This initiative, known as the Carbon Pricing Panel, is an effective way of reducing greenhouse gas emissions. Putting a price on carbon discourages the use of the most highly polluting fuels and promotes the development of cleaner technologies.

Setting a fair, real price will encourage the use of cleaner fuels and greater energy efficiency throughout our economy.

Moreover, triggering business opportunities in clean technologies creates new markets that encourage private sector participation in the fight against climate change.

As for setting carbon prices, Mexico previously designed and levied a tax on fossil fuel carbon and is currently determining a price for carbon dioxide.