Argentina

The “National Strategy for the Use of Carbon Markets” (ENUMeC), approved in 2023, establishes a framework for compliance and voluntary carbon markets in Argentina in line with the country’s NDC’s, the Long-Term Strategy to 2050, and the “National Climate Change Adaptation and Mitigation Plan” (PNAyMCC). Compliance carbon markets are highlighted as key instruments under the “Financiamiento para la Transición” strategy, aiming to provide transparency and reliability for carbon market implementation at national and international levels.

An initial legislative proposal for an ETS in Argentina was included in a Bill introduced by President Milei in December 2023. Aligned with ENUMeC’s objectives, the proposed ETS would have initially covered the energy sector, with potential for expansion to other sectors. However, due to significant opposition, all ETS references were removed from the revised Framework Law (Ley Bases) in April 2024. Despite this, there are signs that the administration remains open to market-led decarbonization approaches.

In November 2024, legislative proposals were introduced in the Chamber of Deputies (6538-D-2024) and Senate (S2134/34) titled “Bill for Minimum standards for the implementation of greenhouse gas mitigation projects in Argentina” (Proyecto de Ley de Presupuestos Mínimos para la Implementación de Proyectos de Mitigación de Gases de Efecto Invernadero). The proposed Bill aims to operationalize ENUMeC, mandate regulations for voluntary carbon markets, establish the National Registry of Greenhouse Gas Mitigation Projects (ReNaMi) and facilitate Article 6 implementation under the Paris Agreement. ETS development is not included in the proposal.

Additionally, in September 2024, Argentina partnered with the Inter-American Development Bank (IDB) to commission an ETS blueprint that includes international benchmarking and an impact cost assessment.