Green tech industries in Latin America have been growing so fast because of investment of foreign companies. The abundant resources, amicable regulations and government in Latin America encourage large European or North American companies to come together to Mexico, Brazil, Colombia and other countries in order to launch projects and develop technology.

The Climatescope 2013 report says that 6% of global clean energy has been invested in 2012. Renewable energy has been the main focus of innovation and Latin American is already considered as the global frontier for unsubsidized solar market.

Latin America has an energy matrix, which is considered the cleanest among all regions in particular, 70% of power generation is renewable, which is 3 times the world average.

Brazil has the largest potential for wind resources in the world and a vast biomass capacity and leads hydropower. Mexico is challenging Brazil in wind and has giant geothermal reserves and leads a solar region.

There are several factors which enable Latin America to develop sustainable technology.

Rapid urbanization brings the negative effect such as the pollution, water shortages, improper waste disposal and traffic congestion challenges of its cities. The region decides to turn to new green solutions to solve these problems.

Moreover, abundant resources and the region geography are significant attractive points for innovators. The huge open spaces and skies such as Chile's desert and Antarctic regions are free of obstacles faced by companies everywhere.

Source : The Guardian