Mexico’s government announced $23 billion in investments to modernize its refineries to slash greenhouse gas emissions produced by oil-processing facilities and gasoline.
President Enrique Pena Nieto unveiled $3 billion plans to cut sulfur content in gasoline produced at six refineries of state-run firm Pemex, reducing emissions by 90 percent. The project is to be completed in early 2016.
Another $3 billion will be spent at three refineries and a gas processing plant so that they can produce their own electricity, cutting 3,000 tonnes of greenhouse gases per megawatts generated each year.
The facilities will produce more than 2,300 megawatts of electricity in total, equivalent to the power generated for one million homes, the government said.
This would reduce emissions of carbon dioxide by 1.75 million tonnes per year at the Tula refinery in the central state of Hidalgo alone.
The government will also spend $13 billion to increase Pemex’s capacity to process crude oil and another $3.9 billion to reduce the need to import diesel with low sulfur content.
The projects, co-funded by private investments, will generate 63,000 direct jobs.
Mexico was the first developing country this year to submit targets for the United Nations climate conference, pledging that its greenhouse gas emissions will peak in 2026 before falling.
The plan envisions greenhouse gases falling 22 percent and black carbon dropping 51 percent by 2030.
