Oil giant BP found a climate bargain paying a fraction of market rate for carbon offsets to rural Mexican villagers working to protect their forests. Like this video? Subscribe: https://bit.ly/3iERrup Learn more: https://bloom.bg/3QepDuu The oil giant has found a climate bargain in some of Mexico’s poorest areas, paying a fraction of market rate for carbon offsets to rural villagers working to protect their forests. In the coldest months of the year, thick fog blankets the mountain village of Coatitila in eastern Mexico, hiding the bulging, pine-covered hills that cradle it. At midday, the sun pulls back the fog to expose patches of blight where trees have been axed for logging or farm work. In 2019, Coatitila’s leaders thought they’d found a way to protect the dwindling forests and bring a serious change to a local economy where the average person earns only $6.40 a day when they can find work. One of the world’s most prestigious climate nonprofits, the World Resources Institute, was helping run a program that pays villages to reforest their communally owned woods and improve forestry management. Participation would bring in cash from oil giant BP Plc, which would ultimately purchase carbon credits that the villagers generated, along with further funding from a US government agency. After two years of work, the village got its first annual payment in late 2021. The pay, split among 133 members of the community, amounted to about $40 each, a fraction of what the village’s then-leader, Álvaro Tepetla, expected. He’d hoped they could earn as much as $44,000 in total per year, or at least match the $8,100 paid by a recently canceled government conservation program. The final sum was 30% lower and worth little more than a week’s work per person. #Mexico #Climate #Explained Bloomberg Quicktake is a global streaming news network for a new generation of leaders and professionals. Our coverage spans your whole world, from your career ambitions to your personal passions and larger societal concerns. We provide the insights you need to make sense of the trends and stories changing your business and your world. Bloomberg Quicktake: Explained brings you the context behind the headlines, helping you see the day's news through the prism of what will matter in the years ahead. Check out our partner channels Bloomberg Quicktake: Originals for original series and Bloomberg Quicktake: Now for breaking global news. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Connect with us! YouTube: null Breaking News on YouTube: null Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake