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LONDON, 12 DECEMBER - IETA warmly welcomes the news that Mexico has mandated a carbon market in the country. IETA has been a strong supporter of efforts by Mexico to develop emissions trading and has assisted the ministry during the development of these plans.
“We’re delighted and proud to see yet another nation step forward with ambitious plans to put a price on carbon across its economy,” says Dirk Forrister, CEO of IETA. “IETA and its members are ready to work with the ministry to smooth the path to an effective and efficient market system.”
Mexico’s climate change law previously called for a voluntary market system, but the country’s chamber of deputies amended the law on December 12 to set in motion the process to develop a mandatory carbon market.
“Earlier today in Paris, Mexico participated at the One Planet Summit in the launch of the ‘Carbon Pricing in the Americas Framework’ which commits countries, states and provinces across North, Central and South America to cooperate on implementing emissions pricing,” says Katie Sullivan, IETA’s Managing Director. “Today’s announcement is putting those words into action.”
About Mexico’s climate change law:
Article 94 of the Mexican climate change law now calls for regulations outlining the scope of the carbon market to be developed in time for the market to begin operating in August 2018. The trading system will start with a three-year pilot phase, much like Europe’s system when it began in 2005, before the formal launch in August 2021.