CIUDAD DE MÉXICO (CDMX) SUSTAINABILITY BOND FRAMEWORK€¦ · RESTRICTED CIUDAD DE MÉXICO (CDMX) SUSTAINABILITY BOND FRAMEWORK SECOND OPINION BY SUSTAINALYTICS September 2017 Charlotte

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www.sustainalytics.com

CIUDADDEMÉXICO(CDMX)

SUSTAINABILITYBONDFRAMEWORK

SECONDOPINIONBYSUSTAINALYTICS

September2017

CharlottePeyraud(NewYork)SeniorAdvisor,[email protected](+1)6465180184

AnkitaShukla(Toronto)SeniorAdvisor,[email protected](+1)4168610403

ElisaGalván-Mondié(Paris-Madrid)SeniorAdvisor,[email protected](+33)184886652I(+34)911883762

© Sustainalytics 2017

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TABLEOFCONTENTS 1. INTRODUCTION 3

2. SUSTAINALYTICS’OPINION 4Section1:SustainalyticsOpinionontheCDMXSustainabilityBondFramework 4Section2:MexicoCity’sSocialandEnvironmentalCommitments 5Section3:OpinionontheCDMXUseofProceeds 6Conclusion 9

APPENDICES 10Appendix1:CDMXBonoSustentable2017–UseofProceeds 10Appendix2:AnalysisofCDMX’sEnvironmentalStrategyforthe2016GreenBondFramework

12Appendix3:OpiniononGreenUseofProceedsforthe2016GreenBondFramework 15Appendix4:OpiniononRiskMitigationforthe2016GreenBondFramework 18Appendix5:GreenBond/GreenBondProgrammeExternalReviewForm 19

SUSTAINALYTICS 25


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1. INTRODUCTIONGobiernodelaCiudaddeMexico(MexicoCityGovernment)hasdevelopedaSustainabilityBondFrameworkinaccordancewithwhichit intendstoissueSustainabilityBondsthatwillfundsocialandenvironmentalbeneficialprojectsinCiudaddeMéxico(“CDMX”,“MexicoCity”,or“theCity”).ThisSustainabilityBondFrameworkhasbeenpublishedinaseparatedocument.Thenetproceedsofeachsustainabilitybondwillbeusedtorefinanceor finance, inwholeor inpart,existing(re-financing)andfutureprojectsthatpromotesustainabledevelopmentandthetransitiontoalow-carbon,climate-resilienteconomy.TheFrameworkdefineseligibilitycriteriainnineareas:

1. EssentialPublicServices;2. SustainableTransport;3. SustainableBuildings;4. RenewableEnergy;5. EnergyEfficiency;6. WaterEfficiencyandWastewaterManagement;7. PollutionPreventionandControl;8. ConservationandBiodiversity;9. ClimateChangeAdaptation.

A list of eligible projects and projected allocations for the 2017 Sustainability Bond issuance isprovidedinAppendix1.MexicoCity,engagedSustainalyticstoreviewtheframeworkoftheSustainabilityBondandprovideasecond-partyopiniononthealignmentoftheSustainabilityBondwiththeGreenBondPrinciples2017 (the “GBP”) andSustainabilityBondGuidelines2017, as administeredby the InternationalCapitalMarketAssociation(the“ICMA”).1Aspartofthisengagementprocess,Sustainalyticsreferredtopreviousinformationgatheredaspartofthe2016CDMXGreenBond2(forwhichSustainalyticsprovidedanopinion)andreviewedrelevantpublic documents and non-public documents relating to the design, planning, governance anddevelopmentoftheCDMXSustainabilityBondFramework.ThisdocumentcontainsSustainalytics’opinionoftheCDMXSustainabilityBondFrameworkandshouldbereadinconjunctionwiththatframework.

1 ICMA’s Green Bond Principles 2017:

https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/GreenBondsBrochure-JUNE2017.pdf ICMA’s Sustainability Bond Guidelines 2017: https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/SustainabilityBondGuidelines-JUNE2017.pdf

2 Sustainalytics Second Party Opinion on CDMX Green Bond Framework: http://www.sustainalytics.com///sites/default/files/green_bond_opinion_cdmx_11112016_final.pdf


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2. SUSTAINALYTICS’OPINIONSection1:SustainalyticsOpinionontheCDMXSustainabilityBondFrameworkOverall, Sustainalytics is of the opinion that the CDMX Sustainability Bond Framework createsmeaningful impact, is transparent, and aligns with the Green Bond Principles 2017 and theSustainabilityBondGuidelines2017.Someconsiderations inSustainalytics’assessmentare listedbelow:

• All green eligibility criteria for the use of proceeds are recognized by the Green BondPrinciples2017asprojectcategorieswithclearenvironmentalimpact.

• TheCity’sdisclosureandprocesseswithrespecttomanagementofproceedsandprojectselectionprocessareinlinewithmarketpractices.

• CDMX commits to targeting proceeds towards disadvantaged populations by selectingprojectsthatareprovidingessentialservicestothesepopulations.SinceCDMXdefinesthesepopulationsinalignmentwithMinistryofSocialDevelopment,Sustainalyticsisoftheopinionthatthesedefinitionsarecredible.

• ProjectsorservicesundertheEssentialPublicServiceseligibilitycriteriaarebeingdevelopedinareasdesignatedasmedium, low,orvery lowon theMexicoCitySocialDevelopmentIndex,whichwillensureatargetedpopulation.

o The free admission interactive children’smuseum is being developed in the low-incomeareaofIztapalapawhere37.4%ofinhabitantsliveinpoverty.ThisisoneofthehighestpovertyratesinMexicoCity.

• SustainalyticsencouragesCDMXwherepossibletoreportonquantitativeKPIsrelevanttoprojectcategories.

AlignmentwithGreenBondPrinciples2017/SustainabilityBondGuidelines2017:SustainalyticshasdeterminedthattheCDMXSustainabilityBondFrameworkalignstothefourpillarsoftheGreenBondPrinciples2017andtheSustainabilityBondGuidelines2017.FordetailedinformationpleaserefertoAppendix5:GreenBond/GreenBondProgrammeExternalReviewForm.


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Section2:MexicoCity’sSocialandEnvironmentalCommitmentsMexicoCity’sCommitmenttoSocialDevelopment:Sustainalytics has reviewedMexico City’s General Program for Development 2013-20183,whichestablishesthesocialobjectivesandactionsfortheCity.Sustainalytics isoftheopinionthattheSustainabilityBondisalignedtoMexicoCity’ssocialdevelopmentcommitments.Theprogramhasavisiontocreateacityoffreedom,tolerance,diversity,fairness,inclusive,andsafety.Accordingly,the program aims to promote equality of opportunity and gender equality, support vulnerablepopulations, create a safe city, and stimulate the economy. In order to achieve this vision, theprogramisstructuredaroundfivepillars:

Pillar1:EquityandSocialInclusionforHumanDevelopment;Pillar2:GoodGovernance,SafetyandCitizenProtection;Pillar3:SustainableEconomicDevelopment;Pillar4:LivabilityandServices,PublicSpace,Infrastructure;Pillar5:Effectiveness,Accountability,FightAgainstCorruption.

Pillar 1 (Equity and Social Inclusion for Human Development) covers issues including exclusion,discrimination,health,education,accesstoculturalcontents,spacesandservicesamongstothers.Pillar4 (LivabilityandServices,PublicSpace, Infrastructure)covers issues includingpublicspace,public transportation, and water infrastructure. The program sees public space as an area ofopportunityforcultureanddailysocialinteractionurbanlifeandcommunityidentityexpression.Sustainalyticsisoftheopinionthatsocialprojectstobefundedunderthe“EssentialPublicServices”eligibilitycriteria,whichincludeacommunitycenterfortheelderly,achildcarecenter,achildren’smuseumandfundingforthe“HealthArt”(SaludArteinSpanish)programatschools,arealignedwithPillar1andPillar4.MexicoCity’sComprehensiveEnvironmentalCommitmentandTargets:SustainalyticsreviewedMexicoCity’sclimatechangestrategyinNovember2016foritsGreenBondissuance. Sustainalytics believes that the City’s government is sustainability-focused and has arobustshort-andlong-termstrategytomitigateadverseenvironmentalimpacts.ThestrengthofMexicoCity’sclimatechangestrategyderivesfrom:(i)stronglocalclimateactionplans,(ii)trackrecordofperformanceonplans,(iii)participationininternationalforumstoreporttocommitmentsandactions.Basedontheabove,SustainalyticsbelievesthatMexicoCityiswellpositionedtoissueSustainabilityBonds. 3 General Development Program of the Federal District 2013-2018: https://data.finanzas.cdmx.gob.mx/documentos/ProgGralDesarrollo_2013_2018.pdf


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Additionally,MexicoCityhasestablishedtargetstoreduceCO2eemissionsbyapproximately30%by2020relativetothebaseline.TheCitytracksandreportsonitstargetsthroughitsCDPSurveyResponsesandpublicallyreportsonitsScope1,2and3emissions.SustainalyticsisoftheopinionthatreportingontargetsandperformanceonMexicoCity’senvironmentalstrategiesisindicativeoftheprioritytheCityassignstoachievingresults.PleaserefertoAppendix2forareviewofSustainalytics’opinionofCDMX’sGreenBondFrameworkpublishedinNovember2016.Section3:OpinionontheCDMXUseofProceedsProceedsofthebondwillbedirectedtowardsnineeligibilitycriteria:

1. EssentialPublicServices;2. SustainableTransport;3. SustainableBuildings;4. RenewableEnergy;5. EnergyEfficiency;6. WaterEfficiencyandWastewaterManagement;7. PollutionPreventionandControl;8. ConservationandBiodiversity;9. ClimateChangeAdaptation.

Overall,Sustainalytics isof theopinion that theproceeds fromthebondwillhaveclearpositivesocialandenvironmentalimpacts.Below,Sustainalyticshasprovidedanopiniononprojectsunderthe newly included Essential Public Services eligibility criteria. Please refer to Appendix 3 forSustainalytics’OpiniononSustainableBuildings,ClimateChangeAdaptation,SustainableTransport,andWaterEfficiencyandWastewaterManagement.TheImportanceofImprovementstoEssentialPublicServicesinMexicoCity:Essentialpublicservicesarevitaltoestablishandmaintainthequalityoflifeofcitizens,ensurethehealthofcitizens,andcontributetotheeconomicandenvironmentalwell-beingofacity.Essentialservices directly benefit low-income and marginalized communities and vulnerable populationgroups.MexicoCity’scurrentpublicserviceprojectsincludethedevelopmentofpublicspacesanddevelopmentofprojectsthatpromotechildren’seducation.Mexico City faces a lack of public spaces, as well as a problem of uneven distribution andconnectivityoftheexistingpublicspaces.Accordingtothe2013-2018DevelopmentProgram,theoptimalratioforpublicspacesissetat12m2/habwhereas,asof2013,publicspacewasestimated


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torepresent5m2/hab(or9.5%)ofthetotalareaofthecity.4Moreover,thisspaceisnotdistributedequitablythroughoutthecityand,inmanycases,theexistingspacesareinadequatewithrespecttoaccessibility,qualityandmaintenance.The2013-2018planrecognizedtheneedtowidenandstrengthen these policies with particular attention to accessibility and targeting of vulnerablepopulations.Inlinewiththis,proceedsfromthe2017SustainabilityBondmaybeusedtowardsthedevelopmentof a free-admission, interactive children’s museum in the low-income area of Iztapalapa.5 The17,500m2-buildingwill create a large public space between themuseum’s ground floor and anadjacentpublicsquare.InadditiontoenhancingandextendingexistingpublicspaceintheCity,themuseumisexpectedtoachieveapositiveimpactonthelearningandrecreationoptionsforchildreninalow-incomeareaofMexicoCity.TheinteractivemuseumwillreplicateasuccessfulmuseumestablishedinMexicoCityinordertosupportcreativityandknowledgeinscience,technology,art,natureandenvironmentalstewardship.Proceedstowardstheinteractivechildren’smuseumisinlinewithPillar1and4ofthe2013-2018MexicoCityDevelopmentPlan.

MexicoCitymayallocateproceedstoadditionalprojects targetingchildren’seducation.Projectsmayincludetherefurbishmentof30childcarecentersfromlow-incomehouseholdsintheareaofItzacalcoand110schoolsacross thecitywithanobjective to improve the learningandworkingconditions of the centers. Refurbishment may include reinforcement of the building structure,electric installations, sanitaries to improve the comfort, hygiene and safety of thebuilding, andinstallationofdrinkingwater-fountains.Sustainalyticsisoftheopinionthattheplannedinvestmentsdescribedabovewillbenefitvulnerableandlow-incomecommunities.

4 General Development Program of the Federal District 2013-2018:

https://data.finanzas.cdmx.gob.mx/documentos/ProgGralDesarrollo_2013_2018.pdf 5 According to CONEVAL, Iztapalapa is one of the three delegations in Mexico City presenting the highest proportion of poor people followed by Milpa Alta and Tláhuac.


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AlignmentwiththeSustainableDevelopmentGoals(SDGs):The Sustainable Development Goals (SDGs) were established in September 2015 and form anagendaforachievingsustainabledevelopmentbytheyear2030.ThesegoalsarewidelyconsideredtobethenextsteptotheMillenniumDevelopmentGoals(MDG),whichweretime-boundto2015.ThebelowtablesummarizesSDGsofparticularimportanceforMexicoCityunderitsSustainabilityBondFramework.SDG SDGTarget UseofProceedsCategorySDG4–QualityEducation

4.1-By2030,ensurethatallgirlsandboyscompletefree,equitable and quality primary and secondary educationleadingtorelevantandeffectivelearningoutcomes.4.2-By2030,ensurethatallgirlsandboyshaveaccesstoqualityearlychildhooddevelopment,careandpre-primaryeducationsothattheyarereadyforprimaryeducation.4.7 - By 2030, ensure that all learners acquire theknowledge and skills needed to promote sustainabledevelopment.4.A-Buildandupgradeeducationfacilitiesthatarechild,disability and gender sensitive and provide safe, non-violent, inclusive and effective learning environments forall.

1.EssentialPublicServices

SDG6–CleanWaterandSanitation

6.1-By2030,achieveuniversalandequitableaccesstosafeandaffordabledrinkingwaterforall.6.3-By2030,improvewaterqualitybyreducingpollution,eliminatingdumpingandminimizingreleaseofhazardouschemicals and materials, halving the proportion ofuntreated wastewater and substantially increasingrecyclingandsafereuseglobally.

6.WaterEfficiencyandWastewaterManagement

SDG7–AffordableandCleanEnergy

7.2-By2030,increasesubstantiallytheshareofrenewableenergyintheglobalenergymix.

4.RenewableEnergy

SDG9–Industry,InnovationandInfrastructure

9.4-By2030,upgradeinfrastructureandretrofitindustriesto make them sustainable, with increased resource-useefficiency and greater adoption of clean andenvironmentally sound technologies and industrialprocesses.

5.EnergyEfficiency7.PollutionPreventionandControl

SDG10–ReduceInequalities

10.2-By2030,empowerandpromotethesocial,economicand political inclusion of all, irrespective of age, sex,disability, race, ethnicity, origin, religion or economic orotherstatus.

1.EssentialPublicServices

SDG11–SustainableCities

11.2 - By 2030, provide access to safe, affordable,accessible and sustainable transport systems for all,improving road safety, notably by expanding public

2.SustainableTransport3.SustainableBuildings


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transport,withspecialattention to theneedsof those invulnerable situations, women, children, persons withdisabilitiesandolderpersons.11.C-Supportleastdevelopedcountries,includingthroughfinancial and technical assistance, in building sustainableandresilientbuildingsutilizinglocalmaterials

SDG12–ResponsibleConsumption

12.2 -By2030,achievethesustainablemanagementandefficientuseofnaturalresources.12.5 - By 2030, substantially reduce waste generationthroughprevention,reduction,recyclingandreuse.

6.WaterEfficiencyandWastewaterManagement7.PollutionPreventionandControl

SDG12–ClimateChange

13.1 - Strengthen resilience and adaptive capacity toclimate-related hazards and natural disasters in allcountries13.3 - Improve education, awareness-raising and humanand institutional capacity on climate change mitigation,adaptation,impactreductionandearlywarning.

9.ClimateChangeAdaptation

SDG15–LifeonLand

15.2-By2020,promotetheimplementationofsustainablemanagement of all types of forests, halt deforestation,restore degraded forests and substantially increaseafforestationandreforestationglobally.

8.ConservationandBiodiversity

ConclusionMexicoCityhasastrongsocialandenvironmentalcommitmenttopromoteequalityofopportunity,targetingvulnerablepopulations,aswellastomitigatetheimpactsofclimatechange.TheCDMXSustainabilityBondFrameworkandtheCity’sSustainabilityBondissuancesmayalsosetapositiveprecedentforthepromotionofsustainableinfrastructureinvestmentbypublicsectorandstate-ownedenterprisesinMexico.The CDMX Sustainability Bond Framework is in alignment with the four pillars of Green BondPrinciples 2017 and the Sustainability Bond Guidelines 2017. The Framework defines strongeligibility criteria, demonstrates a structured and transparent project selection process that issupportedby theMexicoCityFinanceMinistry,MexicoCityMinistryofEnvironment,andotherrelevantministeriesandoutlinesclearandtransparentprocessesforthemanagementofproceedsandreportingonrelevantsocialandenvironmentalKPIs.Basedontheaboveconsiderations,Sustainalytics isof theviewthatMexicoCity’sSustainabilityBondisrobust,credibleandtransparent.


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APPENDICESAppendix1:CDMXBonoSustentable2017–UseofProceedsCDMXhasidentifiedprojects(newandexisting)amountingtoapproximatelyMXN2432millionthatcouldpotentiallyreceiveallocationsfromits2017sustainabilitybondissuance.AllarepublicworksprojectslocatedinMexicoCity.EligibilityCriteria

Projects Allocation(MXNmil)

PotentialImpactIndicators

EssentialPublicServices

New:- Constructionofachildren’s

museumforexperientiallearning

- Rehabilitationofchildcarecenters

452 Qualitative:- Descriptionsofprojects

includingtheneedforspecificinfrastructureinvestmentinvariouslocalities

Quantitative:- Numberofchildren

benefittedfromprojectstargetingchildren’sdevelopmentandlearning

- Numberofpersonsbenefitted(vulnerablegroups)frompublicservicesandinfrastructure

Refinancing:- Constructionofacommunity

centerfortheelderly- Rehabilitationofpublicschools

participatingintheSaludArteprogram(healthymealsandhealtheducationthroughartworkshops)

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SustainableTransport

New:BusRapidTransit(Metrobús)

- ConstructionoftheroadcorridorforLine7

474 Qualitative:- Descriptionsofprojectsand

environmentalandsocialimpactassessmentswhereavailable

Quantitative:- Energy/fuelconsumptionand

reduction(KWh/tons)- GHGemissionsforcity

transport

Refinancing:MexicoCityMetro(STC)

- Installationandrepairofequipmentthatimprovesaccessibilityandcomfort,especiallyforelderlypassengers,andreducespassengertransittimes.

Trolleybus- Maintenanceoftrolleybuses

BusRapidTransit(Metrobús)

- ConstructionandmaintenanceoffirststageofLine5

994


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- ConstructionoftheroadcorridorforLine6

WaterandWastewaterManagement

New:- Construction,replacementand

maintenanceofwatercollectionanddrainagefacilities

- Constructionofwatertreatmentplants

- Constructionandmaintenanceofwater,andstorm-waterpumpsandreservoirs

- Replacementandrepairofdrinkingwaterwellsanddrinkingwaterdistributionlines


includingtheneedforspecificinfrastructureinvestmentinvariouslocalities

- Explanationofmechanismsforwaterandenergysavings

Quantitative:- Volumeofwater(m³)

leakagereduced- Volumeofwater(m³)treated

/recycled- Metricsonimprovementsin

waterqualitye.g.Biochemicaloxygendemand(BOD)

Refinancing:- Rehabilitationandtechnology

updatesforwatertreatmentplants

- Replacementofdrinkingwaterdistributionlines

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EnergyEfficiency

New:PublicLighting

- Installation,upgradesandmaintenanceofstreetlightingandlightingincitybuildingstoimproveenergyefficiency(LEDbulbinstallation)andreduceneedfornewequipment/material


includingspecificationsofenergyefficientequipment

Quantitative:- Energyconsumptionand

energyusereductionincitybuildings(KWh)

TotalNote:TheaboveprojectshavebeenregisteredwiththeMexicanMinistryofFinance(SHCP)priortoissuance.Furtherdetailsareavailableinofferingdocumentation.

2,432 VariousMexicoCityenvironmentalandsocialdevelopmentdisclosuresincludingCDPreports,disclosuresunderCDMXclimatechangeandresiliencestrategiesandsocialsurveysandprogramevaluations


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Appendix2:AnalysisofCDMX’sEnvironmentalStrategyforthe2016GreenBondFrameworkMexicoCity’sComprehensiveEnvironmentalCommitment:MexicoCityhastwolocalclimatechangefocusedcommitments.ThefirstistheClimateActionLocalStrategy2014-2020(“ELAC”inSpanish),andthesecondistheClimateActionProgram2014-2020(“PACCM” in Spanish)6, which provide a broad strategy to combat climate change as well ascorrespondingactionplans.ELAC outlines a commitment to reduce the emissions of GHGs and to take advantage of theopportunitieswithintheframeworkoftheKyotoProtocol,theCleanDevelopmentMechanismandother global instruments under the United Nations Framework Convention on Climate Change(UNFCCC).In2006,MexicoCitydraftedandbecamethefirstlocalauthorityinMexicotodevelopsuch a document. The GHGmitigation strategies and actions outlined in ELAC and PACCM aredisclosedinAppendix2.StrategicPrioritiesoftheClimateActionLocalStrategy(ELAC)andthecorrespondingKeyActionssetbytheClimateActionProgram(PACCM).

6 Local Climate Action Strategy Local Climate Action Strategy Mexico City. Accessed on October 17, 2016:

http://www.cger.nies.go.jp/gcp/pdf/a20060904/t4/sheinbaum.pdf


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MexicoCityalsodemonstratesatrackrecordofdeliveringonitscommitments.Forthetimeperiodof2014-2020,PACCMisdesignedspecificallytobeaplanningtoolthatintegrates,coordinatesandpromotesactionstoreducetheenvironmental,socialandeconomicrisksposedbyclimatechangethroughstrategiescontainedintheELAC.DuringtheimplementationofMexicoCity’sfirstClimateActionProgramforthe2008-2012period,6milliontonsofCO2eweremitigated,whichrepresentsadecreaseof4.5%overthebaselinescenario.ThecurrentClimateActionProgramforthe2014-2020periodseekstostrengthentheFederalDistrictGovernment(GDF)climatepolicyandbuildontheachievementsofthepreviousprogram.OtherexamplesofMexicoCity’sperformanceonitscommitmentsisthecity’simprovementofitsenvironmentalmanagementeffortssince1992,whentheUnitedNations labeleditas"themostpollutedcity”.In1990,theMexicoCityGovernmentpresentedthefirstProAiretocombatlocalairpollutionaswellasCO2emissionsandhassinceimplementedfourconsecutiveprogrammes.TheProAire IVprogramme, launched in2011andrunninguntil2020,contains89measuresand116separate actions across eight strategy areas, including energy consumption, greening of themunicipaltransportfleets,education,greenareasandreforestation,capacitybuildingandscientificresearch7.Theseeffortshavecontributedsignificantlytoreducingairpollution,andMexicoCityisrecognizedbytheUNashavingshifteditsagendatowardsenvironmentalsustainability.Finally,MexicoCityparticipatesinvariousinternationalforumstocollaboratewithothercitieswithrespecttoclimatechangeadaptationandmitigation,andtoreportonitscommitments.TheCitybecameamemberofthevoluntaryGlobalCovenantofCitiesonClimate(“TheMexicoCityPact”)in2010.ThePactisavoluntaryinitiativeofmayorsandlocalauthorityrepresentativesthataimstoadvanceclimateactions.AsasignatorytothePact,MexicoCityreportsonitsclimatecommitments,performance and actions to the carbonn® Cities Climate Registry (cCCR). With respect tointernationalcommitmentsaroundmitigation,MexicoCityiscommittedtotheCompactofMayors,whichpledgestoreduceitsGHGemissions,makeexistingtargetsandplanspublic,andreportonitsprogressannuallythroughCDP.MexicoCitywasfullycompliantwiththeCompact’sfour-stepprocess in 20158 and will continue to report on its progress through the newly formed GlobalCovenantofMayorsforClimateandEnergy.MexicoCity’sEnvironmentalTargets:Thecity’sClimateActionProgram(“PACCM”inSpanish)providesadetailedguidanceforreducingemissionsbyapproximately10milliontonsofCO2eby2020–whichwouldrepresentadecreaseofalmost 30% of emissions relative to the baseline. The city’s local government operations GHGemissionsreductiontargetsfor2020includeareductionof:14%intransport,9%inwaste,5%in 7 C40 Cities. Mexico City: ProAire. Accessed on October 26, 2016: http://www.c40.org/profiles/2013-mexicocity 8 Compact of Mayors. Mexico City. Accessed on October 3, 2016: https://www.compactofmayors.org/cities/mexico-city/


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facilitiesand1%inbuildings.Intermsofadaptation,theActionProgramaimstoincreasethecity’sresiliencyaswellasthepopulation’sadaptationcapacities,particularlyforthe5.6millionpeoplemostvulnerabletoextremeweatherevents,suchasflooding9.Inordertosupportitsadaptationstrategyinitiatives,thecityissettingupaResilienceOfficecomprising3divisionsanda15-personteamwiththesupportoftheRockefellerFoundation’s100ResilientCitiesinitiative.MexicoCity’sGeneral Program forDevelopment (2013-2018) establishes the city’s public policypriorities, including all objectives, goals, and related actions. This Program establishes climatechangeasapublicpolicypriority,andincludesthePACCMreductiontargetof10milliontonsofCO2eby2020asapolicyobjective.MexicoCityalsotracksandreportsonthesetargetsthroughitsCDPSurveyResponses.ThecitypublicallyreportsonitsScope1,2and3emissions,whichtotaled6,170,632metrictonnesCO2ein2012.MexicoCity’stargetscontributetoMexico’snationalagendaforclimatechangemitigation.InApril2012,MexicobecamethefirstdevelopingcountrytoadoptaGeneralClimateChangeLaw(“LGCC”inSpanish),whichisMexico’smainpoliticaltoolforefficientlytacklingclimatechangeissues.ThelawisalegalframeworkthataimstoreduceMexico’semissionsby50%from2000levelsby2050andservesasthefoundationforthecountry’s40-yearNationalClimateChangeStrategy,whichwasadoptedin2013.Mexico’sClimateChangeStrategyaswellastheLGCCclearlydemonstratesthatthecountryismovingforwardinthefulfillmentofitslong-terminternationalpledges.

9 Mexico City’s Climate Action Program: 2014-2020.


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Appendix3:OpiniononGreenUseofProceedsforthe2016GreenBondFrameworkSustainalytics’OpiniononSustainableBuildingsandClimateChangeAdaptationinMexicoCity:BuildingsinMexicoCitycontributeatleast20%ofGHGemissions,accordingtotheWorldResourcesInstitute.ImprovingenergyuseinbuildingswillhelpMexicoCityhititsambitiousgoalofdecreasinggreenhousegasemissionsby30%by202010.Withrespecttothesustainablebuildingseligibilitycriterion,Sustainalyticsrecognizesthat(i)LEEDGoldandPlatinumleadtohigherenergyefficiencygainsthanLEEDSilver,andthat(ii)ClimateBondsInitiativesetsthetargetforareduction inenergyconsumptionat30%. However,giventhe lowdegreeofpenetrationofsustainablebuildingsinMexicoCity,SustainalyticsviewsLEEDSilverandareduction inenergyconsumptionofat least15%asanachievable target. Forexample, in2014,Mexico City had 37 LEED-certified projects and 148 LEED-registered projects11. Of the certifiedprojects,29outof37werecertifiedasLEEDSilverorhigher.Giventhiscontext,andthenumberofbuildingsinMexicoCity,Sustainalyticsisoftheopinionthatsettingtargetsthatarerealizableforasmanybuildingsaspossiblewillresultinsignificantoverallimpact.Whereverfeasible,SustainalyticsencouragesMexicoCitytomakebesteffortstoachieveLEEDGoldorPlatinumcertification.Withrespect toclimatechangeadaptation,Sustainalyticshas reviewedMexicoCitygovernmentdocumentswhichconfirmthatthecityhasidentified,andseekstoaddress,risksposedbyclimatechange through thecity’sResilienceStrategy.TheMexicoCityClimateActionProgram (PACCM)2014-2020states thatabout5.6millionpeople in thecityarevulnerable toclimatechangeanddescribestheirgeographiclocationtothreatssuchasheatwaves,floods,andlandslidesbasedonpredictions from the Mexico City Virtual Center for Climate Change. In Sustainalytics’ opinion,MexicoCitycouldstrengthenitsframeworkbyconductingclimatechangeriskstudiesforproposedprojects under the adaptation eligibility criterion. Such project-specific studies strengthen theimpactoftheuseofproceeds,astheyestablishaclearcasethatadaptationinfrastructureisbeingfundedasadirectresponsetoclimatechangerisks.ImportanceofSustainableTransportinMexicoCity:Mexico City already boasts an effective sustainable transport system. The city has madeconsiderablestridesinimprovingsustainablemobilityoptionsinthelastdecadebyrestrictingtheuseofprivate carsandbydeveloping itspublic transport system.77.9%ofall tripsona typical

10 World Resources Institute. Building a More Competitive Mexico City Through Energy Efficiency. April 1, 2015. Accessed on October 17, 2016:

http://www.wri.org/blog/2015/04/building-more-competitive-mexico-city-through-energy-efficiency 11 World Green Building Council. Green Building City Market Brief: Mexico City. August 2014. Accessed on October 17, 2016:

http://www.worldgbc.org/files/1414/0982/5897/Mexico_City_-_City_Market_Brief_Final.pdf


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workdayoccuronpublic transport inMexicoCity12. TheCity’sBusRapidTransportation (“BRT”)system, Metrobus, commenced in 2005 and has 1.1 million daily passengers. Metrobus hasincreasedaccesstobasicpublicserviceswhilecontributingtoclimatechangemitigationandhasreceivedrecognitionthroughtheSustainableTransportAwardin201313.While noteworthy achievements have beenmade inMexico City, there continues to be strongdemandforcontinueddevelopmentofsustainabletransportinfrastructure,asindicatedbyGreaterMexicoCity’sprojectedpopulationgrowth.ThepopulationofGreaterMexicoCityincreasedatarateof0.8%peryearfrom2010to2015,anditisexpectedtoincreasetoapproximately23.9millionin2030from20.8millionin201414.ImprovementsandexpansionstothesubwayandBRTsystemwillhelptomeetthecity’sgrowingtransportationneedsinasustainablemanner.ImportanceofWaterEfficiencyandWastewaterManagementinMexicoCity:WaterinfrastructureinMexicoCityconsistsofwatersupplyanddistribution,wastewatercollection,stormwatercollectionandwastewatertreatment.WatermanagementhasbecomeahighpriorityforMexicoCityandisincludedintheMexicoCity’sClimateActionProgram(PACCM)aswellasthecity’sResilienceStrategy,whichwasformalizedinSeptember2016.MexicoCityloses41.4%ofitswaterduetoanoutdated,run-downwatersystemwhichisplaguedbythousandsofsmall leaksovermilesofundergroundpiping15.Thewaterdistributionsystemisformedby12,000kmofpipelinenetwork,built30yearsago,whichcontainsmanypipesthatarenowrustyandbrokenduetoearthquakesandusage16.Furthermore,everyyear,thecityextracts1.3billioncubicmetersofwaterwhilerainfall,andsomeinjection,rechargesitbyonly700millioncubicmeters17. Thus,undergroundaquifers,whichprovidesaround70%of the city’swater, aredryingatanalarmingrate.Thesechallengesresultsin70%ofthecityhavingfewerthan12hoursofrunningwaterperday18.TheClimateActionLocalStrategy(ELAC)andResilienceStrategyidentifiesextremerainfall,whichmayresultinanincreasednumberoffloods,asoneoftheexpectedshocksassociatedwithclimatechange.Shockstosewagesystemsareprojectedduringintenserainfallseasons,andthefrequency

12 Global BRT Data. Mexico City. Accessed on October 4, 2016: http://brtdata.org/location/latin_america/mexico/mexico_city 13 Sustainable Transport Award Committee. Mexico City. Accessed on October 4, 2016: http://staward.org/winners/2013-mexico-city-mexico/ 14 United Nations. 2014. World Urbanization Prospects. Accessed on October 4, 2016, p. 26:

https://esa.un.org/unpd/wup/Publications/Files/WUP2014-Highlights.pdf 15 Ciudad de México. CDMX Resilience Strategy. 2016. Accessed on October 7, 2016: http://www.100resilientcities.org/page/-

/100rc/pdfs/CDMX%20Resilience%20Strategy%20-%20English.pdf 16 Platinum. 2015. Water in Mexico City. Accessed on October 6, 2016: http://www.plantum.mx/single-post/2015/12/01/Water-in-Mexico-City-

Artificial-Scarcity 17 https://news.vice.com/article/millions-of-taps-run-dry-as-mexico-city-fixes-some-decrepit-water-pipes 18 Panoramas: Center for Latin American Studies at the University of Pittsburgh. 2015. Watering the Classes: Mexico City's Water Shortage.

Accessed on October 6, 2016: http://www.panoramas.pitt.edu/technology/watering-classes-mexico-citys-water-shortage


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andextentofsuchshocksmayincreasesignificantlyduetolackofinfrastructuremaintenanceorasaresultoffutureearthquakes,whichmayresultindamagedinfrastructureinthecity.Thereisanimmediateneedforthecitytoupdateitswaterinfrastructureinordertoaddressrisksrelatedtowaterdistributionaswellasstormwatercollection.Inadditiontowatermanagement,watertreatmentandsanitationarealsoimportantissuesforthecity.Theuseoflargevolumesofwater,andtheinabilitytorecycleandreusethatwater,generatesalargevolumeofwastewater,mostofwhichdoesnotreceiveadequatetreatment.Consequently,wastewater strongly affects environmental quality within discharge zones. Today, the city’swastewater isprimarydiverted to theMezquitalwatershed in thenorth for irrigationpurposes.Whilewastewaterhasbeenusedforirrigationintheareafornearlyacentury,theuntreatedwaterhas led to sanitary and environmental problems. An additional benefit to increasing the city’scapacitytotreatwastewateristhatMexicoCitymaybeabletoalleviatemuchofthedemandforfreshwater,particularlyintheindustrialandagriculturalindustry.MexicoCity’sClimateActionProgram(PACCM),aswellas itsnewResilienceStrategy,prioritizesimprovements to water infrastructure in the City and outlines specific targets to address theconcernsrelatedtowaterandwastewatermanagement.MexicoCityhaslayeddownafoundationtoplanintegratedsolutionsthatmeetthechallengesposedbyurbanizationandclimatechange,specificallyastheyrelatetowatermanagement.


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Appendix4:OpiniononRiskMitigationforthe2016GreenBondFrameworkWellpositionedtoaddresscommonchallengesassociatedwithinfrastructureprojectsinemergingmarkets:Sustainalyticsrecognizesthatinfrastructuredevelopmentprojectsgenerallycreateenvironmentalandsocialrisksinadditiontobenefits.SustainalyticsisoftheopinionthatMexicoCityiswellpositionedtomanageandaddresssuchrisks.Environmentalrisksincludelossofbiodiversityduringconstruction,pollutionfromconstructionandconstruction materials, and loss of land usable for reforestation. Mexico City conductsEnvironmental Impact Assessments (EIA) in order to assess andmanage environmental impactsresultingfrominfrastructureprojects.TheworksandactivitiessubjecttoEIAsaredefinedunderanarticlewithintheEnvironmentalProtectionlaw,whichincludesactivitiesthatcancausegraveandirreparableecologicalimbalance,andhaveaharmfuleffectonpublichealthortheecosystem.Suchprojects requireanassessment in the formofanEIA,a risks studyora strategicenvironmentalassessmentbeforeconstructioncanbegin.Incaseswhereacomprehensivestudyisnotrequired,anadministrativefilingisneededtoinitiatetheproject.MexicoCityfurtherrequiresacontinuousassessment of environmental damages aswell as an annual update on environmental licenses,whichcoversseveralauthorizationsandpermitsinonesinglefiling.Socialrisksincludenegativeimpactsonpopulations.MexicoCityhasconfirmedtoSustainalyticsthatnoslumpopulationsexistinornearthegeographicareasoftheeligibleprojectsandthusnopopulationsareexpectedtobedisplaced.Withrespecttolaborconditionsforeligibleprojects,Article123oftheConstitutionofMexicorequiresadherencetostandardsandprinciplesintheworkplace,includingdutiesoftheemployerinthefieldofoccupationalsafetyandhealth.TheFederalRegulationonOccupationalSafetyandHygiene(OSH)andtheWorkingEnvironmentaimstosetupthenecessarymeasurestopreventaccidentsanddiseasesinadditiontoensuringsafeandhealthyworkingconditionsforworkers.MexicoCityreportshavingastringentenforcementsystemtoensurecompliancetoallapplicablelabourlaws,regulationsandstandardsandensurethatMexicoCity’semployeesandallstakeholdersaffectedbyproposedprojectsareprotectedascomprehensivelyaspossible.


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Appendix5:GreenBond/GreenBondProgrammeExternalReviewForm

GreenBond/GreenBondProgrammeExternalReviewForm

Section1. BasicInformation

Issuername:GobiernodelaCiudaddeMexico(CDMX,MexicoCity)

GreenBondISINorIssuerGreenBondFrameworkName,ifapplicable:CDMXSustainabilityBondFramework

Reviewprovider’sname:Sustainalytics

Completiondateofthisform:September6,2017

Section2. Reviewoverview

SCOPEOFREVIEW

Thefollowingmaybeusedoradapted,whereappropriate,tosummarizethescopeofthereview.

ThereviewassessedthefollowingelementsandconfirmedtheiralignmentwiththeGBPs:

☒ UseofProceeds ☒ ProcessforProjectEvaluationandSelection☒ ManagementofProceeds ☒ Reporting

ROLE(S)OFREVIEWPROVIDER☒ Consultancy(incl.2ndopinion) ☐ Certification

☐ Verification ☐ Rating

☐ Other(pleasespecify):

Note:Incaseofmultiplereviews/differentproviders,pleaseprovideseparateformsforeachreview.

EXECUTIVESUMMARYOFREVIEWand/orLINKTOFULLREVIEW(ifapplicable)PleaserefertoSustainabilityBondFramework,providedinaseparatedocument,andSecondOpinionDocumentabove.


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Section3. Detailedreview1.USEOFPROCEEDSOverallcommentonsection(ifapplicable):Overall,SustainalyticsisoftheopinionthatMexicoCity’sprojecteligibilitycriteriaarecredibleandrobust,andthatbyselectingprojectsbasedonthesecriteria,MexicoCityiseffectivelytargetingitsSustainabilityBondproceedsatprojectswithdemonstrablesocialandenvironmentalbenefits

UseofproceedscategoriesasperGBP:

☒ Renewableenergy

☒ Energyefficiency

☒ Pollutionpreventionandcontrol

☐ Sustainablemanagementoflivingnaturalresources

☒ Terrestrialandaquaticbiodiversityconservation

☒ Cleantransportation

☒ Sustainablewatermanagement

☒ Climatechangeadaptation

☒ Eco-efficientproducts,productiontechnologiesandprocesses

☒ Other(pleasespecify):Essentialpublicservices

☐ UnknownatissuancebutcurrentlyexpectedtoconformwithGBPcategories,orothereligibleareasnotyetstatedinGBPs

Ifapplicablepleasespecifytheenvironmentaltaxonomy,ifotherthanGBPs:Notapplicable

2.PROCESSFORPROJECTEVALUATIONANDSELECTIONOverallcommentonsection(ifapplicable):TheMexicoCityFinanceMinistrywillidentifyandproposepotentialgreenprojectsbasedontheeligibilitycriteriaoutlinedintheCDMXSustainabilityBondFramework.TheMexicoCityMinistryofEnvironmentwillreviewallproposed(existingandfuture)potentialgreenprojectsandconfirmtheireligibilityundertheCDMXGreenBondFrameworkandalignmentwithMexicoCity’senvironmentalandclimatechangepoliciesandplans.RelevantministrieswillreviewsocialprojectstoconfirmtheireligibilityundertheCDMXSustainabilityBondFrameworkandalignmentwithMexicoCity’sGeneralDevelopmentProgram


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2013-2018.Ministrieswillensureprojectsandservicestargetareasdesignatedasmedium,low,orverylowontheMexicoCitySocialDevelopmentIndexaswellaskeyvulnerablepopulations.

Evaluationandselection

☒ DefinedandtransparentcriteriaforprojectseligibleforGreenBondproceeds

☒ Documentedprocesstodeterminethatprojectsfitwithindefinedcategories

☒ Summarycriteriaforprojectevaluationandselectionpubliclyavailable


InformationonResponsibilitiesandAccountability

☐ Evaluation/Selectioncriteriasubjecttoexternaladviceorverification

☒ In-houseassessment


3.MANAGEMENTOFPROCEEDSOverallcommentonsection(ifapplicable):TheMexicoCityFinancewillmanagethenetproceedsoftheSustainabilityBondFrameworkandwillmaintaininternalrecordstrackingtheallocationofthenetproceedstoeligiblegreenprojects.AsrequiredunderMexicanregulations,theprojectsfinancedbythenetproceedswillberegisteredwiththeMexicanSecretariatofFinanceandPublicCreditpriortobondissuance.AsrequiredunderMexicanregulations,thenetproceedswillbeallocatedbyendofthefiscalyearofbondissuance.Pendingallocation,thenetproceedswillbeheldinaccordancewiththenormalliquiditymanagementpolicyofMexicoCityFinanceMinistry.

Trackingofproceeds:

☒ GreenBondproceedssegregatedortrackedbytheissuerinasystematicmanner

☐ Disclosureofintendedtypesoftemporaryinvestmentinstrumentsforunallocatedproceeds


Additionaldisclosure:

☐ Allocationstofutureinvestmentsonly ☒ Allocationstobothexistingandfutureinvestments

☐ Allocationtoindividualdisbursements ☐ Allocationtoaportfolioofdisbursements


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☐ Disclosureofportfoliobalanceofunallocatedproceeds


4.REPORTINGOverallcommentonsection(ifapplicable):Atthetimeofissuance,theMexicoCityFinanceMinistrywillpublishthelistofprojectstowhichSustainabilityBondproceedswillbepotentiallyallocated.WithinoneyearofissuingaSustainabilityBond,theMexicoCityFinanceMinistrywillpublishaCDMXSustainabilityBondReportonitswebsite(http://data.finanzas.cdmx.gob.mx/index.html).Thereafter,anupdatedreportwillbepublishedifnecessaryintheeventofnewdevelopments.ThelatestversionofthisreportwillbeavailableontheMexicoCityFinanceMinistrywebsiteaslongastheSustainabilityBondsareoutstanding.TheMexicoCitySustainabilityBondReportwillcontainataminimum:(1)Thelistofeligibleprojectsandamountsallocatedtoeachproject(2)ConfirmationthattheuseofproceedsoftheSustainabilityBondsconformstotheCDMXSustainabilityBondFramework(3)Impactreportingelements

Useofproceedsreporting:

☒ Project-by-project ☐ Onaprojectportfoliobasis

☐ Linkagetoindividualbond(s) ☐ Other(pleasespecify):

Informationreported:

☒Allocatedamounts ☐ GBfinancedshareoftotalinvestment

☐Other(pleasespecify):

Frequency:

☐Annual ☐ Semi-annual

☒Other(pleasespecify):withinoneyear

Impactreporting:

☒ Project-by-project ☐ Onaprojectportfoliobasis

☐ Linkagetoindividualbond(s) ☐ Other(pleasespecify):

Frequency:


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☐Annual ☐ Semi-annual

☒Other(pleasespecify):withinoneyear

Informationreported(expectedorex-post):

☒GHGEmissions/Savings ☒ EnergySavings

☒OtherESGindicators(pleasespecify):waterusereduction,volumeofwater/wastewatercollected/stored/treated,numberofpassengersbenefittingfromsustainabletransport,numberofbeneficiaries

MeansofDisclosure

☐ Informationpublishedinfinancialreport ☐ Informationpublishedinsustainabilityreport

☐ Informationpublishedinadhocdocuments

☒ Other(pleasespecify):MexicoCityFinanceMinistry’swebsite

☐ Reportingreviewed(ifyes,pleasespecifywhichpartsofthereportingaresubjecttoexternalreview):

Whereappropriate,pleasespecifynameanddateofpublicationintheusefullinkssection.USEFULLINKS(e.g.toreviewprovidermethodologyorcredentials,toissuer’sdocumentation,etc.)http://data.finanzas.cdmx.gob.mx/index.htmlSPECIFYOTHEREXTERNALREVIEWSAVAILABLE,IFAPPROPRIATEType(s)ofReviewprovided:

☒ Consultancy(incl.2ndopinion) ☐ Certification

☐ Verification/Audit ☐ Rating


Reviewprovider(s): Dateofpublication:


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ABOUTROLE(S)OFREVIEWPROVIDERSASDEFINEDBYTHEGBP(i) ConsultantReview:Anissuercanseekadvicefromconsultantsand/orinstitutionswithrecognized

expertiseinenvironmentalsustainabilityorotheraspectsoftheissuanceofaGreenBond,suchastheestablishment/reviewofanissuer’sGreenBondframework.“Secondopinions”mayfallintothiscategory.

(ii) Verification:An issuercanhave itsGreenBond,associatedGreenBond framework,orunderlyingassets independently verified by qualified parties, such as auditors. In contrast to certification,verificationmayfocusonalignmentwithinternalstandardsorclaimsmadebytheissuer.Evaluationoftheenvironmentallysustainablefeaturesofunderlyingassetsmaybetermedverificationandmayreferenceexternalcriteria.

(iii) Certification: An issuer can have its Green Bond or associated Green Bond framework or Use ofProceedscertifiedagainstanexternalgreenassessmentstandard.Anassessmentstandarddefinescriteria,andalignmentwithsuchcriteriaistestedbyqualifiedthirdparties/certifiers.

(iv) Rating:AnissuercanhaveitsGreenBondorassociatedGreenBondframeworkratedbyqualifiedthird parties, such as specialised research providers or rating agencies. Green Bond ratings areseparate froman issuer’sESGratingas theytypicallyapply to individualsecuritiesorGreenBondframeworks/programmes.

DISCLAIMERAllrightsreserved.Nopartofthissecondpartyopinion(the“Opinion”)maybereproduced,transmittedorpublishedinanyformorbyanymeanswithoutthepriorwrittenpermissionofSustainalytics.TheOpinionwasdrawnupwiththeaimtoexplainwhytheanalyzedbondisconsideredsustainableandresponsible.Consequently,thisOpinionisforinformationpurposesonlyandSustainalyticswillnotacceptanyformofliabilityforthesubstanceoftheopinionand/oranyliabilityfordamagearisingfromtheuseofthisOpinionand/ortheinformationprovidedinit.AstheOpinionisbasedoninformationmadeavailablebytheclient,SustainalyticsdoesnotwarrantthattheinformationpresentedinthisOpinioniscomplete,accurateoruptodate.NothingcontainedinthisOpinionshallbeconstruedastomakearepresentationorwarranty,expressorimplied,regardingtheadvisabilitytoinvestinorincludecompaniesininvestableuniversesand/orportfolios.Furthermore,thisOpinionshallinnoeventbeinterpretedandconstruedasanassessmentoftheeconomicperformanceandcreditworthinessofthebond,nortohavefocusedontheeffectiveallocationofthefunds’useofproceeds.Theclientisfullyresponsibleforcertifyingandensuringitscommitments`compliance,implementationandmonitoring.


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SUSTAINALYTICSSustainalyticsisanindependentESGandcorporategovernanceresearch,ratingsandanalysisfirmsupportinginvestorsaroundtheworldwiththedevelopmentandimplementationofresponsibleinvestmentstrategies.With13officesglobally,Sustainalyticspartnerswithinstitutionalinvestorswho integrate environmental, social and governance information and assessments into theirinvestmentprocesses.Today, the firmhasmorethan300staffmembers, including170analystswithvariedmultidisciplinaryexpertiseofmorethan40sectors.ThroughtheIRRIsurvey,investorsselected Sustainalytics as the best independent responsible investment research firm for threeconsecutiveyears,2012through2014andin2015,SustainalyticswasnamedamongthetopthreefirmsforbothESGandCorporateGovernanceresearch.ThefirmwasalsonamedtheBestSRIorGreenBondResearchFirmbyGlobalCapitalin2015andMostImpressiveSecondOpinionProviderin2017.Formoreinformation,visitwww.sustainalytics.comSustainalyticsinfo@sustainalytics.comwww.sustainalytics.com

BestSRIorGreenBondResearchorRatingFirm

MostImpressiveSecondOpinionProvider

CIUDAD DE MÉXICO (CDMX) SUSTAINABILITY BOND FRAMEWORK€¦ · RESTRICTED CIUDAD DE MÉXICO (CDMX) SUSTAINABILITY BOND FRAMEWORK SECOND OPINION BY SUSTAINALYTICS September 2017 Charlotte

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