Bancomext, Scotiabank Revamp Sustainable Finance

Bancomext has updated its sustainable financing framework with support from Scotiabank México, establishing guidelines to channel private investment into projects with national impact and technical certainty. The collaboration aligns with the federal government’s Plan México and strengthens Bancomext’s strategy to mobilize capital toward environmental and social priorities through 2030. 

As part of this effort, Bancomext issued MX$5.7 billion (US$313.24 million) in sustainable Certificados Bursátiles (Cebures), directing resources to projects across productive sectors with measurable environmental and social benefits. The issuance is considered one of the most significant sustainable bond placements in the Mexican market.

The updated framework incorporates six green categories aligned with Mexico’s sustainable taxonomy: renewable energy, clean transportation, sustainable water management, energy efficiency, green buildings, and pollution prevention and control. It also includes two social categories focused on gender equality and socioeconomic advancement. Both sets of categories are designed to meet international investor expectations and support federal policy on climate action and social inclusion.

Scotiabank provided technical guidance to align the framework with global standards, defining eligibility criteria and impact measurement parameters to ensure transparency in the allocation of proceeds. The bank also supported obtaining a Second-Party Opinion from Sustainable Fitch.

Sustainable Fitch concluded that the framework contributes to eight UN Sustainable Development Goals, including clean water, affordable and clean energy, gender equality, reduced inequalities, sustainable cities, responsible production, economic growth, and industry and innovation. The assessment also found the framework consistent with Plan México’s objectives and highlighted its relevance for the country’s energy transition and social development priorities.

According to Bancomext, the updated framework enhances its ability to structure capital market transactions that meet rising investor demand for sustainable instruments, while strengthening Mexico’s broader financing ecosystem for climate and social projects.

Earlier this year at the Finanzas Sostenibles MX25 Forum, Isabel Collado, Scotiabank’s head of capital and debt markets, expanded on the growth of the sustainable bond market in Mexico. Noting an evolution from green bonds to broader labeled instruments such as sustainability-linked bonds, she outlined that these issuances now total MX$600 billion (US$33 billion) across 222 transactions. She added that 75% of these transactions are concentrated among 15 issuers.

Dakota Mahar, associate director of sustainable finance at Scotiabank, noted that sustainable financing in Mexico remains stable and diversified, with green bonds serving as the primary tool. About 60% of their use is focused on decarbonizing economic activities.

However, both panelists emphasized that most SMEs are still unfamiliar with sustainability frameworks and financial instruments. To address this gap, Collado noted that a joint securitization of four non-bank financial institutions (Sofomes) was issued as a green bond.