The International Finance Corporation (IFC), part of the World Bank Group, has committed $100 million to Element Fleet Management to accelerate electric vehicle (EV) deployment in Mexico, reinforcing ESG and carbon neutral strategy goals. This investment is part of a broader $600 million financing initiative aligned with Mexico’s target to reduce emissions by 35% by 2030. 

The funding will support the acquisition of battery electric vehicles (BEVs), hybrids (HEVs), plug-in hybrids (PHEVs), and the development of supporting EV infrastructure across commercial fleets. Structured as a sustainability-linked loan, the investment also incorporates key environmental and gender inclusion benchmarks, enhancing both accountability and impact. 

Of the $100 million commitment, $75 million comes directly from IFC’s capital, while the remaining $25 million will be sourced from B or parallel loans mobilized from external financial partners. The program is expected to eliminate over 9,000 metric tonnes of CO₂ emissions annually by 2029, directly contributing to Mexico’s decarbonization roadmap. 

Element Mexico President Manuel Tamayo emphasized the initiative’s long-term sustainability value: “This financing enables us to create an enduring legacy of positive environmental and social impact.” 

Juan Gonzalo Flores, IFC’s Country Manager for Mexico, highlighted the significance of the partnership: “This transaction will catalyze the adoption of innovative fleet models and inspire broader EV uptake across Latin America.” 

In addition to its climate benefits, the loan includes provisions to increase female participation within Element’s Mexican operations, reinforcing the intersection of sustainable mobility and inclusive growth. 

Over the past decade, IFC has deployed over $11 billion in transportation infrastructure investments across emerging markets. This latest commitment strengthens its role as a global catalyst in the ESG and carbon neutral transition, positioning Mexico’s commercial transport sector for a low-carbon future. 

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