The Mexican government, under President Claudia Sheinbaum, is promoting an ambitious plan to invest heavily in renewable energy.
According to EnergyNews, Sheinbaum's administration aims to combine private and public capital to strengthen and stabilize the nation's energy security. By 2030, the country plans to attract $6 to $9 billion in private investment in renewable energy.
Mexico hopes to add 6.4 to 9.5 gigawatts of renewable capacity via the private sector, which will be supported by battery storage solutions, to complement investments the Comisión Federal de Electricidad has announced.
The Comisión Federal de Electricidad investments include allocating $23 billion by 2030 to a total of 12 new generation projects, including six solar plants.
However, despite the government's stated commitment to renewable energy, there is currently no defined commercial or regulatory framework, which may slow progress, especially considering that some previously used mechanisms to support growth in the sector are no longer permitted.
Narcís de Carreras, the CEO of project developer Valia, told EnergyNews, "On paper, it's easy to announce 6 to 9 GW, but the model must be bankable — and that's still unclear."
Despite the details that need to be worked out, investing in sustainability-focused and clean, renewable energy businesses has proved to be a financially smart move, as they often outperform fossil fuel stocks when it comes to long-term growth.
There have been ups and downs when it comes to the clean economy, but the long-term momentum is solid and backed by economic logic. The world as a whole is making strides toward a cleaner economy, which opens up opportunities for massive growth and investment not only for individual investors but also for countries such as Mexico and the United States.
Additionally, with these investments in renewable energy, Mexico is likely to experience job creation and economic resilience while reducing its reliance on dirty energy and curbing pollution. This will lead to cleaner air and healthier people in communities in the region.
For now, though, Undersecretary of Energy Planning Jorge Islas Samperio stated that the government will release new investment rules in the coming weeks to get the program on track.
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