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Mexico Real Estate Passes Groundbreaking Climate & Energy Law

13 September, 2012

In a bold move,Mexico has become one of the only countries in the world to pass a serious, long-term climate change and renewable energy law, according to a recent BBC News article. The margin of the vote was also impressive, with a unanimous 78-0 tally, indicating that a progressive climate change and renewable energy policy is at least one issue that all parties can agree on. 

Highlights of the bill include a 30 percent reduction in emissions compared to current levels by 2020, reaching a 50 percent reduction by 2050. Progress will be monitored by a new national reporting system that covers various economic sectors. In addition,35 percent of the country’s energy is required to come from renewable sources by 2024, with government agencies required to use renewable energy sources.

While these new requirements may seem demanding, members of Mexico’s parliament can see the bigger picture and are eager to follow the example set by the UK, which was the first country in the world to sign this type of legislation into law. In addition, a greener economic vision simply makes sense for the long term.

“I personally think this climate change topic should be an economic and energy issue, not an ecological issue,” stated Rubio Barthell, a member of Mexico’s Institutional Revolutionary Party (PRI). 

Although Mexico real estate has traditionally been known as a large hydrocarbon-producing country, with around 1,000 oil and gas wells in operation in the state of Tabasco alone, as the country’s economy has developed and matured, oil and gas have become less important to the economy overall.

“Mexico is aware that this is the end of the oil era,s o we need to implement this fiscal reform – and if we go through it, we’ll be able to do without this oil,” stated Munoz Ledo, founding member of Mexico’s Democratic Revolution Party and chair of the foreign affairs commission.

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Topics: Industry Technology Politics