Mexico expects the Global Green Growth Institute, a Korea-initiated multinational organization, to play a crucial role in facilitating international exchanges of technology, expertise and funds for environment-friendly development.

Latin America’s second-largest economy has set comprehensive plans to cut carbon emissions, boost energy efficiency and increase the use of renewable energy resources.

“To reach these objectives, Mexico will need international cooperation and funds,” Mexico’s Minister for Environment and Natural Resources Juan Rafael Elvira told The Korea Herald.

Elvira signed an agreement for his country to become the 18th member economy of the GGGI on Friday.

He said Mexico would be able to use the multilateral platform of the GGGI alliance to exchange technology with other members of the organization and access global funds.

“There are areas of opportunity where we could provide information useful to South Korea and other members to change the process of production and make it more energy efficient,” he said.

“We need to interchange all this information including solutions and technology between countries and private industries.”

Mexico plans to make its economy more environmentally friendly in the long term, which requires a budget of $138 billion until 2020, of which $60 billion will come from the private sector.

It already has a law in place, ratified by the Mexican Senate last June, to mitigate carbon gas emissions.

It aims to reduce 30 percent of emissions by 2020, and 50 percent by 2050 through the development of eco-friendly transportation, wind power and forest conservation.

Also, the country seeks to increase the use of renewable energy, including hydroelectric power, to 35 percent by 2024, up from around 24 percent currently.

GGGI was initially launched as a non-profit foundation in Korea in June 2010. Seventeen countries signed an agreement in Rio de Janeiro, Brazil, in June to convert it into an international organization.

Following the ratification of Kiribati as the third country to approve the treaty, the GGGI will formally become an international organization on Oct. 18, according to the Seoul office.

The organization’s inaugural meeting as an international body will be held on Oct. 23-24 in Seoul, ahead of the pre-Conference of Parties Ministerial Meeting for U.N. climate negotiations hosted by the city.

Mexico aims to play a leading role for the GGGI in Latin America and help its neighboring countries to adopt and implement policies to make their economies environmentally friendly.

The country’s exports account for some 60 percent of the total in the region.

Mexico’s Senate will need to ratify the agreement to join the GGGI. Elvira said he is positive that this will be approved, and the incoming administration of President-elect Enrique Pena Nieto understands the importance and significance of promoting its environment policies through global cooperation.

Mexico’s newly elected president will take office in December this year, noted the environment minister, who has served in his post for the last six years during the Felipe Calderon administration.

By Park Hyong-ki (hkp@heraldcorp.com)