Introduction
Carbon bonds, intended to offset a company’s environmental pollution and achieve a neutral impact, are not fully appealing in Mexico due to regulatory gaps, corruption, market complexity, and difficulties in measuring and verifying projects. This lack of trust among businesses and investors has made carbon bonds less attractive.
Current State of Carbon Bonds in Mexico
During the ‘México Carbon Forum 2025’ event in Tampico, Mauricio Coindreau, Global Sustainability Director at Alpek, stated that the interest rates for carbon bonds have become “less competitive.” Moreover, the costs associated with issuing, verifying, and monitoring a loan or carbon bond have proven “more expensive” than the interest rate savings, according to Coindreau.
Alpek is a petrochemical company listed on the Mexican Stock Exchange (BMV) that produces purified terephthalic acid (PTA), polyethylene terephthalate (PET), expanded polystyrene (EPS), and polypropylene (PP). The company has a presence in America, Europe, and the Middle East.
Coindreau anticipates that the carbon bond market will become “more competitive” and appealing over time, driven by emerging regulations in places like Mexico that require greater transparency and verification from companies.
Reputation Concerns
Ana Karen Mora, Sustainability Director of Fibra Uno and Fundación Funo, highlighted a “reputation issue” surrounding carbon bonds. Some believe that purchasing these bonds allows companies to avoid reducing their own emissions.
Fibra Uno is Mexico’s first Real Estate Investment Trust, focusing on acquiring, developing, operating, and selling real estate assets such as shopping centers, industrial parks, and office spaces to generate returns and value for investors.
Mora believes that implementing a robust strategy demonstrating and registering emission reductions along with efficiency work will transform carbon bond purchases into a significant solution for unavoidable residual emissions.
Looking ahead, Mora expects more carbon bond projects in Mexico since most globally verified projects are located outside the country.
Barriers to Carbon Bond Acquisition
Verónica Ordóñez, Soriana’s Subdirector of Technological Innovation, identified barriers faced by emitters attempting to secure “green credits.”
- Excessive Requirements: A large number of requirements can complicate the process, especially if a company lacks complete traceability of all its processes.
- Legal Delays: Legal team entanglement with necessary clauses to meet requirements can prolong projects.
Ordóñez considers these delays a potential barrier, leading companies to stick with traditional financing methods like financial leasing. She envisions a standardized market for this type of financing in Mexico, given the current underdevelopment in that area. Meanwhile, she advocates for capitalizing on existing opportunities to decarbonize, as any action in this direction benefits everyone.
Ordóñez also anticipates excellent financing schemes for emerging sectors like electromobility in the future.
Key Questions and Answers
- What are carbon bonds? Carbon bonds aim to offset a company’s environmental pollution and achieve a neutral impact.
- Why are carbon bonds unattractive in Mexico? The lack of regulation, corruption, market complexity, and difficulties in measuring and verifying projects have made carbon bonds less appealing to companies and investors.
- What challenges do companies face when trying to acquire carbon bonds? Companies encounter excessive requirements, legal delays, and the need for complete traceability of their processes.
- What is the outlook for carbon bonds in Mexico? Emerging regulations and standardized markets are expected to make carbon bonds more competitive and appealing over time.
