Bci commits to achieving carbon neutrality for its customers and suppliers by 2050

As part of its goal, the entity has just become the first private bank of Chilean origin to join the Net Zero Banking Alliance (NZBA), an organization whose objective is to mobilize the transition to a low- carbon economy, encouraging the best practices of its customers individuals, suppliers, SMEs and large companies.

The year 2050 is key in the fight against climate change. By that date, different organizations, companies and even countries -including Chile- have publicly committed to reducing emissions until reaching carbon neutrality.

This is a great challenge, which Banco Bci is taking on, becoming the first private bank of Chilean origin to join the Net Zero Banking Alliance (NZBA), an initiative created in 2021 and supported by the United Nations Organization Nations, which aims to mobilize the transition to a low-carbon economy and meet the objectives of the Paris Agreement.

“The fight against climate change requires a real commitment from everyone, from people to governments, including companies, which are a social actor. In this sense, at Bci we have not only assumed the commitment to neutralize our direct carbon footprint, but also to become a facilitator for others, such as our customers and suppliers, to do so as well. Thus, as members of this international alliance, we are accelerating progress towards net zero emissions and working together with other players in the ecosystem to build a green and sustainable economy," explains Paola Alvano, manager of Corporate Affairs and Sustainability at Bci.

Although banking is not a very polluting industry in itself, its main positive impact is in supporting the transition of its clients, being a facilitator that encourages the good socio-environmental behavior of its entire value chain. By being a member of the alliance, Bci commits to make the transition towards zero greenhouse gas (GHG) emissions attributable to its loan and investment portfolios by mid-century. In addition, the financial entity has committed to begin by reducing the intensity of its emissions in specific sectors by 20% by the year 2030.

This public commitment is the result of a research, management and learning process, which highlights the quantification in 2022 of the financed issues associated with 93% of the client portfolio of the Wholesale & Investment Banking Division (W&IB), which is equivalent to 26% of the bank's total portfolio. To carry out this measurement, the Global GHG Accounting and Reporting Standard for the Financial Industry developed by the Alliance for Carbon Accounting in the Financial Industry (PCAF) was applied.

Bci is already carbon neutral in its direct operations

As part of its decarbonization strategy, Banco Bci has been measuring and mitigating its carbon footprint since 2017, through various energy efficiency initiatives. These projects include the updating of lighting and air conditioning equipment, the purchase of energy from renewable sources, the implementation of controls for the management of energy demand and the proper recovery of waste.

Thanks to these efforts, in 2021 Bci became the first Chilean bank to achieve carbon neutrality in its direct operations. The foregoing is the result of its commitment to the environment, framed in its Operational Eco-efficiency Plan, with which it has achieved important advances such as 41% of its consumption comes from renewable energies, it has reduced absolute water consumption by 24% and in the consumption of paper by 19%, among others.