- Mexico will aim to deploy more than 30 GW of wind, solar, geothermal and hydroelectric assets by 2030 to combat climate change
- It will help the country reach over 40 GW of combined wind and solar energy at the end of this decade
- Plans include investment of up to $46 billion to bring this clean energy capacity online
One big announcement coming from the UNFCCC 27th Conference of Parties (COP27) is from Mexico that has committed to expanding its current renewable energy capacity with more than 30 GW of combined wind, solar, geothermal and hydroelectric assets, reaching over 40 GW of combined wind and solar energy by 2030.
Presenting Mexico’s commitment to combat climate change at the COP27, Foreign Secretary Marcelo Ebrard said the country will reduce its GHG emissions by 35% over the next 8 years. Previously this target was 22%. The overarching aim is for the Latin American nation to become net zero by 2050, like its neighbor the US.
“Mexico’s recent commitments in renewable energy will be the foundation for achieving Mexico’s updated Nationally Determined Contributions (NDCs), including an unconditional target to reduce emissions by 35% from business-as-usual levels by 2030,” stated the Mexican Foreign Ministry.
To expand the clean energy capacity as targeted, Mexico also presented a preliminary investment plan for up to $46 billion.
The US President’s Special Envoy for Climate, John Kerry said his government will work closely with Mexico help the latter achieve these ambitious goals. The US will support Mexico’s efforts to mobilize financial support and incentivize investments into the new Mexican renewable energy deployment and transmission.
At the end of 2021, Mexico’s total installed renewable energy capacity was over 30 GW, according to the International Renewable Energy Agency (IRENA). Of this hydro power made up the lion’s share with 13.3 GW, and solar PV making up 7.026 GW. The new investment renewables push would basically double total installed capacity to over 60 GW by 2030.
According to the Mexican solar industry association Asolmex, Mexico’s current installed solar PV capacity is over 8.7 GW comprising 6.48 GW of large scale and 2.23 GW distributed capacity in operation. It has the potential to become the ‘7th solar energy power in the world’ since 85% of the national territory is optimal for solar projects, according to the association.
A very promising solar market in 2019 and 2020, when it installed over 3 GW PV each, the Mexican market significantly dropped to a little over 1 GW in 2021 as the current government’s focus has been so far on centralizing energy production and fossil fuels.