The Net-Zero Banking Alliance, a United Nations-backed industry coalition, has named Banorte to a steering group overseeing strategy and decision-making in support of the transition to a low-carbon global economy.
Banorte joins 11 other group members, which have pledged to align their lending and investment portfolios with net-zero emissions by 2050.
More than 50 of the world’s largest banks, with $37 trillion in assets, have joined the UN-convened alliance, established as a forum to ensure the financial system works together to broaden, deepen and accelerate the adoption of decarbonization strategies.
The goal: providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks.
For Banorte, its appointment to the steering committee marks the latest sign of the bank’s embrace of sustainability practices, including support of the Paris climate accords.
In 2019, Banorte was a founding signatory of the UN’s Principles for Responsible Banking of the United Nations, endorsing Paris agreement on climate change. Banorte was the only Mexican bank in the core group that led the development of the principles, designed for banks to incorporate social, environmental and ethical goals into their strategies and operations.
“Banorte has put sustainability at the heart of its operations, and we look forward to working with the alliance to ensure a safe and positive environment for future generations. Today is more urgent than ever,” said Banorte Chairman, Carlos Hank González.
The steering committee will guide the technical work and collective progress of the alliance. The group was selected by member banks and represents a diversity of geography and business models.
Besides Banorte, the other institutions on the steering panel are Amalgamated Bank, Bank of America, Banorte, BBVA, CIB, Citi, HSBC, KB Financial Group Inc., La Banque Postale, Morgan Stanley, MUFG and Standard Chartered.
Banorte’s representatives are Mariuz Calvet, head of sustainability and responsible investment, and Dr. Gerardo Salazar, a member of the Board of Directors of Banorte Financial Group.
Alliance Chairman Simon Connell, head of sustainability strategy at Standard Chartered, said the group’s work is a critical force in accelerating the banking sector’s support for transition of the global economy to net-zero emissions.
With the steering committee, “this strong governance structure will allow us to build consensus, take a global view and drive the strategy forward to reinforce and support members and their clients’ decarbonization strategies,” he said in a UN-released statement.