The RenovAr plan intends to increase renewable energy use by 18% by 2025. At present, less than 2% of the energy consumed in Argentina comes from renewable energy.

The plan will focus on the development of clean energy sources, particularly solar and wind power, as part of Argentina’s commitment to the Paris Agreement to combat Climate Change.

Macri was quoted by Argentina Independent as saying, "We must be committed to reducing carbon emissions, and Argentina has a lot to contribute and produce in terms of renewable energies.

"Our country has enormous potential. We are among the leading countries able to generate solar and wind energy."

As per the first stage of RenovAr plan, Argentina government will issue public tenders for renewable energy projects to generate at least 1GW of energy.

Argentina is hopeful that the auctions can drive in as much as $2bn of investments. Deadline for submission of tenders is 22 August 2016 and the results will be announced in late September..