FC4S in the Americas
Since the Mexican Congress in 2012 approved the Climate Change General Law, green finance has been growing in Mexico at a significant rate. In 2015, national development bank NAFIN issued its first green bond – the first certified green bond in Latin America.
In 2016, with the formation of Mexico’s Green Finance Advisory Board (CCFV), the pace picked up as the CCFV developed a green finance agenda – incorporating the financial system´s associations, development and multilateral banks, investment bankers, asset managers, rating agencies, and non-governmental organizations
Representing Mexico City in the FC4S Network, today CCFV consists of over 300 members. Responding to the need in Mexico to develop a sustainable financial market with an authentic long-term vision and with 71 per cent of the country’s economy vulnerable to climate-related disasters, the CCFV is particularly concerned about the impacts of climate change on the Mexican economy.
Across 2019 and into 2020, FC4S has provided substantive feedback to The Bank of Mexico in the development of its Climate and Environmental Risks and Opportunities report, done in cooperation with UNEP and UNDP. With FC4S a funding partner, the report ensures our support to Mexico’s financial regulators in putting in place the frameworks and processes to achieve a national sustainable finance agenda.
In keeping with the FC4S Network focus on the skills agenda, in June 2020 CCFV also the launched a Sustainable Finance Institute (IFS) which will work on training finance professionals. Those skills gained as a result of the training will enable firms to make better decisions in a challenging environment and in an economy in transition that requires firms be prepared to deal with new risks, such as climate change, population growth, changes in demand, health emergencies, the deterioration of natural capital and the socio-political changes that are transforming the Mexican economy on a daily basis.
Within the FC4S Network, the Americas are represented by Toronto, New York City and Mexico City. In Q3 2020, the FC4S Network is exploring the establishment of a dedicated regional platform, the FC4S Americas node.