On 15 August 2016, the Mexican stock exchange (Grupo BMV), MÉXICO2 (the voluntary carbon platform at the BMV), and the Ministry of Environment and Natural Resources (SEMARNAT) signed a cooperation agreement to implement a voluntary pilot emissions trading system. The pilot will run as a voluntary simulation with the expected participation of 60 major entities in the power generation, manufacturing and transport sector (Spanish). The simulation aims to make stakeholders familiar with the concept of emissions trading and to improve corporate readiness. Together with the development of a registry for national emissions, the pilot ETS is consistent with Mexico’s objective to implement a national carbon market by 2018.
Mexico also imposes a USD 3.50 (EUR 3.11) carbon tax on the use of fossil fuels as part of its efforts to reduce greenhouse gas emissions 22% below baseline emissions by 2030.
