07/15/2019 | Press release | Distributed by Public on 07/15/2019 10:10
The initiative seeks to promote the implementation of best sustainable practices in the country's financial and banking industry.
Buenos Aires, July 3, 2019. A group of 18 banks signed a Sustainable Finance Protocol with the aim of building a sustainable finance strategy in the banking industry.
The Protocol, which identifies sustainability as a guide for the financial sector, seeks to facilitate and encourage financial institutions in Argentina to implement best practices and international policies that promote an integration of economic, social and environmental factors, moving towards sustainable development in the financial industry. It is a framework agreement that represents a starting point for the creation of triple impact business models that seeks to be profitable while generating positive social and environmental impacts and guaranteeing long-term sustainability.
The signatories of this Protocol commit themselves to work on four axes: i) the development of internal policies to implement sustainable strategies; ii) the creation of financial products and services that support financing projects with positive environmental and social impact; iii) the optimization of current risk analysis systems with an environmental and social focus and iv) the promotion of a culture of sustainability.
The Protocol's group of founding banks includes Banco de la Nación Argentina, Banco Galicia, Banco Ciudad, Banco BICE, Banco Supervielle, Banco CMF, Santander, Banco Provincia de Buenos Aires, BBVA, Banco Macro, HSBC Bank, Banco Patagonia, Banco Itau, Banco Comafi, Banco Industrial, Banco Mariva, Banco de Tierra del Fuego and Banco BST. This group of founding banks, whose total market share surpasses 75% of bank loans in Argentina, recognizes that sustainable finance is becoming an increasingly important factor for the financial sector. They also identify the need to promote an initiative that allows, in the medium term, to incorporate sustainability policies, processes, practices and standards in the financing of activities and investments, as well as within these entities themselves. ABA, ABAPPRA and ADEBA joined the Protocol as Honor Witnesses, while BID Invest and Fundación Vida Silvestre Argentina acted as promoters of this initiative, the first of its kind in Argentina.