Following in the wake of the institution of national climate change legislation (2012) and a national carbon tax on fossil fuels (this legislative session), Mexico's financial exchange, Bolsa Mexicana de Valores (BMV), is finalizing the launch of the first carbon offset credit exchange in the Latin American region.
Dubbed MEXICO2 and slated for launch November 26, the carbon credits exchange will offer public and private sector organizations a financial incentive to “green” their activities by developing projects that mitigate climate change and reduce carbon and greenhouse gas emissions, such as forest conservation, sustainable agriculture and renewable energy systems deployment. On the other side of transactions, polluters will be able to offset their emissions by purchasing credits, and use the expense to offset any carbon tax they may incur.
The aim of Mexico2 is to offer companies a cost-effective mechanism for reducing emissions of greenhouse gases into the atmosphere, while contributing to sustainable development of the country by supporting national carbon projects with social content," project director Eduardo Piquero told 3p.
"With the aim of developing new social and environmental projects, the platform will also provide a joint financing tool, giving visibility to the originating organizations, promoting their activities and granting access to resources in a safe and transparent [manner]."
Joining BMV in developing the platform is wholesale financial markets broker SIF ICAP. Supporting partners included the British Embassy in Mexico City and the United Nations Environment Programme (UNEP), as well as Mexico's Secretariat of Environment and Natural Resources, National Forestry Commission and the National Institute of Ecology and Climate Change.
The MEXICO2 platform “seeks to forge a Mexican voluntary carbon market that allows companies in the country to support CDM and voluntary markets in order to support the transition of Mexico toward a greener future,” BMV explains.
An experienced, independent journalist, editor and researcher, Andrew has crisscrossed the globe while reporting on sustainability, corporate social responsibility, social and environmental entrepreneurship, renewable energy, energy efficiency and clean technology. He studied geology at CU, Boulder, has an MBA in finance from Pace University, and completed a certificate program in international governance for biodiversity at UN University in Japan.