| MEXICO CITY
MEXICO CITY Nov 26 Mexico's stock exchange
launched its first platform to trade carbon credits on Tuesday,
a voluntary initiative that allows polluters to offset their
emissions with tradeable certificates.
The new platform, called MEXICO2, provides an electronic
forum for certificates conferring the right to emit one tonne of
carbon dioxide, thereby attaching a cost to pollution.
MEXICO2 also seeks to have investors fund environmental
projects aimed at curbing greenhouse gases.
"Increasingly, investors are asking that companies do their
part to reduce their carbon emissions," Luis Tellez, chief
executive of Mexico's stock exchange, said at the launch.
Tellez said he expects robust demand for the credits and the
projects the new platform seeks to promote - despite the fact
the exchange imposes no binding obligations on companies.
The new platform is the second such exchange in Latin
America, following the launch of Costa Rica's BANCO2 market last
Eduardo Piquero, head of the platform, said MEXICO2 expects
to handle a million carbon credits in its first year of
operation, doubling to two million in the second year.
Piquero declined to say what the scheme would be worth,
explaining that the price of credits will vary by project, which
may include public transport initiatives or reforestation
The platform should benefit from Mexico's new carbon tax,
set to take effect next year, thanks to a provision that allows
companies to pay the levy with carbon credits.
Environment Minister Juan Jose Guerra said Mexico
contributes 1.4 percent of global emissions, and already has
some 200 certified projects generating tradeable carbon credits.
Those projects can yield the Certified Emissions Reductions
(CERs) issued by the U.N.'s Clean Development Mechanism, the
original carbon market created by the Kyoto Protocol. The CERs
would then be made available for trading on MEXICO2.
(Reporting by David Alire Garcia; Editing by Ken Wills)