Integration and Collaboration, Keys for the Region’s Future Growth
New York, July 30, 2014—With legislation to implement landmark energy reform under debate in Mexico, the growing development of Canada’s oil sands, and the shale revolution underway in the United States, North America is entering an era of greater competitiveness and increased energy security. Based on a high-level meeting in Mexico, the report Mexico: An Opening for Energy Reform released today by Council of the Americas’ Energy Action Group (EAG), underscores the impact of the country’s far-reaching reforms not just for Mexico but for both the United States and Canada, which will benefit from investment opportunities, lower energy costs, and stronger value chains across the region.
As a result of the reform, energy costs will decrease, 2.5 million new jobs will be created by 2025, and Mexico’s GDP will increase by 2 points by 2025, the report concludes. But Mexico's energy reform will only benefit North America if the region develops a fully integrated sector.
"North America has the potential to be the most economically competitive region in the world. By employing best practices and cooperation, North American energy producers can enhance their production and improve the climate for doing business. The region can reach its full potential through cross-border integration of energy flows. The United States, Canada, and Mexico all stand to benefit through increased energy production in the near future," says COA's Director of Energy Christian Gómez Jr.
AS/COA’s report on the Mexican energy reform follows last February’s release of the working paper North American Energy Integration: The Canadian Perspective, which analyzes the strategic issues around Canada’s oil sands development and the country’s role as a leader in renewable energy with a strong hydroelectric power sector and emerging capacity in wind, solar, and biomass.
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Council of the Americas’ Energy Action Group (EAG) brings together the public and private sectors to develop strategic energy policies for the Americas. The EAG hosts forums in cities across the Americas and publishes working papers and recommendations on key energy and climate topics.