Mexico can increase the use of renewable energy in its energy mix from 4.4% in 2010 to 21% by 2030, according to a report by the International Renewable Energy Agency (IRENA).
The report, ‘Renewable Energy Prospects: Mexico,’ prepared in collaboration with the Mexican Energy Secretariat, also finds that Mexico could generate up to 46% of its electricity by 2030 from renewable sources, including wind, solar, hydropower, geothermal and biomass – a six-fold increase from today's levels.
‘Mexico represents one-fifth of all energy use in the Latin America and Caribbean region and is key to ensuring a successful regional transition to renewable energy,’ says Adnan Z. Amin, general director of IRENA. ‘With the recent energy sector reform, Mexico is now on the path of rapid renewables growth, which can help secure a safer, healthier and more sustainable future.’
However, the report includes one important caveat: The share of renewable energy in Mexico's energy mix will only reach 10% by 2030 under current policies. If Mexico succeeds in reaching a 21% share of renewable energy, it will save $1.6 billion in total energy system costs by 2030. Annual savings could reach as high as $11.6 billion by 2030 when taking into account factors such as reduced health costs and pollution.
‘This report shows that Mexico could install significantly higher amounts of renewables – and that it can do so affordably,’ explains Dolf Gielen, director of IRENA's innovation and technology center. ‘The dramatic technology cost declines present a real opportunity for Mexico to scale up their renewable energy deployment and lead the region toward a clean energy future.’
The report is part of IRENA's renewable energy road map, REmap 2030, which provides a plan to double the share of renewable energy in the world's energy mix by 2030 and determines the potential for Mexico and other countries to scale up renewable energy in the energy system, including power, industry, buildings and the transport sector.
To view the full report, click here.