Mexico’s renewable energy sector has presented a growing trend in recent years. During the last decade, the country’s primary production of renewable energy remained relatively stable, oscillating between 615 and 675 petajoules. However, in 2020 and 2021, Mexico registered significant growth in its
, which surpassed 1,000 petajoules in the latter year. Likewise,
has greatly increased in the Latin American country, reaching 31.7 gigawatts in 2021, more than two times the existing capacity in 2010. Today, Mexico is the
, but remains far from Brazil, the region’s leading country by a wide margin.
Mexico’s renewable energy targets
The General Law of Climate Change in Mexico, promulgated in 2012, aims for a clean power production share of 35 percent by 2024. As of 2022, Mexico produced roughly 23 percent of its
electricity from renewable sources, whereas nuclear generation was responsible for a share of only three percent of the
electricity mix. Additionally, during the
United Nations 27th Conference of Parties (COP27) celebrated in November 2022, Mexico announced that the country was committed to double its renewable generation capacity by 2030, reaching at least 40 gigawatts by the end of that year. To achieve these ambitious targets, Mexico must accelerate the deployment of renewable energy. The Latin American country has abundant renewable resources and a great potential for the installation of wind and solar technologies.
Renewable energy investment in Mexico
In 2021,
clean energy investments in Mexico stood at roughly 706 million U.S. dollars, down from 5.9 billion U.S. dollars five years earlier. The 2021 amendment of Mexico’s electricity Law, which aims for supporting the public-owned utility CFE (Federal Electricity Commission) after the liberalization of the power sector in 2014, has hindered private renewable investments. As of June 2023, Mexico ranked lowest in
attractiveness for renewable investments among some of the largest Latin American countries.
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