The Ministry of Finance and Public Credit introduced Mexico ́s sustainable taxonomy

April 24th, 2023

During the 2023 Banking Convention in Merida, Yucatan, the Undersecretary of Finance presented Mexico’s Sustainable Taxonomy, which was developed by more than 200 technical experts from a range of industries, different sectors, and international organizations.

The Sustainable Taxonomy is a tool of the country’s public financial policy, whose main objective is to promote investment in economic activities in order to reduce the social gaps that currently exist, as well as to protect the environment through the implementation of various activities.

The publication of the Ministry of Finance and Public Credit includes 124 activities distributed in six economic sectors, which aim to comply with climate change mitigation and adaptation.

WHAT DOES IT INCLUDE?

It includes 124 activities distributed in six economic sectors that seek to mitigate and adapt to climate change, as well as multiple guidelines to ensure compliance with gender equity issues.

Mexico’s Sustainable Taxonomy is in a pilot phase, which entails a sustainable and conservative mobilization of funds.

This Taxonomy addresses the United Nations Sustainable Development Goals, environmental,

social and governance criteria, as well as climate risks in public investment planning and project portfolios.

This publication represents the beginning of a process of awareness and implementation in the financial sector, which will be accompanied by training initiatives for authorities and for financial institutions, in order to develop the corresponding regulations and allow for the appropriate updates.

The Sustainable Taxonomy is the first initiative of its kind worldwide, as it is the first one that seeks to eradicate social issues, specifically prioritizing gender equality as a priority objective. With the publication of this political tool, Mexico is positioned as a global pioneer in promoting the well-being of Mexicans and society in general, as well as environmental care through the financial sector.

In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.

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