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At the Global Climate Action Summit (GCAS) in California, Mexico’s Ministry of Environment and Natural Resources (SEMARNAT) announced that their carbon market pilot phase will begin in 2019. The pilot will run for three years, before transitioning to an Emissions Trading System (ETS) in 2022. The Mexican Pilot will build on a successful carbon market simulation, which involved more than 100 companies from a diverse range of sectors that collectively represent more than two thirds of Mexico’s GHG emissions.
There have also been hints toward collaboration and linking with existing markets in North America. California Governor Jerry Brown in his speech at GCAS expressed hope that Mexico would consider joining the Western Climate Initiative (WCI). Mexico’s entrance would significantly increase the size of the WCI market.
The plans for the Mexican ETS build on their already implemented carbon tax, with the overall aim of halving emissions by 2050 compared to 2000 levels.
There have also been hints toward collaboration and linking with existing markets in North America. California Governor Jerry Brown in his speech at GCAS expressed hope that Mexico would consider joining the Western Climate Initiative (WCI). Mexico’s entrance would significantly increase the size of the WCI market.
The plans for the Mexican ETS build on their already implemented carbon tax, with the overall aim of halving emissions by 2050 compared to 2000 levels.
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