GGGI welcomes Mexico’s Ministry of Finance Sustainable Taxonomy

Mexico City, Mexico, March 29, 2023. The first Sustainable Taxonomy of Mexico was presented by the Undersecretary of Finance, Gabriel Yorio, during the 86th Banking Convention of the Mexican Banking Association, which took place in Mérida, Yucatán, Mexico. “The Sustainable Taxonomy is unique in the world. It is the first to consider social objectives and prioritizes gender equality,” Mr Gabrial Yoro noted. “With this tool, Mexico is positioned as a global leader in promoting the well-being of people, communities, and the environment through the financial sector,” he added.

During a three year process, the Ministry of Finance worked with more than 200 technical experts from institutions in the public, private, financial, academic, and civil society sectors, to guarantee technical soundness. GGGI supported the Ministry of Finance’s efforts to socialize the construction process of the Sustainable Taxonomy among public and private financial sector actors. “GGGI congratulates the Ministry of Finance for this achievement which will definitely contribute to resource mobilization toward accomplishing the 2030 Agenda Objectives and the NDC commitments within the framework of the Paris Agreement” Frank Rijsberman, Director-General of the Global Green Growth Institute spoke said.

The Sustainable Taxonomy is a financial public policy tool that will be key to promoting public, private, international, national, and subnational investments aimed at 124 identified economic activities from six sectors that reduce social gaps and protect the environment. Social and environmental dimensions were considered at its core, to achieve a comprehensive approach to sustainability that will impact the well-being of people and meet the objectives of mitigation and adaptation to climate change. In addition, transversal guidelines have been established to identify activities that direct efforts and ensure compliance with gender equality.

The next steps include the development and launch of an e-learning tool for Taxonomy users and stakeholders’ capacity building and information dissemination. Additionally, training programs will be carried out for authorities and entities of the financial sector, as well as the development of its regulation, since in the first stage it will be voluntary, but gradually financial actors will have to comply with it.

GGGI will be supporting the Ministry of Finance in these next steps, aiming to advance in the greening of the Mexican financial system, to have a more sustainable and climate change resilient one.

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