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London/Washington, DC, May 8, 2015: Historically unpredictable and changing oil prices are hurting the economy, but today’s cheap oil offers a unique opportunity to reduce our fossil fuel addiction and invest in more sustainable and predictable renewable energy sources – says a new report by Lord Nicholas Stern and colleagues in the New Climate Economy project.

"We welcome this announcement and the fact that Mexico is the first major emerging economy to declare its commitment to a low-carbon future. This is an example for other countries, including developed countries, to follow,” former President Felipe Calderón and Chair of the Global Commission on the Economy and Climate said.