Racism against albinos? I don't know; 'Albino' isn't exactly a race.
Oh, you meant light-skinned people. Caucasoids, Western Germanics, Celts and such?
Of course you can be racist against them.
Racism of any kind is a problem anywhere. The largest problem of racism against Europeans, however, is that it's often (if not always) expressed or followed in an area where Europeans are the majority population. What this does in return is increase the feelings of racism from the majority towards some minorities, who are racist because they're generally poor. All in all, it's a really bad idea, and the problem of anti-European racism affects the local minorities far more than it does the European majority (if there is any).
South Africa is probably the exception, where a small group of Boer Elite is still incredibly rich, but the largest part of the European descendents in South Africa are now incredibly poor because of racism. (The small elite is simply too bloody rich for anyone there to touch, and they're still acting as if Apartheid is still a thing.)