Mexico's Climate Initiative (ICM) warns that without corrective measures, the country's carbon dioxide emissions could surge by a staggering 59.8% by 2050. The association urgently calls for an update of the energy transition model that addresses existing risks and gaps in a more profound and critical manner. Failure to take swift action could have dire consequences for Mexico's efforts to combat climate change and meet its emissions reduction targets, warns the association.
Despite Mexico's commitment since 2015 to increase the proportion of renewable energy sources to 35% of its energy matrix by 2024, in accordance with the Energy Transition Law and the Paris Agreement, there have been few updates on the process to achieve zero greenhouse gas emissions.
"We must reduce between 23 and 27 gigatons of polluting gasses, which is three to four times the annual emissions of the US, on top of what we already have," says Jorge Villarreal, Director, ICM.
Some regions in Mexico, including Nuevo Leon and Tabasco, are experiencing evident and severe impacts of climate change. Monterrey, Nuevo Leon, is also suffering from poor air quality, affecting vulnerable groups like children and the elderly, says Pablo Montaño, General Coordinator, Climate Connections.
According to the National Institute of Energy and Climate Change (INECC), an investment of US$126 billion is required to meet the energy transition objectives and reduce carbon emissions. However, the current administration has allocated a substantial budget to carbon-intensive activities such as oil, gas and coal production.
"The next six years hold strong gravitas, as it is the last time that we will have the possibility to increase the climate vision and be part of the significant reduction of 50% of emissions at a global level," says Sandra Guzmán, Founder, Climate Finance Group for Latin America and the Caribbean (GFLAC).