By BusinessGreen staff
businessgreen.com
27 Nov 2013
Efforts in China and Mexico to boost investment in low carbon goods and services took a major step forward with the unveiling of three new carbon trading schemes.
China yesterday extended its pilot carbon trading schemes to Beijing and Shanghai, where major emitters will now be forced to pay for any greenhouse gases they emit above a certain quota by purchasing carbon credits.
The schemes are the second and third of seven pilots expected to launch in China after a similar scheme began in Shenzhen earlier this year. Pilots in the cities of Tianjin and Chongqing, and the provinces of Guangdong and Hubei are expected to be fully operational by the end of next year.
There are also hopes that if the schemes prove successful they will provide the foundations for a national carbon trading scheme, which will in turn deliver a major boost to international negotiations to deliver a global climate change deal.
Meanwhile, Mexico's stock exchange yesterday revealed plans for the first carbon offset credit exchange in the Latin America. Bolsa Mexicana de Valores (BMV) held a presentation at the exchange's auditorium, in Mexico City, to outline the mechanism called MEXICO2.
According to Reuters, the scheme could offer different types of carbon credits to companies offsetting emissions in an over-the-counter market, while companies with shares listed in the BMV could also be invited to set emissions reductions targets.
Daniel Raffo, Latin America manager at Bunge Environmental Markets and Ecoinvest Services, said the launch showed Mexico was once again leading the way amongst developing nations in climate change mitigation.
"This initiative is an important milestone that will help revitalize the carbon economy within the country, while testing the effectiveness of combining a federal-level carbon tax with market-based offsetting alternatives that can help steer local industry towards an environmentally sustainable path," he said.
China yesterday extended its pilot carbon trading schemes to Beijing and Shanghai, where major emitters will now be forced to pay for any greenhouse gases they emit above a certain quota by purchasing carbon credits.
There are also hopes that if the schemes prove successful they will provide the foundations for a national carbon trading scheme, which will in turn deliver a major boost to international negotiations to deliver a global climate change deal.
Meanwhile, Mexico's stock exchange yesterday revealed plans for the first carbon offset credit exchange in the Latin America. Bolsa Mexicana de Valores (BMV) held a presentation at the exchange's auditorium, in Mexico City, to outline the mechanism called MEXICO2.
According to Reuters, the scheme could offer different types of carbon credits to companies offsetting emissions in an over-the-counter market, while companies with shares listed in the BMV could also be invited to set emissions reductions targets.
Daniel Raffo, Latin America manager at Bunge Environmental Markets and Ecoinvest Services, said the launch showed Mexico was once again leading the way amongst developing nations in climate change mitigation.
"This initiative is an important milestone that will help revitalize the carbon economy within the country, while testing the effectiveness of combining a federal-level carbon tax with market-based offsetting alternatives that can help steer local industry towards an environmentally sustainable path," he said.
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