The Mexican state of Querétaro partners with ALLCOT to spearhead carbon projects within the region. This strategic collaboration, announced last Friday, aligns with the state’s commitment to environmental sustainability.

Governor Mauricio Kuri González, in collaboration with ALLCOT’s Vice President of Climate Action, Sergi Cuadrat, formalized the partnership by signing a Memorandum of Understanding. The agreement aims to promote the development and implementation of emission mitigation and reduction projects in Querétaro, enhancing the sustainability and competitiveness of the industrial sector.

During the COP28 in Dubai, Governor Kuri González discussed sustainability projects and their impact on carbon emissions. He acknowledged ALLCOT’s vision in leading and accelerating the global transition toward a Net-Zero Emissions society by 2050. ALLCOT expressed its commitment to fostering development and implementing emission-mitigating projects in accordance with the State Emissions Compensation System.

The Mexican carbon market has gained momentum, witnessing its inaugural transactions earlier this year. Analysts anticipate increased liquidity as more states, nine out of 32 in total, embrace carbon taxes. Notably, Querétaro boasts the highest carbon tax in the country, nearing $30. Various Mexican states, including Querétaro, Zacatecas, Yucatán, Durango, Mexico State, Sonora, and Guanajuato, have implemented or are in the process of adopting carbon taxes, with tax levels ranging from $2 to $30. Experts anticipate convergence in tax rates over time. Companies subject to the tax in Querétaro now have the option to offset their emissions by purchasing carbon credits from projects operating within the state.