Banco do Brasil: Best Sustainable Bank South America 2021
Brazil is celebrating 200 years of independence in 2022 – and throughout that time Banco do Brasil has played an essential part in the growth of the nation. Opened in 1808, today it is one of Latin America’s biggest banks – but refuses to rest on its laurels. Banco do Brasil was one of the first Brazilian financial institutions to recognise the challenges of the 21st century, and was quick to adopt sustainable business policies. In 2003 Banco do Brasil introduced management strategies to shape the company’s social and environmental responsibilities – now a fundamental plank of its operations. Since 2005, BB has an ambitious sustainability plan which currently involves 40 actions and 110 indicators maintaining its alignment with the UN’s Sustainable Development Goals. Also, in 2021, Banco do Brasil established 10 Long-Term Sustainability Commitments, with goals to be implemented by 2030, involving 3 work fronts: Sustainable Businesses, Responsible Investment and ESG Management. These Commitments aims at developing sustainable businesses, allocating finance on the basis of a business’s positive impact on the environment, including reduced carbon emissions and improved social benefits. The bank’s current sustainable credit portfolio is the biggest in Brazil’s finance industry. As the main financier of the country’s agribusiness, Banco do Brasil supports the sector at all stages of its production chain, and has fostered sustainable agriculture. The company’s aim is to ensure the spread of good ESG practices. The judging panel notes that the bank demonstrated its early adopter status when, in 2016, it won the Cfi.co award for Best ESG Management Team Brazil. In 2021 the judges have no hesitation in presenting the bank with the award Best Sustainable Bank South America.
