The Mexican Association of Transport and Mobility (AMTM) warned that public transport is failing to capitalize on carbon credit financing, despite clear evidence that systems like Metro and Metrobús have achieved measurable emission reductions. Although recent projects such as Metro Line 12 and the State of Mexico’s Metrobús have collectively cut an estimated 20 million tons of CO₂ annually, Mexico has not issued a single carbon credit tied to public transit electrification since 2012. These findings were presented during the webinar “Accelerating Mobility in Mexico with Carbon Credits,” organized by AMTM and Grütter Consulting.
Susana Ricaurte, senior advisor, Grütter Consulting and former Colombian electric mobility official, explained that although transport operators and authorities understand that electric systems reduce emissions, “they are not yet aware that these systems can also secure financing to close the funding gaps required for this type of mobility.”
Jürg Grütter, CEO, Grütter Consulting, added that carbon credits are granted based on documented emission reductions, using real-world data such as vehicle counts, mileage, and electricity consumption. These credits typically sell for US$60 to US$100 per ton on voluntary carbon markets and can help offset the cost of acquiring electric buses and charging infrastructure.
Mexico created its first voluntary carbon market in 2013, but the absence of a mandatory market and accompanying federal regulations has left little incentive for companies or investment funds to support transit electrification. Edmond Grieger, partner at Von Wobeser y Sierra, argues that Mexico must implement its Emissions Trading System (SCE)—introduced in 2018 but never enforced—to attract investment in emissions-reducing technologies. Under the SCE, each sector would face an emissions cap and be required to purchase government-validated carbon offsets to exceed that limit.
Mexico’s failure to leverage carbon offset financing stands in stark contrast to other Latin American countries that have tapped into global enthusiasm for green investment. In 2011, Bogota launched an IDB-sponsored initiative to deploy over 500 electric buses, transforming what was once a diesel-dominated fleet into the greenest in Latin America. In Santiago, Chile, authorities secured US$127 million in IDB financing to purchase 992 electric buses by 2036—cutting nearly 31,000 tons of CO₂ emissions annually.
According to a report by Tecnológico de Monterrey, fully electrifying Mexico City’s bus fleet could reduce over 40,500 tons of CO₂ emissions—equivalent to the annual carbon absorption of 1.9 million adult trees. It would also eliminate 364 tons of toxic air pollutants per year.
However, emissions are not evenly distributed across transport modes. Replacing diesel buses alone will not resolve Mexico’s emissions crisis. Ana Mendívil, Director of Climate Change, SEDEMA, noted that while 80% of trips in Mexico City are made on public transit, this accounts for less than 30% of emissions. By contrast, private vehicles produce 60% of emissions despite only accounting for 20% of trips.
To make meaningful progress, public electric transit must expand significantly. Daniela Flores, consultant and project manager at Grütter Consulting, emphasized that this requires improvements in electromobility infrastructure—particularly charging stations. “Right now, they do not operate during the day. It is like having a gas station that only opens at night. That model does not work. From the operator’s perspective, we need to rethink how to improve the total cost of ownership,” she said.
