Meeting at the 2016 Climate Summit of the Americas on Wednesday, Mexico and the Canadian provinces of Ontario and Quebec pledged to work together to advance carbon markets. Under the new agreement, the three parties will participate in knowledge sharing on carbon markets and “opportunities to reduce greenhouse gas pollution while driving innovation and supporting strong economic growth,” according to a government of Ontario release.
All three parties have an interest in carbon markets. Mexico has said it will work to implement a carbon market in the near future, while Ontario and Quebec already operate carbon markets. “This new agreement reinforces cap and trade’s vital role in fighting climate change. Like Mexico, regions around the world are recognizing that adopting a market-based approach to pricing carbon is a proven way to reduce greenhouse gas pollution while encouraging a stronger, more sustainable economy,” Glen Murray, Ontario’s minister of the environment and climate change, said in the release.
