Mexico Pledges US$48 Billion Toward Reaching Net-Zero

Specific Goals Include 30 GW Of Additional Installed Renewable Capacity By 2030, The Elimination Of Routine Flaring And Venting Across Oil And Gas Operations, And 35% Lower Emissions In The Country By 2030

Ken Salazar, US Ambassador To Mexico (Image Courtesy Of The US Embassy & Consultants In Mexico)

Mexican Foreign Secretary Marcelo Ebrard and US Special Presidential Envoy John Kerry joined Sharm el-Sheikh at COP27 in taking important steps forward to address the climate crisis. The United States and Mexico affirm their commitment to global efforts to limit warming to 2.7°F (1.5°C) above pre-industrial levels, in line with the Paris Agreement, and to achieving net-zero greenhouse emissions by 2050 in their respective economies. The new efforts build on important announcements that Mexico made jointly with the United States and Canada at the North America Leaders Summit (NALS) and subsequently over the last year, including a pledge by Mexico and Pemex to eliminate routine flaring and venting across oil and gas operations, supported by an implementation and investment plan of close to US$2 billion, and a shared goal to achieve a 50% sales share for zero-emissions vehicles in 2030.

Mexico intends to deploy more than 30 GW of additional combined wind, solar, geothermal, and hydroelectricity capacity by 2030, reaching more than 40 GW of combined wind and solar power. This new national renewable goal will be a foundation for achieving Mexico’s updated nationally determined contribution, including an unconditional target to reduce emissions by 35% from business-as-usual levels by 2030. Secretary Kerry indicated his support for Mexico’s new renewable goal, and the United States intends to work closely with Mexico to achieve these goals, including through US efforts to mobilize financial support and joint efforts to catalyze and incentivize investments into new Mexican renewable energy deployment and transmission.

Mexico presented a US$48 billion preliminary investment plan to achieve its renewable and decarbonization goals.