Economy and Development

China-CELAC Agreement Strengthens Already Strong Ties

Friday, October 3, 2014 - 10:45

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

Monday, October 6, 2014 - 10:30

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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