Mexico's Environmental and Economic Progress

G20 tourism ministers committed to promoting sustainability, inclusivity, and better governance in the tourism sector. Meanwhile, Mexico is advancing in the adoption of a more sustainable financial system.

Ready for more? Here's your weekly roundup!

G20 Pledges Sustainable Tourism Transformation

G20 tourism ministers, meeting in Belem, Brazil, pledged to enhance sustainability and inclusivity within the global tourism sector, recognizing the need for new governance models and climate action as the industry approaches full recovery to pre-pandemic levels. Notably, tourism directly contributed 3.1% to G20 GDP in 2023, with Mexico's sector accounting for 14.4% of its national economy, projected to generate significant contributions and employment by the end of 2024.

Advancing Sustainable Finance: Progress in Green Bonds

At the Sustainable Finance MX24 meeting, specialists emphasized Mexico's critical opportunity to develop a sustainable financial system, citing progress in green bond issuance but calling for reduced financing costs for environmental projects. Gabriel Yorio, Deputy Minister of Finance outlined the government's actions to meet sustainability criteria, prioritizing climate change and establishing a sustainable taxonomy focused on gender equity, which has helped protect green bond assets. Industry leaders noted a growing appetite for green bonds in Mexico, with 44% of local issuances aligning with ESG criteria in 2023, while highlighting the need for further progress in energy transition and regulatory challenges to achieve sustainability goals.

Mexico City Expands Urban Green Spaces

Mexico City’s Ministry of the Environment (SEDEMA) has developed 790.28m of living walls since 2019, enhancing air quality and supporting biodiversity through the installation of 26 new walls and the planting of 1,893 plants. The city has surpassed its initial goal by planting over 51 million trees, shrubs, and ground cover plants, increasing urban green space per capita from 14.5m² in 2017 to 19.4m² in 2020. These efforts have led to a rise in local biodiversity, with bird species increasing from 355 to 397, and the city receiving 27 national and international awards for its environmental initiatives.

CDMX Launches Circular Economy Network for Sustainable Solutions

Mexico City’s Ministry of Environment (SEDEMA) has launched a Circular Economy Network to foster sustainability through collaboration among government agencies, the private sector, civil society, and academic institutions. This initiative follows the establishment of the city's first Circular Economy Law, which aims to reduce resource extraction and waste through strategies like rental models and reusable goods design. Initial actions for the network include developing a circularity baseline and implementing waste reduction initiatives, such as treatment plants for construction waste and programs for compostable plastics, which are expected to enhance waste management and resource efficiency in the city.

Repsol Mexico Targets Net-Zero Emissions by 2050

Repsol Mexico launched its 2024 Sustainability Plan, reaffirming its commitment to energy transition and sustainable development through six strategic areas: climate change, environmental stewardship, innovation and technology, safe operations, people, and ethics and transparency. The plan aims for net-zero greenhouse gas emissions by 2050, emphasizing the efficient use of resources, technological advancements for sustainable growth, and the safety and well-being of employees and communities.