BMV, MÉXICO2 Expand Carbon Trading with New Alliance

The launch of the Mexican Carbon Alliance by the Mexican Stock Exchange and MÉXICO2 creates a multisector platform aimed at standardizing and scaling Mexico’s carbon market. By connecting commercial banks and investment desks with carbon instruments, the initiative seeks to boost liquidity and address technical bottlenecks for both corporate emitters and project developers. The framework arrives as Mexican states expand subnational environmental taxes, offering companies a more structured mechanism to offset emissions through standardized domestic carbon credits.

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The Mexican Stock Exchange (BMV) and MÉXICO2 have launched the Mexican Carbon Alliance (AMMC) to expand the scale of the national carbon market, increase financial sector participation, and direct capital toward emissions-reduction projects. The launch event brought together more than 100 representatives from the public, private, financial, and international sectors to establish the country’s first multisectoral platform focused on carbon pricing policy and market credibility.

Eduardo Piquero, Director General, MÉXICO2, said the alliance’s primary objective is to expand domestic demand and establish a structured vehicle for climate capital. “Local mechanisms have proven their capacity to reduce emissions and mobilize resources,” Piquero said. “The alliance will expand Mexican demand and consolidate a market that finances climate projects with greater scale, certainty, and private-sector participation.”

The alliance aims to connect carbon trading platforms directly with commercial banks and investment desks to boost transaction volumes. Mariuz Calvet, Executive Director, Santander México and President of the Social Responsibility Commission at the Association of Mexican Banks, emphasized that the banking sector plays a central role in expanding green finance and supporting the transition to a low-carbon economy.

Javier Bernal, Director of the Money Market Desk, GF Monex and a founding member of the Sustainable Finance Council (CMFS), noted that the global carbon market currently moves approximately US$2 billion. Bernal said that connecting the financial system with carbon instruments will generate liquidity, attract new institutional participants, and help transform carbon credits into standard financial instruments for corporate decarbonization strategies.

“The new alliance will serve as a key systemic think tank to scale Mexico’s carbon credit market,” Bernal said. “From the financial sector, we are committed to a coordinated agenda among regulators, the market, and participants.”

Piquero noted that carbon pricing serves as an economic incentive to reduce emissions while integrating climate change considerations into organizational decision-making. As a subsidiary of the BMV, MÉXICO2 develops trading systems that allow companies to buy and sell emissions credits to offset their greenhouse gas footprints.

According to MÉXICO2, local carbon market mechanisms in Mexico have already mitigated 1.1 million tCO₂ — equivalent to the annual emissions of the state of Morelos — while mobilizing MX$400 million (US$23.14 million) toward mitigation projects.

AMMC Builds on Successful Subnational Carbon Policies

The AMMC builds on regional carbon policies being developed by several Mexican states that are using fiscal mechanisms and environmental offsets to stimulate market demand, including Tamaulipas, Queretaro, and Colima. Queretaro currently uses a greenhouse gas emissions tax to channel funds into local carbon projects through offset mechanisms, while Tamaulipas has developed policies to finance high-quality environmental initiatives.

Colima, meanwhile, has implemented an ecological tax that allows entities to offset up to 50% of their environmental tax obligations through carbon credits. In 2026, the state projects revenue of US$2.94 million from the levy, which applies to fixed sources emitting carbon dioxide, methane, and nitrous oxide.

Despite regional progress, Mexico’s carbon market continues to face challenges related to technical standardization, transaction depth, and regulatory coordination among buyers, issuers, and verification bodies. The AMMC aims to address these structural limitations by building a unified market architecture focused on legal certainty, technical integrity, and streamlined interaction between project developers and authorities.

Naomi Flores, Director of Strategy, MÉXICO2, said the platform seeks to build an evidence-based ecosystem that improves operational efficiency and strengthens market credibility.