Earlier this month, Panama took a huge step towards clean energy and sustainable development when it was announced that roughly $1 billion would be invested into solar panels and other clean energy projects. The investment, lead by Canadian green energy group SkyPower, would add 500 MW of pure solar power through various projects throughout the country. This clean energy solution will be partnered with a $50 million environmental research facility, dedicated to finding sustainable clean energy technologies for Panama, and furthering innovation through photovoltaic systems. Not only is this great for Panama’s quality of life, but it also presents a great Panama investment opportunity, and with $1 billion slated to go in, SkyPower is setting enormous precedent.
This is big news for Panama, but it’s not the only thing they’re doing these days, as the small country strives to make big gains in renewable, clean energy, and sustainable development.
Filling an overwhelming demand with clean, sustainable solutions
Part of the reason Panama is so ripe for clean energy and sustainable development investment is the increasingly high demand for energy. Panama City consumes exponentially more energy per capita than it did even 15 years ago; and that’s not necessarily a bad sign. Panama’s high energy demand comes from rapid growth, a population surge, and a heavily logistics/service dependent economy. The demand is so high, that Panama has had to ration power in recent years due to drought, and lack of ready energy surpluses created by hydroelectric plants that power the majority of the country. In order to find a sustainable, long-lasting solution that can fit the demand given the countries parameters, Panama has to go green.
Beyond solar, Panama is building green as well
Panama’s goals for sustainability and low carbon output go far beyond just solar power. Panama is also trying to become a regional leader in LEED construction and sustainable building projects that would offset both fossil fuel demand and negative carbon output. This trend began about four years ago, and as of 2015 the number of new buildings registered under LEED certification has risen by over 70%. This isn’t just representative of new projects either. Panamanian developers are seeing a huge investment opportunity in refurbishing older buildings to meet these world-class green standards. One of the more prominent structures to undergo this LEED revamp is the United States Embassy in Clayton.
Green is good for business, and Panama’s overall quality of life
The benefits of clean energy and sustainable development in Panama are pretty clear as far as quality of life goes. A cleaner environment means a healthier, and happier Panama, but it also means more attractive opportunities for investment, and almost guarantees a longer lifespan for commercial, industrial, and residential structures. Investing in Panama is about future potential and long-term development strategy; and nothing is more critical to this type of development than clean energy and environmentally secure construction and infrastructure. With the demand for energy so high, this presents a unique opportunity for energy companies with innovative green solutions. And whether you realize it or not, there are tons of these types of companies already testing the waters.
Now is the time
Being a green, sustainable country will eventually be a pre-requisite for large-scale investment; so setting itself up for the future is critical to Panama’s long-term economic success. As Panama grows, it’s important that it grows in the right way. Not just to help business and its own people, but for the world as a whole, in being part of a global community that helps the environment rather than hurt it.
