The financial sector is a key player in the transition to electromobility and cleaner transportation, thanks to the diverse products banks offer to finance sustainable projects, experts agreed at the second edition of Mexico EV Day , organized by the Mexican Association for the Promotion of Electric Vehicles (AMIVE) .

The panel on Investment, Incentives, and Facilitators of Electric Mobility addressed the challenges and opportunities for accelerating the electrification of transportation in Mexico .

Mariuz Calvet, Chief Sustainability Officer at  Santander Mexico , and Siddharta Flores, Deputy Director of Projects Financed by International Financial Organizations at Nacional Financiera (Nafin) , highlighted the financial facilities being promoted to encourage the adoption of electric vehicles , both in public and private transportation.

In this regard, they highlighted the green credit lines for urban electric fleets , tax incentives and subsidies for the acquisition of electric and hybrid vehicles, mixed financing schemes that combine public and private resources for the development of charging infrastructure, as well as support for state and municipal projects aimed at promoting sustainable mobility .

For Siddharta Flores, the success of electrification depends on two pillars: tax incentives and access to financing . Currently, there are benefits such as a tax reduction of up to 150,000 pesos for electric vehicles and exemption from ownership and inspection fees in several states across the country.

In his presentation, he emphasized the importance of collaborative work between the private and public sectors to structure, from the banking perspective, the financial products necessary for the value chain.

“I think we should rather make a joint effort. We don’t have to look at what you’re lacking or what I have in excess so I can tackle that area. We must make a joint effort because otherwise, we’ll end up with pilot programs or isolated efforts that ultimately don’t develop into a potential industry,” he declared.

Meanwhile, Mariuz Calvet said that commercial banking has recognized that 99% of financial institutions’ carbon footprint comes from their loan portfolio. Therefore, banks such as Santander and BBVA have adopted decarbonization strategies aligned with the National Sustainable Taxonomy and the Paris Agreement , which prioritize the financing of activities that contribute to a low-carbon economy.

“It’s good business to have an electric vehicle. It saves fuel, reduces maintenance and operating costs , and, of course, it contributes not only to Mexico’s Sustainable Development Plan and our goals, but also to the clean air we breathe every day. We have a great opportunity here,” he concluded.

For her part, Andrea Hurtado, general director of Climate Action Policies at the Ministry of Environment and Natural Resources (Semarnat) , stated that the electrification of transport is one of the most relevant measures to decarbonize the sector, which represents 25% of national carbon dioxide (CO₂) emissions . However, she emphasized that simply changing the type of vehicle is not enough.

“We need to rethink the transportation model, redensify cities, change mobility habits, and strengthen the charging and final disposal infrastructure for batteries,” he stressed.

According to data cited by Hurtado, Mexico will emit 788 million tons of CO₂ in 2024; more than 50% of transportation comes from individual vehicles. Between 2016 and April 2025, 426,942 electric, hybrid, and plug-in hybrid vehicles were sold in the country.

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El cargo Financial institutions promote the electrification of transport apareció primero en T21.