Mexico has pledged to add an extra 30 gigawatts of renewable energy capacity by 2030.
Foreign Minister Marcelo Ebrard met with U.S. climate envoy John Kerry at Egypt’s COP27 climate summit and presented Mexico’s plans to invest $48 billion in developing renewable energy.Reuters reports that Mexico’s new geothermal, wind, and hydroelectric capacity would double the country’s renewable capacities from 30 GW at the end of 2021 while boosting solar and wind capacities to 40 GW.
The United States is looking forward to the plan and intends to work closely with Mexico by helping incentivize the investments.
The US is the world’s No.2 greenhouse gas emitter and is negotiating tighter state control over Mexico’s energy sector. The US argues that its neighbor's policies hinder private renewable projects.
Mexico has already set aside $2 billion to eliminate flaring at state oil firm Pemex after satellite data showed vast volumes of natural gas flaring and methane leaks.
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