SHCP Presents Sustainable Taxonomy for Mexico
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SHCP Presents Sustainable Taxonomy for Mexico

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Emilio Aristegui By Emilio Aristegui | Junior Journalist and Industry Analyst - Wed, 03/22/2023 - 11:28

The Ministry of Finance and Public Credit (SHCP) presented Mexico’s Sustainable Taxonomy for 2023, a comprehensive compendium of sustainable economic activities that seeks to address several social challenges with the support of financial investments. 

“The publication of the Sustainable Taxonomy marks the beginning of activities for the dissemination and implementation of this reference framework for the financial sector in terms of sustainability. This will be accompanied by actions to train authorities and entities of the financial sector, the development of its corresponding regulation and actions that allow its updating,” explains the SHCP. 

The SHCP presented Mexico’s first sustainable taxonomy during the 2023 Banking Convention. The ministry explained that the report seeks to address three main problems in the country: climate change, gender equality and access to basic services related to sustainable cities, according to a press release. 

Gabriel Yorio, Deputy Minister of Finance, said that the taxonomy is a “unique initiative worldwide,” highlighting that it is the first to consider social objectives in its design. Mexico’s Taxonomy prioritized gender equality as a primary objective, as the SHCP explained that Mexico is positioned as a global leader in the promotion of well-being for its population, communities, and the environment through the financial sector. 

The SHCP highlighted that the taxonomy was developed with the support of over 200 experts and technical experts from public, private and financial sectors, academia, civil society and international organizations during a three-year period. The ministry explained that the objective of the collaboration was to guarantee the “technical soundness and relevance of this instrument.” The SHCP added that the instrument complies with technical and international criteria, making it unique globally due to its central design. The environmental and social dimensions allow for a comprehensive approach to sustainability and well-being, said the SHCP. 

The taxonomy aims to direct investment that can reduce the socioeconomic gaps in the country and protect the environment. The ministry explained that the financial public policy tools will promote investment in economic activities that support its central mission. The ministry explained that the taxonomy has a reference framework with 124 activities distributed in six economic sectors and transversal guidelines to ensure compliance with gender equality.

The SHCP highlighted that it will implement a test program to evaluate the plan’s effectiveness and identify opportunities and challenges during its implementation. The taxonomy will be regularly updated to ensure its relevance and operability in the long term, according to Mexico’s Sustainable Taxonomy executive summary. 

Photo by:   Image by 6689062 from Pixabay

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