The financial sector is under more and more pressure to commit to net-zero and achieve effective emissions reductions. The Glasgow Financial Alliance for Net-Zero has accelerated the implementation of clear decarbonisation strategies for banks and financial institutions all over the world. Thanks to the NZBA, the finance industry now has a target setting methodology for emissions reduction by 2050 including short-term targets by 2030.
In this context, Grupo Promerica wanted to step up their net-zero ambition across their different geographies. EcoAct was chosen to work on the climate strategies of two of their banks, Banpro in Nicaragua, and Banco Promerica in Costa Rica.
As the NZBA is a relatively recent framework, the first challenge was to grasp final guidelines to meet reporting requirements and recommendations.
The objective was to address their multi-asset portfolio regarding carbon assessment and target setting. By working with financial and climate data, the challenge was to equip the two banks of Grupo Promerica with an optimal combination of insightful information assessed at portfolio, asset class, sector, geography and/or project level.
Unfortunately, sustainability strategy is not yet a top priority in most Latin American countries, even though Grupo Promerica has a strong sustainability vision for its business. As CSR considerations are growing in those markets, we were proud to be chosen by Grupo Promerica to help them build a robust emissions reduction plan adapted to their national specificities.
Promerica Group belongs to Promerica Financial Corporation, one of the largest regional financial groups in Central America with consolidated assets of over USD 15 billion. The Group consists of nine banks in Costa Rica, El Salvador, Dominican Republic, Ecuador, Honduras, Panama, Guatemala and Cayman Islands. Founded in 1992 , the Group permanently redefined the strategies aligned to the sustainability vision, in order to provide support to people and companies, especially in the productive sectors.
Today, the group offers its services to millions of clients in the Americas with a variety of financial services from consumer loans and project finance to commercial and residential real estate.