By Syed Ali

The year 2024, is expected to carve several historic outcomes through democratic elections, one such outcome has been the election of Claudia Sheinbaum Pardo as Mexico’s first female president. An academic and climate scientist, she previously served as Secretary of Environment under President Obrador during his term as the head of Mexico City. She is one of the two female heads of state and the only president among G20 countries with a background in climate science.

This places immense responsibilities on President-elect Sheinbaum, who will lead the nation of 130 million people with the world’s 15th largest economy and Latin America’s 2nd largest. Her presidency comes at a pivotal time, amid challenges such as illegal border crossings with the United States and the potential re-election of climate-denier President Trump. Her role is increasingly important on the global stage to meet the Sustainable Development Goals (SDGs) and the Paris Agreement targets.

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Sheinbaum faces the intricate challenge of balancing policy continuity with her own proposals to steer Mexico towards a new era characterized by digitalization, nearshoring, and sustainability. Her extensive background as Mexico City’s Mayor and a member of the Intergovernmental Panel on Climate Change (IPCC) equips her with the expertise needed for this monumental task.

As the Mayor of Mexico City, Sheinbaum championed an ambitious climate change agenda that resulted in a 10% reduction in CO2 emissions over five years. Her approach included sustainable transport initiatives, large-scale solar PV projects, waste-to-energy solutions, and nature-based interventions.

In October 2022, at COP27 in Egypt, Mexico strengthened its commitment to reducing greenhouse gas emissions, increasing the target from 22% to 35% by 2030. This commitment involves a substantial investment of $49 billion in energy efficiency, sustainable transport, renewable energy, and nature-based solutions. Sheinbaum has vowed to further this commitment by ensuring that 50% of Mexico’s energy supply comes from clean sources by 2030.

Sheinbaum’s $13.566 billion energy transition plan includes the installation of solar-photovoltaic, wind, hydro, and geothermal plants, a massive rollout of solar-photovoltaic roofs on homes and businesses, and the development of 120 MW hydroelectric plants in Angostura and Malpaso, Chiapas, and Mazatepec. Additionally, the plan involves repowering 15 hydroelectric plants, adding 92 MW of capacity, and implementing six electricity generation projects with a combined capacity of 4,334 MW and an investment of $3.718 billion. Furthermore, four transmission line reinforcement projects and the creation of 41 new distribution networks are also part of the plan.

To support these ambitious plans, Mexico has introduced several key policies and reforms to enhance the sustainable finance market. These include the Stock Market Reform, the Sustainable Taxonomy, the Sustainability Reporting Standards, and the Sustainable Finance Mobilization Strategy. Together, these instruments aim to mobilize an estimated $860 billion in sustainable finance flows by 2030. This financial strategy is crucial for achieving Mexico’s energy transition goals and ensuring long-term sustainability. One of Sheinbaum’s significant challenges will be maintaining the positive aspects of the current administration’s policies while introducing innovative solutions to propel Mexico forward. The focus on digitalization and nearshoring will be particularly important. Nearshoring, the practice of relocating business operations closer to home, presents a strategic opportunity for Mexico given its proximity to the United States. This approach will contribute toward economic growth but also creates job opportunities and strengthens local industries.

Claudia Sheinbaum’s presidency is poised to redefine Mexico’s trajectory in multiple domains. Her deep understanding of sustainability and climate change, coupled with her practical experience as Mexico City’s Mayor, positions her uniquely to tackle the country’s pressing issues. From advancing renewable energy initiatives to promoting sustainable finance, Sheinbaum’s leadership promises a future where economic growth and environmental stewardship go hand in hand.

As Mexico readies itself for the journey ahead, the world watches closely. Sheinbaum’s presidency is more than a symbolic victory for gender equality; it is a testament to her vision and capability to lead Mexico towards a sustainable and prosperous future. The coming years will undoubtedly be crucial as she implements her ambitious plans and navigates the complexities of global and domestic challenges.

The author is an advocate for sustainability and Latin American affairs. @Alinyst

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