The World Bank board of directors has endorsed the new Country Partnership Strategy (CPS) for Mexico, which includes a loan of over $500 million to support the government's efforts, under the National Climate Change Strategy, to maintain climate change considerations in public policy.
‘This is the first operation of its kind for the World Bank,’ says Axel van Trotsenburg, World Bank director for Mexico and Colombia. "It is in recognition of the Mexican efforts and commitment in reducing CO2 emissions. It is also an important first step for the World Bank in finding concrete ways to be a long-term partner of Mexico in supporting a low-carbon development path in the country.’
The Climate Change Development Policy Loan will be implemented by the Ministry of Environment and Natural Resources. The loan is designed to decrease the adverse environmental impacts of climate change by reducing greenhouse gas emissions and concentrations on a voluntary basis in key sectors. The operation will also provide a strategic framework for an expanded dialogue between the government of Mexico and the World Bank on climate change.