Resumen:
With the replacement of fossil fuels by renewable sources such as wind power, the power
generation sector has gained prominence as one of the main responses to the process of
decarbonizing the global energy matrix. In turn, when observing the slow pace at which
countries, and notably Brazil, have moved in this direction, even in the face of the urgency
indicated by the impacts of climate change, the question arises as to what are the main reasons
for this. Given the high level of investment required to implement this objective and the
characteristics inherent to renewable sources, this paper seeks to highlight, based on the
example of the Brazilian wind power sector, the relevance not only of the current
macroeconomic scenario but also of the structural aspects of the Brazilian economy, especially
in the monetary/financial aspect, which directly or indirectly influence the decision to invest in
renewable energy generation in the country. Discussing the traditional theory that places the
burden on the shoulders of “right prices”, particularly on the prices of costs involved in
implementing these technologies, the paper focuses on issues concerning the financing
environment in Brazil, bringing to light an important figure in this scenario, the National Bank
for Economic and Social Development (BNDES). Thus, in order to contribute to the
development of more assertive public policies in the generation of electricity through renewable
sources in the country, it is concluded that, although the conventional theory tries to overstate
the reasons from the perspective of the price of these technologies and the responses that the
market can offer, there are other reasons of a structural nature that set limits to the renewable
generation potential that Brazil has.
