Recognizing the importance of technical cooperation for sustainable development, a meeting was held between the Peruvian Ministry of the Environment (MINAM) and the Ministry of Economy and Finance (MEF), the Mexican-German Climate Change Alliance of Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and Santiago Lorenzo’s consulting team, in order to publish the process and results of the green financing taxonomy project for commercial banking.

The meeting had the aim to support the Peruvian government in the development of its national taxonomy, which is one of the main points of Component 2 of its Green Finance Roadmap (HRFV). The HRFV, published this February, seeks to accompany the financial sector in the implementation of actions that incorporate environmental components in the country’s economic and productive activities. It is made up of two large thematic components: the first is the environmental component within the financial system; the second is the financing of activities and the design of eco-friendly products.

Mexico is a pioneer on the continent with its creation of the Taxonomy for Green Financing in collaboration with the GIZ’s Mexican-German Climate Change Alliance and the Mexican Bank Association (ABM).  It was created to establish criteria and indicators that allow the classification of various economic activities and their contribution to mitigating and adapting to climate change, as well as to reducing the risk of bad practices such as greenwashing. Mexico’s experience and advances in this matter have rendered it a benchmark for other countries to define their sustainable taxonomies and, thus, collaborate with the transfer of knowledge to create a greener Latin America.

Contact: Montserrat Mendoza (montserrat.mendozaacero@giz.de)