MX25 Forum Spotlights Sustainable Finance and SME Inclusion

At the Finanzas Sostenibles MX25 Forum, financial leaders highlighted Mexico’s progress in developing and deploying sustainable financing tools. Panelists also stressed the importance of making these instruments accessible to small and medium-sized enterprises (SMEs).

According to Isabel Collado, Scotiabank’s head of capital and debt markets, the sustainable bond market in Mexico has grown significantly, evolving from green bonds to broader labeled instruments such as sustainability-linked bonds. These now total MX$600 billion (US$33 billion) across 222 transactions, she said, adding that 75% of these transactions are concentrated among 15 issuers.

Dakota Mahar, associate director of sustainable finance, Scotiabank, noted that sustainable financing in Mexico remains stable and diversified, with green bonds serving as the primary tool. About 60% of their use is focused on decarbonizing economic activities.

However, both panelists emphasized that most SMEs are still unfamiliar with sustainability frameworks and financial instruments. To address this gap, Collado noted that a joint securitization of four non-bank financial institutions (Sofomes) was issued as a green bond.

María Ariza García Migoya, CEO, BIVA, highlighted that labeled bonds are increasingly integrated into investor portfolios, with 50% issued by development banks and 30% by corporate issuers, according to Scotiabank.

Panelists agreed that the main challenge is building a sustainable finance market with lower risks and greater transparency in corporate objectives. They underlined that expanding access to SMEs will be critical for aligning Mexico’s financial system with broader sustainability and decarbonization goals.