The country's House of Representatives approved the proposed law late last week, voting by 280 votes to 10 in favour of the bill with one abstention.
The legislation is now expected to be approved by the country's Senate, making Mexico the second country after the UK to pass a dedicated Climate Change Act and the first developing economy to deliver legally binding emission reduction targets.
The bill is broadly similar to the UK's Climate Change Act and will require future government's to meet periodic emission reduction targets with the end goal of cutting carbon emissions 50 per cent by 2050.
It includes additional targets requiring the government to cut emissions by 30 per cent by 2020 and ensure that 24 per cent of electricity is generated from renewable sources by 2024.
The Act will also provide the government with the power to introduce new renewable energy incentives, phase out fossil fuel subsidies, and potentially introduce emissions trading mechanisms. Read the full report here.
Source: Business Green.
