Mexico will launch a mandatory carbon market of which the pilot phase will be put in place by August 2018, the nonprofit business organization International Emissions Trading Association (IETA) reported on Tuesday.
IETA supported Mexico in developing emissions trading and assisted during the development of the plans, IETA said.
Mexico’s climate change law previously called for a voluntary market system, IETA said, adding that the country’s chamber of deputies amended the law on Dec. 12 to set in motion the process to develop a mandatory carbon market.
The association also explained that the Mexican climate change law 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, before the formal launch in August 2021.
“IETA and its members are ready to work with the ministry to smooth the path to an effective and efficient market system,” CEO of IETA, Dirk Forrister was quoted as saying.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr