Special Report Developed for the project “Building a foundation fora sustainable and scalable low-carbon future in Mexico – from Green
Bonds to a Greener Ecosystem” under UK PACT Mexico

Financing low-carbon buildings
in Mexico
November 2020
Mexico is a key player in reducing greenhouse gas emissions in Latin
America and globally. The aim of this briefing is to provide a guide to theopportunities in the country to leverage green and sustainable bonds tofinance low-carbon buildings. The sustainable financial market at a global
level shows that energy, construction and transport were the top sectors
financed with green bonds in 2019.1 On the other hand, investment
in adaptation and resilience also presents opportunities for Mexico.
Introduction to building sector
When the green and sustainable financemarket started to grow in the early 2010s,
questions around what is considered green
or sustainable started to arise. Today, there
are already classification systems in place towhich market players can refer to. However,
all economies exist in somewhat uniquecontexts, and, therefore, the exercise ofidentification of green, aligned with national
environmental objectives and its relation tointernational classifications, should be donein each of the local markets.
The imperative:
The decarbonisation of
the buildings sector isparamount. According
to the UN 2019 Global
Status Report for Buildings
and Construction,2 around 39% of total global
energy-related CO2 emissions come frombuildings and construction. The projectedworld population growth combined with theneed for greater energy access across theglobe will dramatically increase the overall
energy demand in the sector and its related
carbon emissions. To overcome this, Mexico
has assumed the unconditional international
commitment under the nationallydetermined contributions (NDC) target tocarry out mitigation actions that will result in
the reduction of 22% of its greenhouse gas(GHG) emissions by 2030; and further up to
36% by 2030 achieved by encouraging theconstruction of sustainable buildings andpromoting residential use of solar panelsand heaters.3 Additionally, Mexico’s 2012
General Climate Change Law establisheda goal to reduce GHG emissions by 50%
by 2050.4 Nevertheless, we need a greater
ambition. According to the IPCC, emissions
should decrease 45% by 2030, with respect
to 2010 levels, and reach zero by 2050.5
The opportunity: Inorder to achieve theseobjectives, it is essential
to channel investments
towards energy efficiency
and low-carbon building.
Building materials also
provide substantial opportunities to reduce
future energy demand and GHG emissions.
Green and sustainable bonds and credits,for example, can be an important source forfinancing sustainable construction, thanks to
its growth and aceptance around the world.
For instance, more than 50,000 new houses
are projected to be built in Mexico City
annually up until 2030, contributing to a
USD18bn investment opportunity in green
buildings.6 This would incentivize the green
bond market, if these houses are built
following green or sustainable standards.
The building sector in Mexico provides animportant source of employment and a
growth engine to the country, representing
almost 7% of GDP in 2019, according to
The National Institute of Statistics andGeography (INEGI).
On the other hand, according to the World
Green Building Council, around 24 cities andstates in Latin America are taking action to
improve energy efficiency in buildings supportedby the Building Efficiency Accelerator, a publicprivate collaboration focused on harnessing

Financing low-carbon buildings in Mexico in the green bond market Climate Bonds Initiativebuilding efficiency expertise to accelerate
government implementation and policy. Two ofthese cities are located in Mexico (Mexico Cityand Merida) and some states are also part ofthe BEA program such as Nuevo León, Sonora,
Jalisco, Quintana Roo, Campeche and Yucatán.
This shows another opportunity of investment ingreen buildings: out of the region’s total climate
smart investment potential, 34% or USD901bn
will go towards developing green buildingsfor Latin America’s future sustainable cities.7
Size of the building green
bond market: Investments
in energy efficiency inbuildings have been risingon a stable trend for thelast few years. In 2019,59% of all energy efficiency
investments went towards the buildings sector,
according to the International Energy Agency(IEA’s) World Energy Investment 2020 report.
In the green bond market, issuers haveallocated proceeds to fund low-carbon
buildings, employing a variety of structuresof labeled financial instruments as well as
initiating a green securitization market.
As of July 2020, USD227bn has been
allocated to low-carbon buildings assets
and projects globally.

About this briefing
This briefing provides an overview on
how debt instruments have been used
to finance investments in low-carbon
buildings in Mexico and the opportunity
for the future.
Green bond proceeds can be fully allocatedto finance projects in a specific category,or they can be split across a numberof categories. Usually, the issuers’
intention with regard to proceeds
allocation is set out in pre-issuance
documents, such as the green bondframework, an external review or otherdocumentation (e.g. bond prospectus).

1Sector overview
According to the National
Institute of Ecology andClimate Change (INECC)
in Mexico, emissions
from the residential andcommercial building
sector are equivalent to3.9% of GHGs, and black carbon emissions
are equivalent to 24% of energy emissions.
Therefore, addressing building is a priority.
The overall impacts of low-carbon building
can be perceived on the environment andhuman health throughout the life-cycle of thebuilding, through the efficient use of energy,materials, water and other resources.
In addition, according to the Federal
Mortgage Society in Mexico (SHF in
Spanish), housing is one of the sectors
characterized by the greatest potential
for energy savings in the country.8 This isdue to the wide range of options to makehousing more efficient. These range fromconstruction materials’ life cycle, housing
design, incorporation of ecotechnologies, toenergy efficiency and energy consumption.
Measures that can be taken to improvethe building sector environmentally are
cost-effective and offer net benefits, giventhat reduced electricity bills can pay forthe upfront capital cost over time and can
reduce operating costs. As an example,
Sustentabilidad para México (SUMe)
has explained that the existing building,
Torre Mayor in Mexico City, reduced its
operational costs and increased its value
when it became LEED Gold certified in
retrofit.9 This way, additional reductions
could be achieved simply by implementing
new technologies to existing structures.

Only 10.6% of green bondproceeds raised by Mexican
issuers go to low-carbon buildings
Unallocated 0.5%
Waste
9.5%
Land Use
12.7%

Energy
43.2%

Water
22.1%
Buildings
10.6%
Transport
1.4%
Data as of 30 September 2020

To date, investors have used international
certification standards as proxies in Mexico.
However, the Climate Bonds low-carbon
building criteria recognises that the global
building sector is at different stages ofdevelopment around the world and requires
difference benchmarks. CBI, for example, makes
use of city-specific baselines to establish the
trajectory for a low-carbon building for cities
rather than relying on international proxies. Thisrequires city specific data. In Mexico, significant
efforts have been undertaken by the National
Commission for Energy Efficiency (CONUEE in
Spanish) to collect data from different buildings
by city. This is the base for local building codesthat can be applied to identify green buildingsin the country. This requires constant updatingof both public and private buildings.
Understanding which local or international
certification schemes are aligned with
the Paris Agreement is fundamental for
identifying investment opportunities in lowcarbon buildings.

Bonds financing low-carbon
buildings in Mexico
Green or sustainablebonds with funding
allocated to low-carbon
buildings have continued
to increase in the country
where we have identified
the following examples
from Climate Bonds public data sources.10
On its part, Mexico City’s government has
issued two green bonds, one in 2016 andanother in 2018. Of their second green bond
(MXN1.1bn/USD54m), 25% were allocatedto finance low-carbon building sector
projects, including child development centresand various energy efficiency initiatives.11
This bond also included low-carbon urban
public transportation, water management
and energy efficiency.12 Mexico City also
issued a sustainability bond in 2017.
Vinte, a sustainable housing development
focused on increasing the quality of life of its
residents issued a sustainability bond for a totalof MXN800m/USD42m in 2018 and a second
sustainability bond in July 2020 for 460 million
pesos / 20 million dollars. Shortly after theissuance of the sovereign SDG bond in Mexico,Vinte innovated in the local market with an
SDG bond for the first time in history for acompany for an amount of 400 million pesos.
The total proceeds of the bond were allocated tofinance or refinance sustainable infrastructure
projects for the development of sustainablecommunities throughout the country. This
includes energy efficiency and water adaptation
on site of social housing buildings. The benefits
include rainwater collection and absorption

Financing low-carbon buildings in Mexico in the green bond market Climate Bonds Initiative

First Sovereign SDG Bondin Mexico
In September 2020, Mexico surprised
the world with the issuance of the first
Sustainability Bond linked to the Sustainable
Development Goals (SDG) promoted by theUnited Nations (UN) for 750 million euros.
The proceeds will be used for the general
financing of the budget aligned with the2030 Agenda and the SDGs, according
to the SDG Sovereign Bond Framework.
systems and water treatment plants. Vinte has
EDGE certified and Zero Gas certified homes.13
BBVA was the first financial corporation toissue a green bond in Mexico. Just over half(54%) of this MXN3.5bn/USD186m bond’s
proceeds were allocated to low-carbon
buildings. Use of proceeds categories included
sustainable buildings, basic infrastructure,public services as well as sustainabletransport and renewable energies.14
CADU Real Estate, a housing developer, will
issue the first Certified Climate Bond in Latin
America under the Low Carbon Buildings
Criteria of the Climate Bonds Standard (CBS)in Latin America. The certification of this green
bond was possible due to the acceptance of
EcoCasa, a program developed by the SHF
to certify sustainable housing, as a proxy in
Mexico by the CBS with the support of the UK
PACT in Mexico. The company has built almost
18% of its houses under the EcoCasa program,
making it the top developer of EcoCasa
projects in the country. Its proceeds will beallocated to housing development, especiallysocial housing and residential housing. Partof the bond funds will be used to build newhouses with the EcoCasa or Edge certifications.

The EcoCasa Certification
EcoCasa is a housing program thatseeks to improve people’s quality oflife, reduce energy consumption, andprotect the environment. It aims to
reduce GHG emissions by at least 20%
and up to 40% against the existingbaseline, and to protect water.
EcoCasa-certified residential buildingsthat achieve a minimum of 20% reduction
in CO2e emissions against their baseline
measured using the DEEVi tool can use
this as a proxy for green or sustainablebonds certification under the CBS. The
eligible version of EcoCasa is the current
version as of 1 June 2020 and the tenor of
the bond can be a maximum of 10 years.

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Although the green and sustainable bondmarket in Mexico is relatively new comparedwith other regions, it already accounts for
USD2.98bn of cumulative issuance as of theend of September 2020, there are positive signsof market growth including the sovereign SDG
bond issued in September 2020 and otherbonds expected in the last quarter of the year.

Other thematic bonds in Mexico
considered green under the
Climate Bonds Taxonomy
In 2016, NAFIN issued
the first green bond bya national developmentbank in Latin America. The
proceeds from the Climate
Bond’s Certified bond weredirected to renewable energy projects.
ROTOPLAS issued a MXN2bn sustainability
bond in 2017 with funds directed to clean
and drinking water infrastructure, storage,
sanitation, and water recycling. The company
reopened their bond in 2018 and 2020,
with a total program of MXN4bn for water
efficiency.15
FIRA, a local development bank, pioneeredsustainable agriculture practices in the
country by issuing their first green bondin 2018. This bond was certified under theProtected Agriculture Criteria developedby the CBI with the support of FIRA and theInter-American Development Bank. FIRA
has issued two more green bonds in 2019and 2020 to finance projects with social andenvironmental benefits in the agricultural
sector, and recently its first social bond.
In total, Mexico has three bonds certified
under the Climate Bonds Standard.

Financing instruments usedin Mexico for infrastructure
projects
The alternative financial
instruments are also
used in Mexico to invest
in low-carbon buildings.
Such instruments include
CKDs, CERPIS and FIBRAS
which present an opportunity for issuanceof labelled green products if either theunderlying projects, assets or receivables ofthe debt are related to low-carbon and/or
when the proceeds are used to finance such
assets. In other countries, the alternative or
structured financial instruments have used
the green or sustainable label such as CRA’sin Brazil16 and Pfandbrief in Germany.17 In
Mexico, these models have the potential
to issue thematic bonds, for example, the
FIBRA PROLOGIS which recently announced
its green bond issuance.18

The CKDs or Certificates of Capital
Development are an alternative financial
instrument unique to Mexico structured as
an equity fund to finance one or more specificprojects such as real estate related projects,
infrastructure, highways, ports, mines,
railroads, power generation, etc. According
to Mexico Projects Hub, there were 22 CKDs
focused on buildings as of September 2018.19
There are already projects in transportation,
sustainable buildings and renewable energythat support the mitigation of CO2 emissions
financed in Mexico through CKDs.
CERPIS or Investment Project Certificatesare similarly structured instruments whose
resources are used to finance projects, aswell as to invest in shares, social sharesor to finance companies, either directly or
indirectly, through one or more investment
vehicles. Listing is made through a
restricted public offering open exclusively toinstitutional investors.
The FIBRAS, on their part, are investment
trusts dedicated to acquisition anddevelopment of real estate in Mexico. Mexico
Projects Hub also shows data for seven
CERPIS and 15 FIBRAS listed on the Mexican
Stock Exchange (BMV), and on the Bolsa
Institutional de Valores (BIVA) which containinvestments in the real estate sector. As ofyet, none of them have been labelled as green,
but some include eligible assets and projects.
A specific type of FIBRA, known as FIBRA
E is focused on energy and infrastructure
investments. These investments could begreen if they meet the criteria.
Mexico’s Green Finance Advisory Board(CCFV), which seeks to promote financing
of projects and assets with positiveenvironmental and social impacts, statedin an article in the Real Estate Market
Magazine that certain FIBRAS already fundproperties with characteristics of green/sustainable buildings and some already have
LEED Certification.20,21
Examples include FIBRA UNO, wherebuildings are LEED certified / pre-certified.
The focus is on reducing energy and water
consumption, as well as on minimizing or
mitigating GHG emissions and solid waste
generation in the maintenance and operation
stage, which is the most significant factor in
determining the environmental footprint ofa property. FIBRA Prologis has low-carbon
buildings among its properties, including 29
LEED certified facilities and 17 facilities witha BOMA Best certification. Another example
is the FIBRA DANHOS, whose portfolio
includes LEED Platinum buildings, such as
the Torre Virreyes, one of the buildings in the
country which obtained this certification.

Financing low-carbon buildings in Mexico in the green bond market Climate Bonds Initiative

Opportunities in Mexico
Mexico has presented
itself as a regional leader
in green building since it is
the second country in theregion with the most LEED
certified buildings and it
is within the global top 10
countries.22 Through innovation and financial
instruments seeking to advance the building
sector’s growth in the country. This growth
has supported the demand for housing
within the informal sector of the population,
especially in cities and metropolitan areas.
Demand for social housing increases as cities
and metropolitan areas grow. Green housing
initiatives from the public sector have shownto support the supply as the credits and
EcoCasa certification demand increases, acertification scheme created by the Federal
Mortgage Society with the support of the
KfW in Mexico.23 The public sector incentives
are opening the financial channels, so thedeveloper does not have to choose between
sustainable housing and price.
Public institutions have used green
finance instruments to promote the use oftechnologies of energy efficiency and water,
mostly to meet the demand for housing.
The green mortgage format has generated
interest, popular especially for low-income
housing finance since it benefits the finaluser thanks to the reduced living costs.
Private sector interest in Mexico is also high,the country possesses world-class potential
for energy efficiency and climate-smart
measures. There are national projects and realestate development companies listed on the
BMV or BIVA with pipeline opportunities forthematic bonds financing their low-carbon
building projects, including Consorcio ARA,
BeGrand, Grupo Gicsa, Inmuebles Carso,
Organización de Proyectos de Infraestructura(OPI), and Inmobiliaria RUBA.

Supporting institutions
BANOBRAS is a
development bankin Mexico offering
financial solutions forthe development of
infrastructure and public
service projects. Banobras
collaborated with the National Governmentand other institutions to create the Mexico
Project Hub platform, which creates a link
between investment projects with domestic
and foreign investors, encouraging longterm infrastructure financing. The system’s
methodology shows projects rated throughsustainability criteria based on public
information about each project.

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SHF is a financial institution belonging to theDevelopment Bank that seeks to promote
access to quality housing by granting
loans and guarantees for the construction,acquisition and improvement of housing,
preferably of social interest. It is one of
the institutions that promote sustainablehousing in the country by attacking market
needs such as the EcoCasa program thatthey developed with the IDB and KfW.24
The Institute of the National Housing Fundfor Workers, (Infonavit) is the institution
with the objective of fulfilling worker’s rightto housing. Its main function is to offer
mortgage loans. Additionally, it has financial
products that help measure the efficiencyof homes and improve the quality of life
through the use of eco-technologies.25
CONUEE serves as the technical body forthe sustainable use of energy in Mexico.
With the aim of promoting energy efficiency,
it has developed evaluation systems
for sustainable buildings similar to the
US “Energy Star” evaluation system incollaboration with INECC.26
SUMe, Sustentabilidad para México is a
non-profit association fostering collaborative
projects towards a sustainable Mexico in orderto improve the quality of life of the population.
SUMe is officially the Council establishedfor Mexico from the World Green building
Council (WorldGBC) and has an aliancewith the USGBC for developing capacities
and advance market transformation througheducational programs.
IBALCA, a group of experts in sustainableproject consulting, offers quality support
throughout the life cycle of projects,
especially construction projects to ensurethat they comply with robust international
quality and efficiency standards.

How do we identify low-carbon buildings?
COMMERCIALRESIDENTAL

For Mexico City, the local codeon Climate Bonds website must
be used. For all others use thefollowing proxies

There are no local codes forresidential building in Mexico at the
moment. Use the following proxies
for the time being.

LEED Gold or Platinum
Together with 30% improvement
above the levels in ASHRAE 90.1

ECOCASA with a minimum of
20% reduction in CO2e emissions
against their baseline measured
using the DEEVi tool.

EDGE certified(Only water, energy and carbon
emissions)
LBC - Living Building Challenge
Certified
BOMA Best - Building Owners andManages Association
Currently in process of analysis by CBILEED Gold or Platinium
Together with 30% improvement
above the levels in ASHRAE 90.1
EDGE certified(Only water, energy and carbon
emissions)
LBC - Living Building Challenge Certified

Commercial and residential buildings can be Certified for upgrade projects if they
achieve an emission reduction of 30%-50% (depending on bond term) from a baseline.
For more information about the Buildings Criteria and the various sub-categories thatare available for certification please visit the Climate Bonds website.

Low-carbon building
certifications in Mexico acceptedby the Climate Bonds Standard
Within the Climate Bonds
Standard and associatedSector Criteria, theresidential and nonresidential building criteria
uses local building codes
or energy ratings/labels
as a proxy for performance of the top 15%

buildings in a city. For commercial buildings,
the low-carbon trajectory, proxies or asignificant upgrade can be utilized dependingon the building’s location.
The following are the proxies to identify green/sustainable buildings in Mexico eligible forcertification under the Climate Bonds Standard.
The figure above details the tool to use forcalculating low-carbon building dependingon the building’s location.

First conversation about the building sector in Mexico
In July 2020, the Instituto Tecnológico
Autónomo de México (ITAM) and Climate
Bonds, with the support of the UK PACT
programme by the UK Government, hosted
a RoundTable discussion on green andsustainable buildings in Mexico.27
Experts highlighted the need for a nationwide
emissions baseline to set criteria and attract
investments into commercial buildings.
To make this possible in Mexico, it wasrecommended to enforce existing building
codes such as NOM-008-ENER-2001 fornon-residential buildings and NOM-020-

ENER-2011 for residential building energy
efficiency. Municipalities, states, and federal
entities play a key role in incentivizing theimplementation and local codes.
The need to incorporate urban planning into
sustainability or low-carbon building indicators
specific to low-carbon buildings in Mexico
was also mentioned. For example, developing
housing in areas disconnected from cities
would increase carbon footprint and decrease
residents’ quality of life. On the other hand,
retroffiting of buildings in Mexico is of utmost
importance and should be included into low-

Financing low-carbon buildings in Mexico in the green bond market Climate Bonds Initiative

carbon building definitions, establishinga baseline and a minimum percentage ofimprovement in GHG emissions.
Considering the importance and thepotential of the buildings sector for
mitigation and adaption to climate change,
it should be considered a priority in the
country. Other environmental goals suchas energy and water conservation arehighlighted. For them, it is important tobetter present the overall benefits including
the economic value, social benefits andimprovements to health and wellbeing.

4How to issue a green bond/loan
Who can issue green bonds?
Any entity which has suitable green assets can issue green bonds and/or obtain green
loans. Suitable green assets include renewable energy, low carbon transport, low carbon
buildings, sustainable water, agriculture, shipping, waste management, sustainable land
use as well as climate change adaptation measures such as flood defences.

1 Develop a green bond framework

Available guidelines & standards:
International: EU Taxonomy, Green Bond Principles(GBP), Green Loan Principles, Climate Bonds Taxonomy
and Climate Bonds Standard• Define eligibility criteria for projects/assets• Create selection process

Country-specific: Brazil, Chile, Mexico, Dominican Republic, Panama,
Colombia, Ecuador, Paraguay (SDG), Argentina, Peru, and Costa Rica

• Set up tracking & reporting

Best practice:

2 Arrange an external

3 Check for support mechanisms:

review

Assurance report: an external party
confirmation of compliance with GBP/GLP
Second Party Opinion: an external assessment of
the issuer’s green bond framework, confirming GBP
compliance and analysing the eligible asset categories
Green rating: an evaluation of the green bond andframework against a third-party rating methodology,
which considers the environmental aspects of theinvestments. In LAC, these mainly include products
developed by international rating agencies such as
S&P and Moody’s.
Verification report for Certified Climate Bond:
third party verification, pre- and post-issuance,
which confirms that the use of proceeds adheresto the Climate Bonds Standard and Sector Criteria
and the Paris agreement to keep global warming to
2˚C and achieve full decarbonisation by 2050$

In some LAC countries, it is mainly stock exchanges thatprovide some support services for green bond issuers.
Although financial support is rare (only Costa Rica’s BNV
seems to offer reduced fees for green bonds issuers, as well as helping themin organising roadshows), it is worth checking this locally, especially sincegreen finance policy is changing rapidly. Other local organisations, such as
Brazil’s CEBDS and Mexico’s CCFV also be able to provide support.

4 Issue the bond / loan
5 Post-issuance reporting
Report annually to confirm that the funds are allocated togreen projects / assets
Best practice: Disclose environmental impacts of financed projects inabsolute terms and relative to an appropriate benchmark

Endnotes
1. Green Bonds Global State of the Market 2019, Climate Bonds Initiative
2. UN Environment Programme, 2019 Global Status Report for
Buildings and Construction Sector
3. México Gobierno de la República, COMPROMISOS DE
MITIGACIÓN Y ADAPTACIÓN ANTE EL CAMBIO CLIMÁTICO PARA ELPERIODO 2020-2030
4. Mexico’s Intended Nationally Determined Contributions
5. IPCC, Summary for Policymakers of IPCC Special Report on Global
Warming of 1.5°C approved by governments
6. IFC, Raising US$23 Trillion Greening Banks and Capital Markets
for Growth, 2018.
7. IFC, Climate Investment Opportunities in Emerging Markets, 2018.
8. Federal Mortgage Society in Mexico (SHF in Spanish) promotes
the development of the primary and secondary markets for housing

Climate Bonds Initiative© November 2020www.climatebonds.net
Design: Godfrey Design

through guarantees or various financial instruments for building,acquisition and improvement of housing.
9. Torre Mayor, Leed
10. Climate Bonds Initiative Bond Library
11. Mexico City’s Government, Climate Change Financing
12. MexiCO2, La Ciudad de México emite el primer bono verde
subnacional en América Latina
13. Vinte anuncia la colocación del primer Bono Sustentable delsector vivienda en América Latina por $800 millones de pesos
14. MexiCO2, ¡Primer bono verde bancario: BBVA Bancomer!
15. Rotoplas, Rotoplas emite exitosamente su segunda reaperturade Bono Sustentable
16. https://www.climatebonds.net/resources/press-releases/2019/11/
brazil-ecoagro-announces-issuance-first-green-cra-world-be

17. https://www.climatebonds.net/2015/05/review-first-ever-greencovered-bond-pfandbrief-issued-german-giant-berlinhyp-eur500m-7yr
18. El Economista, Fibra Prologis emitirá bono verde
19. Mexico Project Hub, Listed Vehicles
20. Mario Vázquez, Fibras verdes, con posibilidad de emerger vía
Bolsa, Real Estate Market Magazine, 2017
21. LEED stands for Leadership in Energy and Environmental Design.
22. USGBC Announces International Ranking of Top 10 Countries for LEED
23. Obras, Así crece la Vivienda verde en México
24. Sociedad Hipotecaria Federal, Sobre SHF
25. CNBV, Descripción del Infonavit
26. Gobierno de México, CONUEE ¿Qué hacemos?
27. UK PACT (Partnering for Accelerated Climate Transitions)- Mexico

With the support of the UK PACT.
A special thank you to Consejo
Consultivo de Finanzas Verdes CCFV,
Sustentabilidad para México SUMeand Ibalca

Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financialorganisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility forcontent on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within
this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision. Certification under the Climate Bond Standard only reflects
the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties
on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication. The information in this report does not
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Financing low-carbon buildings in Mexico in the green bond market Climate Bonds Initiative

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