Updated 11:26 AM EST, Sat, Mar 06, 2021

Mexico News: Government to Invest $32B to Slash Greenhouse Gases Emissions

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Mexico's government announced on Tuesday that it will spend $32 billion to modernize its refineries while cutting greenhouse gas emissions produced by gasoline and oil-processing facilities.

The project, expected to be completed in early 2016, is aimed to slash greenhouse gas emissions from gasoline by 90 percent and reduce several tons from four facilities, Channel NewsAsia reported.

As world governments held climate talks in Paris, Mexican President Enrique Peña Nieto announced plans worth $3 billion to cut sulphur content in gasoline produced at six refineries of Pemex, a state-run corporation, according to Yahoo! News. Another $3 billion will be spent at three refineries and a gas processing plant intended to produce its own electricity, which will cut 3,000 tons of greenhouse gases per megawatts created annually.

The country's government will also spend $13 billion to boost Pemex's capability to process crude oil and another $3.9 billion to trim down the need to import diesel with low sulphur content, the news outlet noted.

In total, the facilities will produce more than 2,300 megawatts of electricity, a number equal to the power generated for one million homes, Yahoo! News further reported. The government said that these plans will lessen emissions of carbon dioxide by 1.75 million tons each year at the Tula refinery - located in the central state of Hidalgo - alone.

"They are green investments, which will take care of the environment and care for the health of Mexicans," Peña Nieto said in a speech in Tula, as quoted in the news outlet's report. "We will have cleaner gasoline, with less sulphur content, which will allow us to reduce greenhouse gas emissions that contaminate the environment and affect the health of Mexicans."

The projects, which are co-founded by private investments, will provide 63,000 direct jobs, Channel NewsAsia reported. Mexico pledged that its greenhouse gas emissions will hit the highest point in 2026 before falling. In addition, the plan predicts greenhouse gases to drop 22 percent and black carbon 51 percent by 2030.

The United Nations discussions comprising 195 nations have been touted as the final option to combat the worst effects of global warming, such as lethal drought, floods, storms, and rising sea levels that will engulf islands and heavily populated coastlines, Yahoo! News listed.

In order to arrive a deal in time for the deadline on Friday, governments must first address plenty of decades-old disputes that have hindered the path to a global climate pact, the news outlet added. This includes granting financial aids to developing nations intended to handle global warming, limiting planetary overheating, and reviewing the progress of cutting greenhouse gas emissions.

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