July, Miami – In line with its commitment to a climate-positive future, Areti Bank joins the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 or sooner, in line with the most ambitious targets set by the Paris Climate Agreement.
With over 125 members from 41 countries, representing more than 40% of global banking assets, the Alliance is a critical step in the mobilisation of the financial sector for climate change mitigation. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions, encompassing both operational and attributable emissions, including Scope 3 emissions.
Alliance members commit to:
- Set scenario-based interim targets for 2030 or sooner for priority sectors
- Prioritise areas of most significant impact, i.e. the most greenhouse gas-intensive and emitting sectors
- Annually publish emissions and emissions intensity
- Take into account the best available scientific knowledge
- Set first target(s) within 18 months of signing and report annually thereafter
- Disclose progress against a board-level reviewed transition strategy
The NZBA is convened by the United Nations Environment Programme Finance Initiative and is the banking element of the Glasgow Financial Alliance for Net Zero, chaired by Mark Carney, UN Special Envoy on Climate Action and Finance.
Areti Bank is proud to join leading peers from the banking industry in these collective efforts to reach net-zero emissions by 2050. We look forward to engaging with our clients to support them in their transition plans and accelerate action on climate.
Areti Bank’s decision to join the Net-Zero Banking Alliance is rooted in our unwavering commitment to sustainability and responsible banking practices. As a newly incorporated bank, we embarked on a climate journey and responsible banking journey from the very beginning, ensuring that sustainability and the 17 Sustainable Development Goals (SDGs) are at the core of our business model.
We have made significant progress in our climate journey. We have implemented robust environmental risk assessment frameworks, mitigating climate-related risks within our operations and lending practices. Our lending portfolio is screened to ensure alignment with sustainable objectives, directing investments towards renewable energy projects, sustainable infrastructure, and other environmentally friendly initiatives. By embracing the 17 SDGs, we take a holistic approach to responsible banking, seeking to maximize positive social and environmental impacts alongside financial value.
Joining the Net-Zero Banking Alliance is a testament to our commitment and belief in collective action. Through the alliance, we gain access to a network of like-minded banks, experts, and stakeholders, fostering collaboration, knowledge sharing, and innovation. Together, we can amplify our impact and accelerate the transition to a net-zero economy, further advancing our commitment to sustainability and responsible banking practices.
Dimas Alberto Palmar Hurtado, CEO and President of Areti Bank says:
“I am thrilled to announce our decision to join the Net-Zero Banking Alliance. This alliance offers immense benefits to our institution and the wider world. By joining forces with banks who seek the same objective, we gain access to invaluable expertise, best practices, and collaborative opportunities. Together, we can redefine the banking industry and contribute to the global race to zero emissions. Areti Bank is committed to leveraging our financial prowess to drive sustainable projects, provide green financing, and support the development of innovative financial solutions. Through our active participation, we aim to inspire others, advocate for progressive policies, and create a lasting positive impact on our environment and society. Together, let us accelerate the transition to a net-zero world, leaving a legacy of sustainable prosperity for future generations.”
Media Contacts
Patricia Camacho: patricia.camacho@aretibank.com
About the Alliance:
The industry-led, UN-convened Net-Zero Banking Alliance brings together over 125 banks representing more than 40% of global banking assets, which are committed to aligning their lending and investment portfolios with net-zero emissions by 2050. Combining near-term action with accountability, this ambitious commitment sees banks setting an intermediate target for 2030 or sooner, using robust, science-based guidelines. The Alliance will reinforce, accelerate and support the implementation of decarbonisation strategies, providing an internationally coherent framework and guidelines in which to operate, supported by peer-learning from pioneering banks. It recognises the vital role of banks in supporting the global transition of the real economy to net-zero emissions.
