Costa Rica Green Finance Taxonomy — Overview

Overview
Field
Value
country
Costa Rica
gf_taxonomy
BCCR Green Finance Taxonomy (Aug 2024)
ndc_target
Max 11,380 Gg CO2e by 2030; 53% reduction budget 2025-2035
carbon_neutrality
2050
last_updated
2026-05-26
Background
Costa Rica launched its Taxonomía de Finanzas Sostenibles in August 2024, making it the third country in Latin America (after Colombia and Mexico) to establish a green finance taxonomy. The taxonomy was developed under the joint leadership of the Ministry of Environment and Energy (MINAE), the Ministry of Finance, the Central Bank of Costa Rica (BCCR), and the four financial regulators (SUGEF, SUGEVAL, SUPEN, SUGESE), with contributions from over 300 experts representing more than 180 organizations across public and private sectors, NGOs, and academia.
Sectors Covered
The taxonomy identifies eight priority economic sectors for sustainable investment:
Electricity, Gas, Steam & Air Conditioning Supply — renewable energy generation, grid efficiency, geothermal (Costa Rica generates ~95% renewable electricity)
Construction — green buildings, energy-efficient construction, sustainable materials
Transport — electromobility, public transit electrification, low-carbon logistics
Manufacturing — clean industrial processes, resource efficiency
Solid Waste Management & Emissions Capture — waste-to-energy, circular economy, recycling infrastructure
Water Supply & Treatment — water infrastructure, wastewater treatment, watershed management
Information & Communication Technologies — ICT for sustainability monitoring, smart grids, environmental data platforms
Land Use (Agriculture, Livestock & Forestry) — sustainable agriculture, reforestation, silvopastoral systems, PES programs
Environmental Objectives
The initial phase prioritizes two environmental objectives: (1) climate change mitigation and (2) climate change adaptation. Future phases may incorporate additional objectives including sustainable water use, biodiversity protection, circular economy transition, and pollution prevention — following the EU Taxonomy six-objective structure.
Design Principles
The taxonomy applies a three-step eligibility test for each economic activity: (a) substantial contribution to at least one environmental objective, (b) Do No Significant Harm (DNSH) to other objectives, and (c) minimum social safeguards. This mirrors the EU Taxonomy architecture, ensuring international interoperability. The taxonomy is designed to be interoperable with the EU Taxonomy, Colombia Taxonomía Verde, and Mexico sustainable taxonomy, following the UNEP FI Common Framework for Latin American taxonomies published in 2023.
Institutional Framework
SUGEVAL (securities superintendent) oversees taxonomy application in capital markets. SUGEF applies it to banking supervision. The taxonomy supports: evaluation of credit and investment portfolio alignment, design of new green financial products, climate risk assessment of portfolios, and green bond issuance standards. Costa Rica has been active in the Green Climate Fund and receives technical support for taxonomy implementation.