Mexico is interested in Quebec's cap-and-trade carbon market

Mexico has shown interest in Quebec's cap-and-trade system for greenhouse gases, and has signed an agreement to learn from the province.

After meeting with the Mexican president on Monday, Premier Philippe Couillard said Mexico sees Quebec's carbon market as an effective way of addressing climate change.

"I was impressed by the strength of his statements," Couillard said, regarding president Enrique Peña Nieto's commitment to setting up a carbon market for his country.

Mexico is the 13th largest emitter of greenhouse gases in the world. It has an ambitious goal to reduce emissions by 30 per cent by 2020 and by 50 per cent by 2050 from the levels recorded in the year 2000.

Quebec's cap-and-trade system is meant to encourage innovation among industries to reduce their annual emissions. It allows companies that emit less than the annual cap to sell their remaining credits to those that pollute above their cap.

Preparing for the Paris conference

With a plan to create a carbon market, "Mexico would be better equipped to achieve its targets and to attend the Paris conference with a very strong message," Couillard said.

Organized by the United Nations, the Paris conference will gather 195 countries in December to define the commitments needed keep global warming below 2 degrees. Couillard will also be in attendance.

After California and Quebec, Ontario and New York also want in on a carbon market, which shows the formula is slowly gaining popularity, Couillard said

The premier will conclude his Mexico visit on Tuesday and then fly to Iceland on Wednesday.