Mexico to obtain $48 billion in US funding for solar-powered projects

Mexico will ask US President Joe Biden for up to $48 billion in financing for solar projects.

The country aims to get some of the funds through the North American Development Bank (NADBank), but Mexico may potentially obtain some of the funds between 2022 and 2030 by selling debt bonds.

Mexico has put aside $2 billion to reduce flare-ups at Pemex, the country’s state-owned oil firm.

The new goals also aim for Mexico to sell 50% zero-emission cars by 2030. The US has stated that it supports the concept and will work with Mexico.