This article is part of a series on the creation of sustainable finance taxonomies around the world. You can read more in this series by clicking here.
Mexico’s central bank, Banco de México, joined the G20’s Green Finance Study Group (now the Sustainable Finance Study Group) back in 2016, and was a founding member of the Network of Central Banks and Supervisors for Greening the Financial System a year later.
At around the same time, Mexico’s national banking association ABM realised that, in order to attract the growing pool of green capital from development banks, the Green Climate Fund and institutional investors in North America and Europe, it would have to develop a label for eligible financial products.
“In an emerging market like Mexico, where the capital markets aren’t so mature, it’s the banks that play a key role in market developments,” explains Santiago Lorenzo, Head of Sustainable Finance at Climate Action Network Internation…