World Bank Finances Low Carbon Growth in Mexico, Publishes Study
26 October 2009: A World Bank study on “Low-Carbon Development for Mexico” concluded that Mexico could reduce its carbon emissions by at least 42 percent (or 477 million tons) per year by 2030 without sacrificing economic development.
Significant opportunities for reduction were identified in the areas of transport, power generation, oil and gas, agriculture and forestry, and energy efficiency. Implementing these initiatives on a larger scale over the next 20 years, however, will require changes to the country's financial, regulatory and institutional frameworks.
In order to respond to the climate change challenge, the World Bank approved between 2008 and 2009 four loans totaling US$2.7 billion to support environmental sustainability in Mexico, with special emphasis on climate change. The latest, a US$1.5 billion loan approved on 20 October 2009, provides funds to develop regulatory, monitoring and financial frameworks for low greenhouse emissions evolution of the urban transport and energy sectors, which are crucial for generating a low-carbon growth model. [Low Carbon Development for Mexico] [World Bank press release]