It’s not even quite that - the article suggested they raised the commercial equivalent of the 12% through competitive auction. These allow the bidders a set price over 20 years.
So it’s cheaper than buying in fossil fuels, the suppliers get certainty, and they achieve close to complete decarbonisation using private investment.
12% of Uruguay’s GDP into renewables to get there. That’s impressive.
12% of the US’ GDP would be 2.7 trillion dollars. Or a bit more than 3 years of the US millitary budget.
It’s not even quite that - the article suggested they raised the commercial equivalent of the 12% through competitive auction. These allow the bidders a set price over 20 years.
So it’s cheaper than buying in fossil fuels, the suppliers get certainty, and they achieve close to complete decarbonisation using private investment.
How good is that?
I think private investment is awful but I’m being dogmatic in that stance.
If we want to split hairs, the US power grid is also privately owned and allowed bidders to set the price forever.
But one is decarbonizing and the other is not.