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Frida Kahlo (1907–54), the celebrated Mexican surrealist painter, famously warned:‘Mankind owns its destiny, and its destiny is the earth. We are destroying it until we have no destiny.’However, she also advised:‘Don’t build a wall around your own suffering or it may devour you from the inside.’2 Heeding this warning and advice, in this chapter we explore the shortcomings of current carbon pricing policies in one of the leading developing countries in this regard–Mexico–in a bid to address these deficiencies, and suggest how its pioneering efforts might best continue instead of being stifled by their critics.

Given the urgent need to overcome the climate emergency in order to ensure economic prosperity and human well-being, 3 climate policy packages have become a major part of green deals. The most recent, and probably most prominent, example is the 2021 EU Fit for 55 package–a major component of European …