Mexico City 2015 Blog: Climate Change Panel on Financing Sustainable Growth in North America

By
Carin Zissis

The panel discussed Mexico's carbon tax, along with other initiatives to mitigate climate change.

Speakers:

  • Rubén Kraiem, Corporate Partner, Covington & Burling LLP (moderator)
  • Beatriz Bugeda, General Director of Climate Change Policy, Secretariat of Environment and Natural Resources (SEMARNAT)
  • Joe Keenan, Executive Vice President for Latin America, The Nature Conservancy
  • Patricia Florissi, Vice President and Global Chief Technology Officer, EMC Corporation

Covington & Burling LLP's Rubén Kraiem opened the panel by noting that, compared to China and the United States, Mexico accounts for a small amount of greenhouse gas emissions, representing less than 1.5 percent of the worldwide total. Still, Mexico is taking a leading role in the Americas when it comes to climate change; it is the only one of the three North American countries that, at a national level, has a carbon tax.

 

SEMARNAT's Beatriz Bugeda notes that the reason why the country puts environmental issues at the forefront is because climate change has a major impact on Mexico. She noted that Mexico's strategy stands apart in that it's made unconditional commitments to climate targets and she outlined key goals, including that renewables represent 35 percent of energy production by 2024 and for clean energy to account for 40 percent of the overall matrix by 40 percent.

 

The Nature Conservancy's Joe Keenan opened his remarks by congratulating Mexico for its climate change efforts, saying Mexico is a pioneer and a leader in the field and right at a time when such leaders are needed. However, he noted both good and bad news. He said there are many examples of "win-win" in terms of both improving the country's economy and combating climate change but that, on the other hand, outdated modes of production need to be addressed and brought in line to meet environmental targets. Keenan said deforestation stemming from agricultural production, for example, must be eliminated as it represents an "old economy" and that new methods have less impact. He noted it will take sectors from across society—business, NGOs, and the private sector—to meet this hurdle. 

From the perspective of the private sector side, EMC Corporation's Patricia Florissi said that, when it comes to taking on climate change, no company can do it alone; it takes collaboration. She also emphasized that the change needs to come faster, and that taxes on carbon can help because companies are more interested in oil than clean energy.

Watch the video: