Forging Energy Future at Mexico Energy Forum, Solar Summit 2023

At a time when the world bets on clean energy more than ever, Mexico appears to move in a somewhat different direction. However, many visionaries see the country’s potential to become a leader in clean energy and further increase Mexico’s green power capacity. Industry leaders will meet at the Mexico Solar Summit and Mexico Energy Forum 2023 to discuss and forge the foundations of the strategies to be taken to move the industry forward.

Despite the challenges, the energy industry stood resilient in the face of major changes in regulation and an ongoing stagnation in bureaucracy. Among the biggest events were this administration’s constitutional attempt to undo the 2014 Energy Reform, a trade dispute with Canada and the US and their impact on investment as well as permits.

Marcelo Ebrard, Mexico’s Foreign Minister, pledged a reduction in gas emissions of 35 percent by 2030 at COP27. This is the first time Mexico has raised its reduction since 2016. According to Ebrard, to achieve this goal Mexico must double its renewable energy capacity, developing a further 30GW over the next eight years. This represents a major commitment, so cooperation will be necessary to reach this goal.

Although regulatory uncertainty and price increases for fuels are the main factors that continue to foster a negative outlook for the Mexican energy industry, growth in renewable energy development could generate more investment, enhance energy accessibility and improve Mexico’s power system, according to the US National Renewable Energy Laboratory (NREL) Mexico Clean Energy Report.

While 26.7 percent of the country’s energy comes from renewable sources, electricity demand is expected to increase by 12.7 percent by 2024. Mexico’s technical renewable energy potential includes 24,918GW of solar photovoltaics, 3,669GW of wind, 2.5GW of conventional geothermal, and 1.2GW of additional capacity from existing hydropower facilities.

Solar energy has been identified as key to success for further development. Among the strategies to reach its potential, Mexico must develop programs to attract large solar development, enable institutional finance mechanisms for development, avoid delays due to permitting and provide assistance in community consultations, encourage technical knowledge sharing as well as spur development and supply chain investments that benefit the domestic economy.

These and more topics will be discussed at the Mexico Solar Summit 2023 and the Mexico Energy Forum 2023.