The event brought together public and private sector leaders in climate change to discuss the importance of developing carbon markets in Mexico, highlighting the recent developments, opportunities and challenges for the country and the private sector in particular.
The event was held in the context of the recent announcement by US President Donald Trump, in which he expressed his intention to withdraw the country from the Paris Agreement on Climate Change. In response, Mexico - alongside many other countries – had reaffirmed its commitment to its Nationally Determined Contributions (NDCs), which aim to reduce the country's greenhouse gas emissions by 22% by 2030.
During the forum, Beatriz Bugeda, Director of the Climate Reality Project in Mexico and Latin America, stated:
"Mexico is among the countries most affected by climate change. We need political will and immediate action by all actors (government, private sector and civil society) to meet the objectives set out in the Paris Agreement and not to exceed the 2 ° temperature threshold."
Mexico's economy is particularly prone to suffer the consequences of climate change due to its geographical position and the vulnerability of its population to extreme climatic events as floods, droughts and hurricanes.
Aeroméxico, the Federal Electricity Commission (CFE), Dow Química, Engie, Proteak and Shell expressed their concern about climate change in a panel session hosted by Carbon Trust México Director, Soffia Alarcón Diaz. The companies discussed the challenges and opportunities they face, as well as their expectations regarding the implementation of an emissions trading system in Mexico.
Rodolfo Lacy, Undersecretary of Planning and Environmental Policy at the Ministry of Environment and Natural Resources (SEMARNAT), added during his presentation that Mexico will launch its own emissions trading system in 2018.
Acciona Energy, Cervecería Cuauhtémoc Moctezuma Heineken México, Grupo Aeroportuario de Mexico City, Manpower and Palsgaard discussed their experiences of participating in Mexico’s voluntary carbon market and the sustainability strategies of companies in Mexico. Anna Asikainen, Commercial Director of MEXICO2 added that thanks to the participation of companies in the voluntary market via MÉXICO2’s carbon platform, more than 40,000 tons of CO2e have been compensated.
The forum "Facing Climate Change: The State of the Carbon Market in Mexico", is yet another demonstration of the Mexican Stock Exchange Group and MEXICO2’s commitment to the development of environmental markets within the country, adding to the international drive to tackle climate change, a critical environmental issue that affects the global community.
"Carbon markets, with global transactions account for more than $ 40 billion a year, represent an indispensable strategy to deal with the problem of climate change,"
- commented Jose Oriol Bosch, Director General of the Mexican Stock Exchange.