The new LSE Latin America and Caribbean Centre (LACC), in association with the Grantham Research Institute on Climate Change and the Environment, has appointed Emilio Garmendia, pictured, as the first NAFIN Visiting Fellow. Starting in September 2016 (Michaelmas term), Emilio will conduct research into financial instruments and mechanisms for green financing.
Support from Nacional Financiera (NAFIN), a Mexican development banking institution, has enabled LACC to establish its first visiting fellowship programme. Initially established for three years, the programme sees NAFIN staff spend a term at LSE to work alongside academics and participate in programme lectures and events. It is anticipated that NAFIN will then be able to apply the research findings to their own practices.
Emilio is International Treasury Trader at NAFIN and in 2015 was part of the team which helped to create Mexico’s first green bond, making NAFIN the first development bank in Latin America to issue this type of certified debt. His research will show the advantages and disadvantages of various financial instruments and mechanisms currently used in different countries for climate financing, and will help inform strategies for NAFIN to take forward. The analysis will include green bonds, credit lines for sustainable projects, syndicated loans, structured financing, and capital investment. During his time at LSE, Emilio will be supervised by researchers in the Grantham Research Institute.
Pedro Guerra, NAFIN’s Chief Financial Officer, said: “Establishing a fellowship programme with LSE is a great honour and a huge accomplishment for NAFIN. Since we signed the Memorandum of Understanding in October 2015, we were confident this would boost our effort to exchange knowledge, experiences and best practices in benefit of both institutions. Emilio’s research will contribute to NAFIN’s green finance strategy, and I am confident his term at LSE will prove of great added value.”
Emilio commented: “This programme will allow me to identify innovation and best practices implemented by other institutions, and contribute to strengthening the institutional capabilities that will help Mexico achieve its climate goals. It will also help me to develop a clearer vision and foster growth in the field of financial innovation, and will help NAFIN to achieve its institutional objectives. I am very grateful to LSE and NAFIN for forging this partnership.”
Professor Gareth Jones, Director of LACC, said: “I am delighted to welcome Emilio as the first NAFIN Visiting Fellow to LSE. The agreement demonstrates the enormous potential for collaboration between LSE and NAFIN, and between the UK and Mexico, especially on such important issues as climate change.”
Nacional Financiera (NAFIN) aims to promote the overall development and modernisation of Mexico’s industrial sector with a regional approach, stimulate the development of financial markets, and act as financial agent of the federal government in the negotiation, contracting, and management of credits from abroad.