Mexico.
The World Bank announced that it will provide $100 million in financing to the Mexican government to reduce energy costs in 32 municipalities in the country.
The Municipal Energy Efficiency Project will support the design and implementation of an energy efficiency pilot program and reinforce the authorities' commitment to sustainable development and the implementation of energy efficiency programs and strategies.
"There are excellent opportunities to achieve significant energy savings in municipalities. Energy efficiency is a cost-effective way to manage consumption and help achieve greenhouse gas emission reduction targets in Mexico," said Gerardo Corrochano, World Bank Director for Mexico and Colombia.
The project will also support cost-effective investments in energy efficiency through the establishment of a financial mechanism. Based on payment through energy savings, this model will help municipalities with greater economic needs to cover the initial costs of energy efficiency projects. At the end of the payment, the resources saved in other projects can be used.
Mexico's Planned Nationally Determined Contribution to the United Nations Framework Convention on Climate Change aims to reduce greenhouse gas (GHG) emissions by 25 percent by 2030. The National Climate Change Strategy (ENCC) is the policy instrument that defines the actions to achieve these objectives, including the efficient use of energy and the transition to the development of sustainable cities, where many of the emissions from the energy sector take place.
Source: World Bank.
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