Within the series “Introduction and Implementation Workshops of the Task Force on Climate-related Financial Disclosures” (TCFD), on December 1, the fourth “Climate Risk Quantification” workshop took place. On this occasion, Juan Carlos Belausteguigoitia, president of the TCFD Mexico Consortium, gave the welcome remarks and celebrated the successfully conclusion of the 2021 workshops.
The training for this workshop was provided by Phillip Mettenheimer, director of Financial Services at Oliver Wyman, who mentioned that using climate scenarios within companies facilitates the understanding and prevention of future situations; that is, it provides them with resilience and robustness. In the same vein, he mentioned that “each climate scenario represents a potential future with a complex set of social, political and economic decisions.”
As an example of companies that are already applying these recommendations and designing climate scenarios, Katia García Ulloa from Sustainability and Analysis of Environmental, Social and Climate Risks at CitiBanamex, stated that the financial group has a sustainable strategy for 2050, stating: “Through our strategy, we aim to become the world leader in financing the transition to a more sustainable economy.”
Ulloa shared the lessons learned by Citi in the implementation of climate scenarios and mentioned that there have been great challenges due to lack of information in the country. However, she said: “We are already understanding what information we must request from our clients in order to have the appropriate inputs to improve our analysis.” Despite the fact that, for now, there are no material changes, the specialist assured that in reality, slight changes are already noticeable and will increase over time.
The series of workshops, developed in conjunction with the 2030 Agenda Working Group, GIZ Mexico, and the Green Finance Advisory Council (CCFV),with the support of the British Embassy in Mexico, is being taught virtually and open to all public. The next workshop will be held on 26.01.22. Follow the TCFD Mexico Consortium on Twitter and YouTube to stay tuned for all future events.