Mexico's state-owned oil company Petroleos Mexicanos, or Pemex, has identified 21 opportunities to cut greenhouse gas emissions and get paid for it under the Clean Development Mechanism, a pollutant trading system mandated under the Kyoto Protocol.

The system, which is administered by the United Nations, has inspired companies around the world to invest in environmentally friendly projects in the developing world in exchange for carbon credits. Businesses in the developed world looking to meet pollution reduction targets buy those credits, and the intermediaries, like EcoSecurities, help implement pollution-control technologies and renewable energy projects in the developing world where they are cheaper.

Pemex's 21 CDM projects in its production and exploration, gas, refining and petrochemical divisions could reduce Mexico's carbon dioxide emissions by 2.6 million metric tons. As many as 12 projects are expected to begin operation in 2008 but the rest require funds that have not been approved as part Pemex's budget, according to the company.

There are now more than 600 CDM projects around the world, and about 40% are in Latin America. :: Via Reforma (Spanish link and subscription required)