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Mexico’s AMLO Says Carbon Offsets Need Oversight After BP Revelations

Following a Bloomberg Green investigation showing the oil giant paid communities far below market rate, the Mexican president said the offset market was in need of regulation. 

Andres Manuel Lopez Obrador, Mexico's president, speaks during a news conference in Mexico City on March 15, 2022. 

Andres Manuel Lopez Obrador, Mexico's president, speaks during a news conference in Mexico City on March 15, 2022. 

Photographer: Alejandro Cegarra/Bloomberg
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Mexican President Andres Manuel Lopez Obrador called for regulation of the country’s carbon offset market in response to a  Bloomberg Green investigation that showed oil giant BP Plc is paying subsistence farmers a fraction of market rate. 

BP paid just $4 per ton to more than a dozen Mexican communities under an agreement signed in 2021. The project’s own research showed buyers were willing to pay more than double that for offsets, which are now worth an average of $12 to $16 on the market.