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ESG in Latin America
Mexico goes for green bonds
ESG related green bonds are in fact expanding rapidly in Mexico, strongly supported by investment funds, insurance companies, and banks. The public sector has itself raised MXN131.6bn (US $7.5bn) in green bonds in 2022, 16 times more than it raised in 2015. Issuers include the federal government, state-owned enterprises, and development banks. In 2023 FIRA/Banxico, a bank, launched Latin America’s first international green bond worth approximately US$165m. The money raised by the 3-year bond was earmarked for investment projects to improve the resilience of producers and value chains in the agricultural sector and rural areas, aimed at mitigating climate change risks.
