Andrés Oppenheimer, called attention to the increase in the number of Latin American billionaires, based on the 87-page report published by the firm Wealth-X.1 According to the Singapore-based company that sells wealth data to luxury brands, the percentage of Latin American billionaires grew faster than in any other world region in the last year. “I was skeptical: It’s hard to believe that the number of mega-rich is soaring at a time when the region’s economy is hurting,” said Oppenheimer.

China-CELAC Agreement Strengthens Already Strong Ties

October 13, 2016

The economic relations between China and the Community of Latin American and Caribbean States (CELAC) strengthened significantly as the two actors recently established a bilateral forum. This move will have substantial implications for development in Latin America as China has already promised USD 10 billion in credit to CELAC members and a USD 5 billion fund for Chinese-Latin American investments.1

Chile to Implement Carbon Tax Complimenting the Latin American Trend of Environmental Reform

October 13, 2016

On September 26th, Chilean President Michelle Bachelet signed into law a new environmental tax on carbon emissions, making Chile the first South American country to enact such legislation. The tax is targeting the country’s power sector, which is dominated by nearly 80 percent by fossil fuels.1 It is aimed at thermal plants with installed capacities of 50 megawatts or more. Plants of this size will be charged USD $5 per ton of CO2 released, exempting smaller plants and those fueled by biomass.1


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