30 by 30 Zero Mexico (IFC-606410)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Mexico
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Borrower not available at the time of disclosure.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 3.68 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 7, 2025

Disclosed by Bank Jun 11, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC, the 30x30 Zero Program seeks to increase financial sector financing for climate projects aligned with the country's NDC goals. The Program’s sub-objectives are: I) Increase the average climate portfolio over the total portfolio in the 6 target banks (in %, from 3.5% to 9.5%, and in absolute figures, from $8,222 million to $27,145 million, from 2022 to 2027). ii) Decrease the exposure to coal supply chain in the portfolio of the 6 target banks (from 1 to 6 banks that have measured the carbon intensity of portfolios of power generation and steel production, and established decarbonization targets, from 2022 to 2027) iii) Support the development of the sustainable capital market in particular through the issuance of green and climate thematic bonds (issuance of $204 million of green and climate thematic bonds, by an FI or real economy corporate, by 2027) iv) Facilitate IFC climate financing to Mexican banks ($300 million of Value of financing facilitated, by IFC and/or other investors, by 2027) The above sub-objectives will be achieved through the following 5 components: 1. Develop climate-focused ESG public policies with regulators and supervisors, including the development of a national sustainable taxonomy (WB to lead) 2. Contribute to the development of the sustainable capital market, with a focus on climate, targeting institutional investors, especially pension funds. (IFC FIG to lead) 3. Support a priority sector (NDCs) of the real economy. (IFC CBD to lead) 4. Accompany the climate transformation of 6 target banks (increase green business and incorporate climate risks). (IFC FIG to lead) 5. Sensitize and train the financial sector to increase climate finance.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Estimated Total Budget

 


$3,684,065.00

 

(Project budget includes all project-funded activities)

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works