During the Banking Convention 2023 held in the City of Merida, Yucatan, Mexico, Gabriel Yorio, Undersecretary of the Minister of Finance and Public Credit, presented the Sustainable Taxonomy of Mexico, which is a tool developed by the Undersecretary over three years, with the participation of more than 200 technical experts from various industries, sectors and international organizations. Mexico's Sustainable Taxonomy aims to promote investment in economic activities that reduce socioeconomic gaps and protect the environment by identifying and defining activities with positive effects on both aspects, according to technical criteria, standards, and international best practices.
The Taxonomy stands out worldwide for its comprehensive approach to sustainability, which incorporates both environmental and social dimensions in its central design; it aims to promote the overall well-being of people and the environment. The Taxonomy includes 124 activities in six economic sectors aligned to climate change mitigation and adaptation. In addition, cross-cutting guidelines have been established to ensure compliance with gender equity issues.
Mexico's Sustainable Taxonomy is currently being tested to mobilize funds sustainably, considering the United Nations Sustainable Development Goals (SDGs), environmental, social, and governance (ESG) criteria, and climate risks in public investment planning and project portfolios.
The publication of the Sustainable Taxonomy marks the beginning of a dissemination and implementation process in the financial sector, which will be accompanied by training actions for authorities and financial entities to develop the corresponding regulation and allow related updates.
Authored by Pablo Necoechea y Mariana Ávila.
