Banorte, already an industry leader in sustainability financing, plans to share its expertise with government budget officials wanting to become more sustainable.
Banorte is partnering with the United Nations Development Programme (UNDP) in Mexico to provide training to help state and municipal governments build budgets that include “results-based” sustainable development goals.
The UN-designed program will bring financial discipline tools closer to the federal entities and municipalities in Mexico, as well as offer ideas for productive public works.
“I am convinced that together we can promote the sustainable development in Mexico. Today, we strongly recognize the importance of reaching this goal, and we want to help motivate and support others to achieve it as well,” said Banorte Chairman Carlos Hank González.
The program calls for:
- A series of trainings, provided by UNDP, Banorte and others, to raise awareness among officials overseeing state and local public works and expenditures.
- Development of a methodological guide to support the “17 Sustainable Development Goals,” adopted by all UN member states as part of the 2030 Agenda to end poverty and to protect the planet and its natural resources.
- Assistance for subnational government officials involved in public budgeting to develop technical capacities that allow them to use sustainable-centric tools.
Joining in the announcement, Lorenzo Jiménez, the UNDP Mexico representative, said the program will allow state and municipal governments to translate national priorities into local actions, driving the “localization” of public policies and the 2030 Agenda.
Although the private sector must be involved in an integral sense, he said, states and municipalities are best positioned to champion sustainable-centric budgets that reflect local needs.
Mexico’s Undersecretary of Finance and Public Credit, Gabriel Yorio González, praised the collaboration between Banorte and UNDP. He called it an “important step being taken for consolidating the sustainable finance development agenda in our country.”
Banorte said the initiative is aligned with its commitment as the main bank in providing financial services to the governments of the
country’s states and municipalities – and reflects the bank’s adoption of environmental, social and governance (ESG) factors in its operations.
Carlos Hank González said the transition to a greener economy depends on creating sustainable prosperity, especially through the integration and management of the environmental, climate and social risks at the core of business strategies.
Earlier this year, Banorte launched the Green Auto Loan, an exclusive loan for hybrid and electric vehicles.
The program encouraging shoppers to consider environmentally friendly vehicles by offering interest rate discounts, extended repayment terms and other benefits, making these autos more affordable for borrowers.
The offering marked the latest in the bank’s growing line of sustainable products and its embrace of the Principles of Responsible Banking and the UN Net Zero Banking Alliance to promote sustainable consumption practices among its customers.