Energy transition at a slow pace

The energy transition process in Latin America is moving at a slow pace.

The advance of new technologies and access to foreign capital for project development has encouraged the transition from fossil fuel to green energy, but at a slower pace in the region, Valora Analitik reported.

“In a time of great global change, which brings both risks and opportunities, the energy sector suffered a pullback across Latin America,” Clemens Freitag, Construction, infrastructure and Power Regional Practice Leader at Aon Latam, said.

He, however, said that the expectation for growth is reviving with projects and investments in renewable energy, especially wind and solar.

“Covid-19 could be an accelerator towards a combined Global Energy policy, which includes conventional and renewable energy sources,” Daniel Ocampo, Energy Regional Practice Leader of Aon Latam, said.

In addition, experts agreed that there are several cyber risks for the energy sector, ranging from attacks on operational engineering to intellectual property (IP) theft.

By connecting to the Internet and using online technology systems that are connected at different speeds and stages, companies expose themselves to considerable vulnerabilities.

The security of engineered systems has become the most significant challenge facing CIOs across the energy sector.

Direct-to-consumer services can create increased privacy risk and additional liability that is unlikely to be covered by traditional insurance.