Mexico: Week Away from COP 16, Mexico Receives US$713.24 Million from WB to Fight Climate Change.

Section: General News - The World Bank (WB) Board of Directors approved today (November 23, 2010) a package of three initiatives totaling US$713.24 million meant to bolster Mexico's green efforts in energy, transportation and the environment -all of them areas seen as strategic because of their close association with the effects of climate change.

These initiatives comprise the following loans and grants: A US$401 million loan for public policy development aimed at supporting government efforts to meet the climate change mitigation and adaptation goals set forth in its Climate Change Special Program, PECC); A US$307.74 million package for the Efficient Lighting and Appliances Project - composed of a US$250 million WB loan, a US$50 million Clean Technology Fund (CTF) concessional loan, and a US$7.12 million Global Environmental Facility (GEF) grant; and A US$4.5 million GEF grant for the Gulf of Mexico Coastal Wetlands Climate Change Impact Adaptation Project.

The operations approved today are the result of close collaboration between Mexico and the World Bank and will allow us to continue promoting our country's economic and social development, placing special attention on themes of climate change mitigation and adaptation, said Ernesto Cordero, Finance and Public Credit Secretary. Operations like these contribute to strengthen Mexico's institutional and regulatory framework to better address the climate change challenge and help us reach the goals set forth in the Climate Change Special Program (PECC). Furthermore, it will help us expand the supply of financing sources in order to support the necessary investments in the sector, Cordero noted.

Supporting environmental sustainability and strengthening the institutions charged with implementing such policies underpin the World Bank support in this area. Addressing climate change challenges through mitigation mechanisms, as laid out in these three new projects, will have a positive effect by improving the country's competitiveness in the energy and environmental arenas, while creating employment opportunities.

These initiatives focus on a comprehensive service package that includes advisory, technical assistance, knowledge exchange and coordination services, jointly supporting the creation of a framework that will allow Mexico to …