Mexico City - A new report from the International Renewable Energy Agency (IRENA), prepared in collaboration with the Mexican Energy Secretariat (SENER), finds that not only can Mexico increase its share of renewable energy in its energy mix from 4.4% in 2010 to 21% in 2030, but it can also generate up to 46% of its electricity by 2030 from renewable energy sources.

The report, Renewable Energy Prospects: Mexico, concludes that, if current policies are not enhanced, Mexico's energy mix will only see 10% of energy coming from renewable energy sources by 2030. However, with Mexico's "large and diverse renewable energy resource base," the country has the opportunity to greatly expand its share of renewable energy, "given the right mix of policies."

Maybe most importantly to the Latin American country, Mexico could also save $1.6 billion in total energy system costs if it were to reach a 21% renewable energy share by 2030, when taking into account factors like reduced health costs and pollution.

"Mexico represents one-fifth of all energy use in the Latin America and Caribbean region and is key to ensuring a successful regional transition to renewable energy," said Adnan Z. Amin, Director-General of IRENA. "With the recent energy sector reform, Mexico is now on the path of rapid renewables growth, which can help secure a safer, healthier and more sustainable future."

"This report shows that Mexico could install significantly higher amounts of renewables – and that it can do so affordably," said Dolf Gielen, Director of IRENA's Innovation and Technology Centre. "The dramatic technology cost declines present a real opportunity for Mexico to scale up their renewable energy deployment and lead the region towards a clean energy future."