ESTADO DEL MERCADO DE DEUDA SOSTENIBLE DE MÉXICO 2023

Mexico's sustainable debt market (VSS+) reached a cumulative volume of $55.7 billion by the end of 2023, with $38.3 billion aligned with Climate Bonds methodology. The market is dominated by sustainable bonds (72% of aligned volume) and heavily driven by the public sector, including sovereign emissions and development banks like Banobras. While Mexico led the world in sustainable bond issuance in 2023, challenges remain in the alignment of sustainability-linked bonds (SLBs) due to a lack of greenhouse gas (GHG) targets. The report highlights the 2023 launch of the Sustainable Taxonomy of Mexico as a key tool for guiding future investments in sectors such as renewable energy, sustainable construction, and agriculture.

• By the end of 2023, Mexico's cumulative volume of VSS+ (Green, Social, Sustainable, and Sustainability-Linked Bonds) debt reached $55.7 billion, with $38.3 billion (69%) aligned with Climate Bonds methodology.
• Mexico was the global leader in sustainable bond issuance in 2023, contributing $11.2 billion, which represents 11% of the global aligned sustainable volume for that year.
• The public sector is the primary driver of the market, representing 75% of the total aligned volume. This includes the Mexican Government, which issued 14 sustainable debt operations totaling $13.3 billion, and Banobras, the second largest global issuer of aligned VSS+ debt with 17 operations worth $4.5 billion.
• The Mexican Peso (MXN) is the preferred currency for sustainable debt, accounting for over 60% of the total aligned VSS+ market, and reached 75% of VSS+ volumes in 2023.
• Sustainability-linked bonds (SLBs) in Mexico have a low alignment rate; only 14% of SLBs issued by Mexican entities are considered aligned, primarily due to a lack of GHG reduction targets and partial coverage of emissions.
• The Sustainable Taxonomy of Mexico, launched in March 2023, covers 124 activities across six key sectors, including energy, transport, and agriculture, and introduces a unique gender equality index to evaluate projects transversally.
• Renewable energy is the most prevalent category for the use of funds (UdF) in green bonds, followed by low-emission construction.
• Mexico's updated Nationally Determined Contributions (NDC) commit to a 35% reduction in GHG emissions by 2030.

APA

Romay, A. B., Borges, S., Costa, D., de Araujo, B. C., & Contreras, V. D. (2024). ESTADO DEL MERCADO DE DEUDA SOSTENIBLE DE MÉXICO 2023. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Sustainable-debt-state-of-the-market-Mexico-2023_ES_Aug-2024.pdf

Chicago

Romay, Andrea Barrenechea, Sofía Borges, Daniel Costa, Bruno Coloma de Araujo, and Valeria Dagnino Contreras. ESTADO DEL MERCADO DE DEUDA SOSTENIBLE DE MÉXICO 2023. Climate Bonds Initiative, 2024. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Sustainable-debt-state-of-the-market-Mexico-2023_ES_Aug-2024.pdf.

Wikipedia

{{cite report |last1=Romay |first1=Andrea Barrenechea |last2=Borges |first2=Sofía |last3=Costa |first3=Daniel |last4=de Araujo |first4=Bruno Coloma |last5=Contreras |first5=Valeria Dagnino |title=ESTADO DEL MERCADO DE DEUDA SOSTENIBLE DE MÉXICO 2023 |publisher=Climate Bonds Initiative |date=August 2024 |url=https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Sustainable-debt-state-of-the-market-Mexico-2023_ES_Aug-2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{romay2024estado, author = {Romay, Andrea Barrenechea and Borges, Sofía and Costa, Daniel and de Araujo, Bruno Coloma and Contreras, Valeria Dagnino}, title = {{ESTADO DEL MERCADO DE DEUDA SOSTENIBLE DE MÉXICO 2023}}, institution = {Climate Bonds Initiative}, year = {2024}, month = aug, url = {https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Sustainable-debt-state-of-the-market-Mexico-2023_ES_Aug-2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }