Environmental risks feature prominently in the financial landscape. Consequently, in recent years, steps have been taken globally to ensure that the financial system integrates these risks into decision-making. Thus guaranteeing sustainable economic development.

Within the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), Mexico has begun the path to replicate the actions carried out in Japan, aiming for the Mexican private sector to offer truthful and objective disclosures about the financially related risks of climate change.

Thus, a series of virtual training workshops for the TCFD in Mexico was convened for the first time and, on October 20 last year, the first virtual workshop on “TCFD Basics” took place, with a successful participation of more than 400 people.

This first workshop counted with the participation of Marita Brömmelmeier, resident director of GIZ Mexico who, together with Gabriela Rodríguez, head of the Climate, Energy and Future Cities Policy of the British Embassy in Mexico, agree that the TCFD recommendations are essential for informed decision-making of financial systems on the impacts of climate change.

Meanwhile, Antonio Quesada, Vice President of Regulatory Policy of the National Banking and Securities Commission (CNBV), mentioned that “the important challenges for the financial and business sector are gender equity and governance strategies”, making it indispensable for organizations to focus on recommendations and follow the governance actions, strategies, risk management and metrics and objectives established in the TCFD, helping to curb climate change caused by the financial system.

Finally, Juan Carlos Belausteguigoitia, president of the TCFD Mexico Consortium, thanked GIZ Mexico, the British Embassy in Mexico, the Green Finance Consultative Council (CCFV) and CESPEDES, for participating in this first workshop, stressing the importance of the transparency of information regarding the climate risks of companies.

GIZ Mexico, aware of the necessity to include the private sector in order to achieve a greener and more resilient financial system, has shared the tools for the development of this series of dialogues, to advance the discussion on climate-related financial disclosure and its use by financial institutions.