1、CLIMATE AND ENVIRONMENTAL RISKS AND OPPORTUNITIES IN MEXICOS FINANCIAL SYSTEM from DIAGNOSIS TO ACTION February 2020 Copyright United Nations Environment Programme, 2020. Disclaimer The designations employed and the presentation of the material in this publication do not imply the expression of any

2、opinion whatsoever on the part of the United Nations Environment Programme concerning the legal status of any country, territory, city or area or of its authorities, or concerning delimitation of its frontiers or boundaries. Moreover, the views expressed do not necessarily represent the decision or

3、the stated policy of the United Nations Environment Programme, nor does citing of trade names or commercial processes constitute endorsement. Banco de Mxico Banco de Mxico is the central bank of Mexico. By constitutional mandate, the bank is autonomous in both its operations and management. The pur-

4、 pose of Banco de Mxico is the provision of national currency to the Mexican economy. The main objective is to procure the stability of the purchasing power of the national currency, as well to promote the sound development of the financial system and the proper functioning of the payment systems. M

5、ore information on Banco de Mxico is available at: www.banxico.org.mx UNEP Inquiry The Inquiry into the Design of a Sustainable Financial System has been initiated by the United Nations Environment Programme (UNEP) to advance policy options to improve the financial systems effectiveness in mobilizin

6、g capital towards a green and inclusive economyin other words, sustainable development. Established in January 2014, it published the first edition of The Financial System We Need in October 2015, with the second edition launched in October 2016. The Inquiry has worked in 20 countries and produced a

7、 wide array of briefings and reports on sustainable finance. More information on the Inquiry is available at: www.unepinquiry.org or from: Mr. Marcos Mancini, Head of International Cooperation, marcos.manciniun.org This report is the result of a collaboration between the UNEP Inquiry and Banco de Mx

8、ico. This joint publication has been made possible due to the commitment and involvement of a wide range of people. The level of research, analysis and engagement achieved are the result of the contribution of time and skills from Banco de Mxico employees and numerous partners who make up the broade

9、r global Inquiry community. The views expressed in this discussion paper are those of the authors and contributors and do not necessarily represent the views of the United Nations Environment Pro- gramme or Banco de Mxico. The team would like to acknowledge their appreciation to the following: Mahen

10、au Agha, Alba Aguilar, Recaredo Arias, Juan Carlos Belausteguigoitia, Mariuz Calvet, Britzia Lucero Silva Enciso, Alan Gomez, Juan Carlos Jimenez, Michael Logan, Santiago Lorenzo, Carlos Noriega, Irma Acosta Pedregal, Nader Rahman, Sandra Rojas and Heleodoro Ruiz Santos for their inputs and valuable

11、 conversations and institutional support. We would also like to extend our gratitude to the CEOs of financial institutions that proactively organized the participation of their senior management in the survey:Eduardo Benigno Parra Ruiz, Afore Azteca; Mauricio Adrin Alarcn Montes de Oca, Afore Coppel

12、; Luis Armando Kuri Henaine, Afore SURA; Felipe Duarte Olvera, Afore XXI Banorte; Francisco Javier Delgado Mendoza, Agroasemex; Marcelo Hernndez Diez, AIG Seguros Mxico; Daniel Bandle, AXA Seguros, Daniel Becker Feldman, Banca Mifel; Alfredo Jorge Walker Cos, Banco Actinver; Alejandro Valenzuela Del

13、 Rio, Banco Azteca; Luis Eugenio Alvarado Meja, Banco Credit Suisse; Carlos de la Cerda Serrano, Banco del Bajo; Mark McCoy Macdonald, Banco Finterra; Javier Foncerrada Izquierdo; Banco Inbursa; Leonardo Arana de la Garza, Banco Inmobiliario Mexicano; Felipe Garca Moreno, Banco J.P. Morgan; Jos Marc

14、os Ramrez Miguel, Banco Mercantil del Norte; Moiss Tiktin Nickin, Banco Monex; Ernesto Torres Cant, Banco Nacional de Mxico; Jorge Alberto Mendoza Sn- chez, Banco Nacional de Obras y Servicios Pblicos; Eugenio Njera Solrzano, Banco Nacional del Comercio Exterior; Manuel Rivero Zambrano, Banco Region

15、al; Francesc Noguera Gili, Banco Sabadell; Hctor Blas Grisi Checa, Banco Santander (Mxico); Mara del Carmen Beatriz Surez Cu, Banco Ve Por Ms; Emilio Romano Mussali, Bank of America Mxico; Pedro Tejero Sandoval, Barclays Bank Mxico; Eduardo Osuna Osuna, BBVA Bancomer; Erick Noel Rodrguez Jimarez, BB

16、VA Bancomer Gestin; Gernimo Gutirrez Fernndez, Beel Infrastructure Partners; Samanta Tatum Ricciardi Bano, Black- Rock Mxico Operadora; Jos Miguel Garaicochea Berjn, BTG Pactual Gestora de Fondos; Marcos Andres Gunn, Chubb Seguros Mxico; Mario Alberto Maciel Castro, CIBANCO; Luis Sebastin Sayeg Sead

17、e, Citibanamex Afore; Gerardo Sanchez Barrio, Fianzas y Cauciones Atlas; Rafael Gamboa Gonzlez, Fideicomisos Instituidos en Relacin con la Agricultura; Miguel lvarez Del Ro, Finaccess Mxico; Ivn Pliego Moreno, Fondo Nacional de Pensiones de los Trabajadores al Servicio del Estado; Alfonso Villarreal

18、 Loor, Fondos de Inversin Afirme; Jorge Benito Flores Cruz, Grupo Mexicano de Seguros; Mario Antonio Vela Berrondo, Grupo Nacional Provincial; Nuno Matos, HSBC Mxico; Yaogang Chen, Industrial and Commercial Bank of China Mxico; Ren Mrquez Lara, Intercam Fondos; Jesus Martnez Castellanos, Mapfre Mxic

19、o; lvaro Mancera Corcuera, Ms Fondos; Eugenio Njera Solorzano, Nacional Financiera; Julio Csar Mndez Avalos, Old Mutual Operadora de Fondos; Alonso Madero Rivero, Operadora Actinver; Adolfo Herrera Pinto, Operadora de Fondos de Inversin Ve por Mas; Luis Alberto Rico Gonzlez, Operadora de Fondos Nafi

20、nsa; Alejandro Ovejas Busqueta, Operadora In- bursa de Fondos de Inversin; Ernesto Diez Snchez, Operadora Valmex de Fondos de Inversin; Julian Abascal Alvarez, Pensiones Banorte; Luis Lozano Alpuche, Principal Fondos de Inversin; Arturo Garca Rodrguez, Profuturo Afore; Jos Antonio Correa Etchegaray,

21、 Qulitas Compaa de Seguros; Manuel Santiago Escobedo Conover, Reaseguradora Patria (Pea Verde); Jess Antonio Mendoza Del Rio, SAM Asset Management; Adran Otero, Sco- tiabank Inverlat; Carlos Gustavo Cant Durn, Seguros Monterrey New York Life; Jorge Alberto Mendoza Snchez, Sociedad Hipotecaria Federa

22、l, Jaime Daz Becerril, Tlloc Seguros; Javier Rodrguez Della Vecchia, Zurich Santander Seguros Mxico. This report was made available through the funding and strategic support from the Global Environment Facility (GEF) and the Financial Centres For Sus- tainability Network (FC4S). This report has been

23、 written by Patricia Moles Fanjul, with the invaluable support of Santiago Figueroa, Prajwal Baral and Francisco Martinez. Substan- tive guidance has been provided by Alejandro Daz de Len, Rafael del Villar, Marcos Mancini and Ernesto Infante Barbosa. FOREWORD, ALEJANDRO DAZ DE LEN 4 FOREWORD, INGER

24、 ANDERSEN 7 EXECUTIVE SUMMARY 8 1. INTRODUCTION 16 1.1. Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 1.2. Mexicos Context . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 1.3. Scope of the study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 2. GOVERNANCE 22 2. 1. Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 2.2. Highlights and recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 2.3. Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 a. Credit Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 b. Asset Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 3. STRATEGY 32 3.1. Background . . . . . . . . . . . . . . . . . . . . .

33、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 3.2. Highlights and

34、recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 3.3. Results. . . . . . . . . . . . . . . . . . . .

35、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

36、6 a. Credit Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37、 . . . .36 b. Asset Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38、 . . . . . . . . . .43 4. RISK MANAGEMENT 50 4.1. Background . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 4.2. Highlights and recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

40、 . . . . . . . . . . . . . . . . . . . . . .51 4.3. Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53 a. Credit Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

42、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53 b. Asset Managers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43、 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65 5. CONCLUSIONS 72 LIST OF FIGURES, TABLES AND BOXES 76 ACRONYMS 78 ENDNOTES 79 Contents Foreword The current report, launched in close collaboration between Banco de Mxico and the U

44、NEP Inquiry, represents an effort to incorporate environmental and social risks into mainstream risk strategies of Mexican financial institutions, and to capitalize on the opportunities that will result from the transition to a low-car- bon economy. Climate and environmental degradation are critical

45、 risks and chal- lenges at the national and global levels. At the national level, they are associated with loss of natural capital, degrading ecosystems, pronounced deterioration of development opportunities, declin- ing productivity and reduced welfare. At the global level, they are associated with

46、 extreme weather events, the rise of the sea level, potential trade and supply chain disruptions and even mass migra- tions out of the jurisdictions most adversely affected. These challenges are difficult to manage. They are prone to the “free rider problem” and to financial and economic decisions t

47、ak- en with an insufficiently long horizon, neglecting the full intertem- poral impact of todays actions. Thus, we need to correct incen- tives, induce efficient economic decisions and promote change in households, firms, and public bodies in order to change habits and behave in an environmentally f

48、riendly way. Short-sighed nar- ratives, national interest and lack of trust have deterred progress on this agenda. Also, in some emerging economies, poverty, an inadequate insti- tutional framework and a weak rule of law have created a fertile ground for a predatory behaviour that has significantly degraded the environment. Thus, a broader revision of environmental and social policies, together with a stronger rule of law, is definitely needed and can have a very positive impact. The sound development of the financial system, one of our key obj