During the COP28 held in Dubai, Argentina has confirmed the creation and launch of the first Argentine Carbon Exchange (BACX), with the aim of promoting and scaling the potential of the country’s ecosystem services and other key sectors such as energy, commodities, aviation, waste, agriculture, construction, among others.

The new BACX will rely on technological and regulatory support through an exclusive agreement with ACX, the first digital carbon exchange with more than 16 million transactions worldwide, which is in turn supported by the United Nations Framework Convention on Climate Change (UNFCCC).

As a reference, Argentina has recently released its National Strategy for the Use of Carbon Markets, approved by the Resolution No. 385/2023 from the Ministry of Environment and Sustainable Development in last November. Carbon markets are identified by Argentina as one of the key mechanisms to contribute to compliance with the successive Nationally Determined Contributions (NDCs), the Long-Term Strategy to 2050 and the Adaptation Communications.