One of the key components to consolidate a sustainable financial system is the adoption of reference frameworks for the efficient disclosure of information on environmental, social and governance (ESG) factors. At the Green Finance Consultative Council’s (CCFV) Sustainable Finance Mx 21 forum on December 7, the constitution of the Task Force on Climate-related Financial Disclosures (TCFD) Mexico Consortium was officially announced; it seeks to promote better integration and disclosure of climate change-related financial risks.

Juan Carlos Belausteguigoitia, President of the Consortium, and Alejandro Díaz de León, Governor of Banco de México, agreed on the importance of implementing the TCFD’s recommendations to consolidate alternatives with higher growth and profitability. Thus, as companies that support and implement the recommendations of the TCFD, Manuel Romo, CEO of Citibanamex and Sergio Méndez, General Director of de BlackRock Mexico, assure that the TCFD Mexico Consortium will help many companies to move towards a low carbon economy.

Undoubtedly, the TCFD recommendations have become an obligatory task for companies to learn about climate adaptation and mitigation activities; however, due to their complexity, it is important that a transparent path be provided to achieve it and, ultimately, as Michael Bloomberg, founder of de Bloomberg LP and president of the TCFD stated: “With the support of leaders and experts in business and finance, we can build a more sustainable and resilient economy in Mexico and around the world.”

One of the key components to consolidate a sustainable financial system is the adoption of reference frameworks for the efficient disclosure of ESG information. In this space, the constitution of the TCFD Mexico Consortium was officially announced, an effort led by financial, business and academic sectors in coordination with international cooperation, aiming to promote the adoption and integration of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Initiatives like this are necessary to improve the country’s economic competitiveness and, in the words of Satoshi Ikeda, director of Sustainable Finance at the Japan Financial Services Agency (JFSA), collaboration between companies and finance will increase with the creation of the Consortium–as happened in Japan.