Mexico invites foreign financial investment in clean energy transition

• Mexico invites investment by all nations in its clean energy tasks, its foreign minister claimed on Thursday, releasing a diplomatic charm offensive amid international concerns over questionable power reforms.

Several dozen ambassadors were handled a visit to a gigantic solar park being built in Puerto Penasco in the desert in north Mexico utilizing photovoltaic panels made in China.

"We intend to invite all the nations of the globe, all the firms of the world" to "take part, spend, belong to the future of Mexico," Foreign Minister Marcelo Ebrard said.

The first phase of the solar plant results from be inaugurated in April by President Andres Manuel Lopez Obrador, according to officials.

Once finished, the park will have the ability to supply 1.6 million electrical power customers, thanks to an approximated investment totaling $1.6 billion, according to state power service provider CFE.

Mexico promised at the COP27 climate talks in Egypt in November to strengthen its emissions-cutting efforts as part of a $48 billion renewable resource investment plan with the United States.

The Latin American nation formerly committed to cutting greenhouse gas emissions by 22 percent from the business-as-usual levels by 2030, but will certainly boost that to 35 percent, Ebrard claimed at the time.

The Mexican-US cooperation in renewable power comes despite tensions between the neighbors over Lopez Obrador's efforts to boost the state's role in the energy market.

Mexico faces a formal profession problem from Washington and Ottawa, which say the reforms hurt foreign investors as well as prefer polluting fossil fuels over clean energy.