Shift to Renewables Projected to Boost Mexico’s Economy

Jorge Dominguez
Image: people.fas.harvard.edu

Having served as Harvard University’s first vice provost for international affairs, former professor Dr. Jorge Dominguez has undertaken extensive research on Latin American economies. Among Dr. Jorge Dominguez’s responsibilities was as the institution’s Antonio Madero Professor for the Study of Mexico.

A recent Forbes article drew attention to the potential of Mexico’s Paris Agreement pledge to reduce greenhouse gas (GHG) emissions by as much as 36 percent by 2030, as having the potential for a significant economic impact as well. This reflects World Resources Institute (WRI) quantitative analysis that points to a strong decarbonization path as saving $5 billion in cumulative costs and helping prevent 26,000 premature deaths.

A majority of the proposed decarbonization efforts are centered on Mexico’s transportation, electricity, and industrial sectors. Unfortunately, there is at present no clear decarbonization plan, and emissions in the world’s 10th leading GHG emitter are forecast to rise by 75 percent over the next three decades under business-as-usual scenarios.

Within a WRI-recommended renewable portfolio standard, Mexico will need to increase distributed solar and wind energy sources exponentially to attain its goals. Fortunately, the installation and maintenance of such large scale systems will also be a significant economic driver.

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