FIRST LATAM CITY ANNOUNCES AT GCAS
SAN FRANCISCO: 13/09/2018:Mexico City is the latest city to sign the Green Bond Pledge. The announcement will be made at the Global Climate Action Summit (GCAS) in San Francisco, by Mexico City’s Secretary of Environment, Tanya Müller García, during the High-Level Session ‘Local Climate Solutions: Financing the Transition’ on Thursday 13th September.
With a population of over 9 million, Mexico City is the largest municipal signatory to date and the commitment is a further example of CDMX’s leadership in climate action and green finance.
The Green Bond Pledge seeks to have cities, public authorities and world’s largest corporates commit to increased use of green bond finance to ensure new infrastructure meets the challenges of climate change, and is low carbon, adaptive and resilient and contributes to the accelerated low carbon transformation of the economy.
Signatories include the U.S. State Treasurers of California, New Mexico and Rhode Island, the Cities of Asheville and San Francisco – California, King County – Washington, San Francisco Public Utilities Commission (SFPUC), Australian pension fund Local Government Super (LGS), Luxembourg Green Exchange (LGX), and financial firms Global New Energy Finance and R3 Returns.
The Pledge is a joint initiative developed by international climate finance and sustainability groups including the Climate Bonds Initiative, Mission2020, CERES, CDP, Citizens' Climate Lobby, California Governor’s Office, California Treasurer’s Office, Global Optimism, NRDC and The Climate Group.
José Ramón Amieva Gálvez, Head of Government of Mexico City:
"Climate change is of anthropogenic origin, and undoubtedly one of the biggest and most urgent challenges facing humanity. Cities are part of the problem, as they consume a large proportion of the energy produced globally and are responsible for about four fifths of carbon dioxide (CO2) emissions in the world."
"One of the main challenges to accelerate climate action at the local level is access to international funding sources for city-scale mitigation projects. Green bonds a”
“As a signatory of the Green Bond Pledge, CDMX supports the rapid growth of a local green bond market and will strive to issue, when appropriate, green bonds to finance infrastructure, mitigation and climate resilience projects."
Sean Kidney, CEO Climate Bonds, Co-developer of the Green Bond Pledge:
"Mexico City and its wider metropolitan region is on track to become one of the world's megacities by 2030, so scaling up low carbon infrastructure investment in transport, energy, water and waste to match that growth is vital. A city of this size signing the Pledge is a significant development in sub national climate action, and an example of green finance leadership for other cities in LATAM to follow."
Mark Watts, Executive Director, C40:
"Mexico City is a strong climate leader committed to delivering on the highest ambition of the Paris Agreement. Its innovative use of green bonds shows how these financial instruments can help transform their ambitious climate change strategy into a reality on the ground."
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Notes for journalists
About the Green Bond Pledge:The Green Bond Pledge seeks to have cities, public authorities and world’s largest corporates commit to increased use of green bond finance to ensure new infrastructure meets the challenges of climate change, and is low carbon, adaptive and resilient and contributes to the accelerated transformation of the economy.
The Green Bond Pledge is a declaration that reinforces the goals of the Paris Agreement. It is based on the premise that public and private sector bonds financing long-term infrastructure and capital projects need to address and incorporate climate risk and impacts
The Pledge is a joint initiative developed by international climate finance and sustainability groups including the Climate Bonds Initiative, Mission2020, CERES, CDP, Citizens' Climate Lobby, California Governor’s Office, California Treasurer’s Office, Global Optimism, NRDC and The Climate Group.
Green bonds contribute to environmental and climate outcomes and their use signals that these factors have been deliberately incorporated into the financing planning and deployment of new projects and developments.
More information is available at greenbondpledge.com
The Global Climate Action Summit (GCAS) is taking place 12-14 September 2018 in San Francisco, California.
For more information:
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About Mexico City
Green Bonds:In December 2016, the Government of Mexico City was the first local government in LATAM to issue a Green Bond (1 billion Mexican pesos) in the international market. Proceeds included projects highlighted by the Climate Action Program 2014-2020 such as low carbon transport (Metrobús), renewable energy and water.
Climate Action Program of the City of Mexico 2014-2020:The Government of Mexico City published on June 5, 2014 the Climate Action Program of the City of Mexico 2014-2020, which aims to mitigate 10 million tons cumulative CO2 equivalents, and reduce vulnerability to the effects of climate change for 5.6 million inhabitants.
Climate Change Fund (FACC):The Government of Mexico City, with the objective of innovating financing mechanisms for climate action, created in 2015 the Climate Change Fund (FACC), which is an instrument used to finance projects related to the conservation and protection of natural resources; emission mitigation; education, awareness and information dissemination programs on climate change; studies and research on this phenomenon; development of risk atlases, emission inventories and information systems, and the implementation of the PACCM 2014-2020. The FACC is part of the Public Environmental Fund, which is a public trust administered by the Secretary of the Environment of Mexico City.
Under 2 MOU:In September 2015, the Government of Mexico City signed the Memorandum of Understanding "Under two degrees", committing to limit global warming to less than 2 ºC, and by 2050 to reduce emissions to 80 to 95 percent below the levels recorded in 1990, and / or achieve an annual emissions goal per capita of less than two metric tons.
Forest Carbon Bonds: In August 2018, the Government of Mexico City was the first local government in LATAM to put on sale in the international financial market 3,909 forest carbon credits for the conservation and maintenance of the forest – and in support to the communities – of Ejido San Nicolás Totolapan.
About the Climate Bonds Initiative: The Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low carbon economy. More information on our website here.
About C40: C40 is a network of the world’s megacities committed to addressing climate change. C40 supports cities to collaborate effectively, share knowledge and drive meaningful, measurable and sustainable action on climate change. More information here.
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