Mexico’s central bank, UNEP and UNDP call on financial sector to plan for environmental risks

Mexico City – Today, Banco de México and the United Nations Environment Programme (UNEP), with the support of the United Nations Development Programme (UNDP), presented the report “Climate and environmental risks and opportunities in Mexico’s financial system: From diagnosis to action”, which calls upon Mexican financial institutions to make a collective effort to incorporate environmental issues into their risk assessment and corporate governance strategies, as well as to take advantage of the opportunities that would result from the transition to a low-carbon economy.

The report highlights that climate change and environmental degradation are critical challenges of our time, as they lead to loss of natural capital, ecosystem degradation, lower productivity, and a reduction of the population’s well-being, at both the national and global level.

According to the report, although Mexican financial institutions have become more aware of climate risks, they are still required to integrate more systematic and standardized measures, implement the international agenda, and develop methodologies and areas of responsibility within their own corporate governance structures.

Full news: UNDP