Court Approves the Termination of FMCN

Among this week’s top stories, a court has approved the termination of FMCN, while the country can only rely on six years to meet the climate change goals 

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CFE to Develop Two Projects In Bajio and North of Mexico 

CFE is to develop two new energy projects in the bajio and Northern regions of Mexico. The first project will be a combined-cycle power plant located in San Luis Potosi, which is expected to have a capacity of around 615MW. The second project will be a wind farm located in Coahuila, with an expected capacity of 200MW.

Mexico To Increase Its Dependence on Natural Gas Imports 

Mexico currently imports a significant portion of its natural gas from the United States, which is a major producer of Natural gas, however, it also exposes the country to potential supply disruptions and price volatility. To mitigate these risks, Mexico is investing in domestic natural gas production and pipeline infrastructure. 

Nuevo Leon Braces for Vast Nearshoring Investments

Nuevo Leon is well-positioned to attract nearshoring investments from the United States, given its proximity to the border and its well-developed infrastructure. The state is also home to a number of industrial parks and manufacturing clusters, which could provide attractive locations for new investment projects.

Renewable Energy Generation Fell By 1.8% in 2022

According to data from the Mexican Center for Energy Control (CENACE), renewable energy projects generated a total of 21,352GWh of electricity in 2022, down from 25,946GWh in 2021.

Court Approves Climate Change Fund Termination 

Mexican court has approved the termination of the country's climate change fund, known as Fondo Mexicano para la Conservación de la Naturaleza (FMCN). It has been a controversial issue, with some arguing that it could have negative impacts on the country's efforts to address climate change and protect its natural resources.

Stock market Index Measures the Energy Transition

The new stock market index in Mexico that aims to measure the country's progress in transitioning to a low-carbon economy. The index, called the S&P/BMV Total Mexico ESG Index, was launched by the Mexican Stock Exchange and S&P Dow Jones Indices in March 2022. 

Valero to Store Gasoline, Diesel in Mexico 

Valero Energy Corporation, a US-based oil and gas company, has entered the Mexican fuel market by opening its first branded retail station in Nuevo León. The new station, which is located in the municipality of Santa Catarina, will offer gasoline and diesel fuel under the Valero brand.

Senator Proposes to Create National Green Hydrogen Policy 

Senator Geovanna Bañuelos de la Torre has submitted a bill to the Mexican Senate that would establish a framework for the production, distribution, and use of green hydrogen in the country.

Mexico is a Gas Rather Than Oil Country, Says Héctor Moreira 

According to Moreira, Mexico is a "gas rather than an oil country," due to its abundant reserves of natural gas and its proximity to the United States, which is a major producer of the fuel. He noted that Mexico's gas reserves are largely untapped and that there is significant potential to expand the country's gas production and export capabilities.

Mexico Only has Six Years to Meet Climate Change Goals  

Mexico has set a goal of reducing its greenhouse gas emissions by 22% by 2030, relative to business-as-usual projections. However, the country is currently on track to exceed this target, and it will need to take significant action. 

China, Mexico to Boost Cooperation in the Energy Sector  

China is one of the world's largest investors in renewable energy, it has been looking to expand its presence in Mexico's energy market. On the other hand, Mexico is looking to diversify its energy mix and reduce its dependence on fossil fuels, in order toto meet its climate goals and address energy security concerns.

Mexico’s Green Hydrogen Requires Renewable Energy Infrastructure 

Mexico has the potential to become a major producer of green hydrogen due to its abundant renewable energy resources, favorable climate, and strategic location for exports. However, the development of green hydrogen requires significant investment in renewable energy infrastructure, such as wind and solar power plants, as well as hydrogen production facilities.

Government Sees Intermittent Renewable Energy as a Problem

Mexico aims to achieve 35% of its electricity generation from clean energy sources by 2024, 39.9% by 2033 and 50% by 2050. However, the government has recently raised concerns about the stability of renewable energy.

North Sea Could Hold Largest Offshore Wind Farm in the World

The project, known as the North Sea Wind Power Hub, is a joint initiative between Denmark, Germany, the Netherlands, and Belgium, and aims to create a large-scale offshore wind energy hub that can supply renewable electricity to all four countries.

Government Working On Renewable Energy: Ramírez de la O

the government's energy strategy aims to promote energy security and reduce greenhouse gas emissions, while also supporting economic growth and job creation.