Development of Technical Elements for Building the Biodiversity Objective of the Mexican Sustainable Taxonomy

• Country: South Korea
• Summary: Development of Technical Elements for Building the Biodiversity Objective of the Mexican Sustainable Taxonomy
• KRT Ref No: 105044672
• Deadline: 23 Aug 2024
• Financier: Other Funding Agencies
• Purchaser Ownership: Government
• Tender Value: Refer Document
• Notice Type: Tender
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• Description:
• Request for proposals are invited for Development of Technical Elements for Building the Biodiversity Objective of the Mexican Sustainable Taxonomy. SCOPE OF WORK Under the scope of work for this assignment, the selected Consulting Firm shall complete the following: • The Consulting Firm shall undertake extensive research to explore the critical aspects of biodiversity that are influenced by and impact various economic activities within Mexico. This research will form the basis for crafting an initial set of biodiversity criteria that incorporates technical, economic, and ecological considerations, ensuring alignment with the overall objectives of the Sustainable Taxonomy of Mexico, the EMFS and existing environmental regulation. The Consulting Firm aims to complete the initial draft of these criteria within 4 weeks of project initiation. • The Consulting Firm will identify and engage with key stakeholders, including financial institutions, academia, NGOs, environmental experts, policymakers, local community and industry representatives. This engagement aims to gather a broad range of perspectives that will enrich the development of the biodiversity criteria. The firm will organize workshops to present the draft criteria, solicit feedback, and refine the criteria based on inputs from these sessions. These engagements are scheduled to take place over 2 weeks period following the development of the initial draft. • Following stakeholder engagement, the Consulting Firm will prepare comprehensive documentation detailing the proposed biodiversity criteria. This document will serve as the foundation for review sessions with the Sustainable Taxonomy Working Group, during which the firm will facilitate the incorporation of feedback into the criteria. This phase of the project is scheduled to occur over 2 weeks, immediately after the stakeholder engagement phase. • Upon gathering and incorporating all necessary feedback, the Consulting Firm will finalize the biodiversity criteria, prepare a final report and outline strategies for the practical implementation of these criteria within the existing structures of the Sustainable Taxonomy of Mexico. This final phase is expected to be completed within 2 weeks. • The Consulting Firm will allocate appropriate resources, including personnel, budget, and technology, to support each phase of the project effectively. This strategic allocation is crucial to maintaining the project's momentum and ensuring its successful execution. • The Consulting Firm will establish stringent quality control measures. These steps are essential to ensure the developed criteria are both high in quality and practical for implementation. • The Consulting Firm will set up mechanisms to evaluate the application of the biodiversity criteria within the taxonomy and gather feedback to refine and enhance the criteria. This ongoing evaluation will help the criteria to meet environmental and economic changing conditions. • Throughout the project, the Consulting Firm will maintain detailed records of all activities and decisions. They will regularly update all stakeholders through comprehensive reports detailing the project's progress, challenges encountered, and actions taken to overcome these challenges. GGGI for its projects in Mexico invites all eligible companies to submit their bids for the provision of consulting services to develop Technical Elements for Building the Biodiversity Objective of the Mexican Sustainable Taxonomy. PROJECT BACKGROUND: Throughout the development of the Sustainable Finance Mobilization Strategy (EMFS, as per acronym in Spanish), several key milestones have been achieved. First, the establishment of a technical working group was crucial for the development of the EMFS. Additionally, a methodology was created to gather data from stakeholders regarding the essential objectives and actions that the EMFS should address. On September 18th, 2023, the EMFS was published by the SHCP. Furthermore, workshops were organized in 2024 to facilitate widespread awareness and understanding of the EMFS among various stakeholders. The EMFS will remain a living document enhanced in the years to come based on country needs and stakeholder feedback. A pivotal tool in implementing the EMFS is the Sustainable Taxonomy of Mexico (TSM, per its acronym in Spanish). The SHCP, in collaboration with other institutions in the financial sector, including the Sustainable Finance Committee, published the TSM in Q1-2023. The TSM aims to better understand the sustainability of products and services from the financial and real-asset sectors. Its primary objective is to provide a classification framework that establishes criteria and thresholds to assess whether a project meets sustainability standards while also ensuring compliance with the principles of "Do No Significant Harm", “minimum safeguards” and addressing gender gaps. The first stage of the TSM focuses on three main objectives: 1) Mitigation of climate change, 2) Adaptation to climate change, and 3) Gender equality. Sustainable assets will generate impact investment on climate change on 124 activities from six main economic sectors (agriculture, forestry and livestock; generation, transport and distribution of energy and water; manufacturing industry; construction; transport and waste management). Moreover, the objective of gender equality is cross-cutting to all sectors of the economy and will direct funding toward projects that help close gender gaps. Credit institutions, institutional investors, and issuers are intended to implement the TSM to label their sustainable investments and projects according to this classification system. In 2024, the TSM has been socialized among users, and is being piloted. For this, GGGI developed three tools: a) a website aimed to create capacities on general sustainable finance topics, including the scope of EMFS (Plataforma de Finanzas Sostenibles), b) a Massive Online Open Course (MOOC) on the Sustainable Taxonomy of Mexico and, c) a Pilot Programme for the implementation of the TSM and the application of the EMFS on proposed institutions. GGGI has supported the development, training and socialization of both public policies through funding from the UK Partnering for Accelerated Climate Transitions (UKPACT) and the Green Climate Fund (GCF). The execution of these activities will prepare stakeholders for the upcoming regulation related to the implementation of the TSM and the alignment to the EMFS. Furthermore, the TSM requires ongoing expansion to include additional objectives for substantial contribution. There is a pressing need to develop the biodiversity component within the TSM, recognizing its critical importance at a regional level. Coordinated efforts are essential to advance this agenda within the financial sector. The focus will be on refining the biodiversity aspects of the TSM through in-depth research and active engagement with stakeholders, ensuring the taxonomy accurately reflects Mexico-s unique biodiversity needs and aligns economic activities with environmental sustainability. Objectives for the Activities Under This Framework • Develop comprehensive biodiversity minimum criteria within the TSM, which should at least include the following: o A review of current international, regional and local practices for mainstreaming biodiversity in the financial sector. o Identification of relevant sectors and economic activities in Mexico that have positive impacts on nature and biodiversity in the context of the Mexican economy, across different regions in the country, as well as economic activities with negative impacts on nature and biodiversity. o Identification of strategic natural assets based on their relevance for the Mexican economy and responding to the different regions in the country. o Guidelines to ensure economic activities align with environmental sustainability and biodiversity conservation and sustainable management. • Cultivate a diverse and inclusive stakeholder framework: Engage a wide range of stakeholders, including government entities, environmental and biodiversity experts, non-governmental organizations, academia, local communities, private sector and industry representatives, to ensure comprehensive inputs and foster consensus in the biodiversity taxonomy. For this activity, a comprehensive mapping exercise will be required. • Generate a detailed actionable report from the biodiversity discussions: Influence policymaking by providing evidence-based recommendations to enhance regulatory frameworks and integrate biodiversity into national and sectoral policies. • Embed biodiversity considerations into economic and financial planning: Generate recommendations on how to develop biodiversity economic instruments (market, financial, fiscal, incentives) to guide investments on nature-based solutions and promote ecosystem resilience in the financial sector, while monitoring and evaluating their effectiveness in achieving biodiversity conservations goals. Through these activities, the SHCP will have inputs to significantly enhance the structure of the TSM, ensuring it robustly supports the integration of biodiversity considerations into Mexico's financial and economic planning, thus contributing to the nation-s sustainable development goals. PROPOSED ACTIVITIES: The Consulting Firm selected will develop minimum biodiversity criteria for the Sustainable Taxonomy of Mexico, aiming to embed environmental sustainability deeper into the country-s economic and financial practices. The project will start with a detailed research phase to examine the interplay between biodiversity and various economic sectors and activities. This foundational research will inform the creation of initial biodiversity criteria that balance ecological, socio-economic, and technical considerations. Following this research, the firm will conduct comprehensive s
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