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Project country: Mexico

UK PACT sectors: Finance

Expert Partners: Climate and Energy Associates, Legal Response International

Helping Mexico develop a more sustainable finance sector.

The Ministry of Finance (SHCP), the Committee for Sustainable Finance, and the National Banking and Securities Commission (CNBV) were looking to increase their expertise and understanding of taxonomy development and the international Task Force on Climate Related Financial Disclosures (TCFD). This support aims to further the efforts that Mexico is making into a sustainable taxonomy* and shorten the pathway towards mandatory disclosures. Sessions aimed to promote high-level dialogue to positively impact Mexican decision makers in their ambition to create a more sustainable finance sector.

The experts contributed to this goal by hosting workshops which shared UK, EU and New Zealand experience and best practices. The sessions covered advice on how to develop a Mexican sustainable taxonomy, which is still at an early stage; and also provided expert views and insights on the TCFD pillars, with the objective of growing policymakers’ and stakeholders’ understanding so that they can apply the framework in Mexican domestic legislation and policies.

*A sustainable finance taxonomy is a classification tool helping investors and companies make informed investment decisions on sustainable economic activities.

Key actions:

• An hour-long scoping session with the Mexican Finance Ministry, to agree the priority discussion areas for the development of the taxonomy.
• Two 90-minute workshops with the Ministry: presenting on progress to date; and lessons learned and best practices from the development and establishment of the EU green taxonomy.
• Four 60-minute workshops with members of the Sustainable Finance Committee (all financial regulators and regulated entities), and officials from CNBV, SHCP, and national development banks on TCFD and its pillars, covering:
  • An introduction to TCFD, overview of scope of TCFD disclosures, sharing experience on TCFD disclosures and latest international guidance, the UK’s leading role in the development of domestic regulation
  • TCFD governance and Risk Management
  • TCFD strategy, metrics and targets
  • The roadmap to preparing for TCFD regulation and reporting

 

 

 

 

 

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• Each TCFD workshop was attended by between 130 and 188 attendees. Overall, 617 people were trained, with 54.6% of attendees identifying as female.
  
• Sharing UK and global best practices with a wide set of key stakeholders will enable Mexico’s alignment with international efforts.
  
• The knowledge and understanding of TCFD has been significantly increased, shortening the pathway towards financial disclosures.
  
• This skill-share supported the development of clearly defined actions for the Mexican Sustainable Finance Strategy.
  
• The skill-share strengthened existing programmes while opening new doors for future bilateral cooperation.