SAN DIEGO (Border Report) — Several renewable energy projects in Baja California have been placed on hold until the presidential elections in both Mexico and the United States are decided later this year.
Pedro Montejo Peterson, president of the National Industry Council of Maquiladoras, Manufacturing and Exportation, said until the outcomes are known, investment won’t flow into these projects.
“Renewable energy is necessary for industry because companies know if they aren’t using it in the future, they won’t be able to stay in business,” he said. “The outcome of the elections is going to decide how these projects go.”
Montejo Peterson and other venture capitalists believe a Republican congress and Donald Trump in the White House would slow investment in Mexico.
They also worry that Mexican presidential candidate Claudia Sheinbaum will continue with Mexico’s fossil fuels dependency should she win.
Current polls show she is well ahead of other candidates.
Montejo Peterson says he also knows of two major auto manufacturers who have placed projects on hold in the interior of Mexico pending the elections.
Renewable energy is derived from natural sources that are replenished at a higher rate than they are consumed.
Electricity generated from the sun and wind are examples of renewable energy.
Plants and factories running on this type of energy are considered not only more efficient and environmentally friendly but more profitable as well.
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