Bradesco, Itaú, and Santander Launch Plan Promoting Sustainable Development in Amazon

RIO DE JANEIRO, BRAZIL – Amid the global demand for Brazil to increase its commitment to climate change issues, the country’s three largest private banks, Bradesco (BBDC3; BBDC4), Itaú Unibanco (ITUB4) and Santander Brasil (SANB11), have launched a joint plan to foster sustainable development in the Amazon.

The proposal includes ten measures, such as encouraging sustainable production chains in the region and enabling investments in basic infrastructure for social and environmental development. The schedule provides for the implementation of the items later this year.

The three banks were among the signatories of a letter addressed to Vice-President Hamilton Mourão, who at the start of the month called for policies to fight deforestation in the Amazon. Mourão is the chairman of the National Council for Legal Amazon.

The document defended the sustainable development agenda and called for an “inflexible and comprehensive” fight against illegal deforestation in the Amazon. Now, after the plan’s announcement, the banks intend to deliver an effective form of aid in relation to the issue, according to a source.

To pursue the planning, the banks will establish a council of experts with different expertise and knowledge on social and environmental issues surrounding the Amazon.

“This project unites Bradesco, Itaú, and Santander for the purpose of contributing to a better world. The plan is that all need to commit their part to future generations. Therefore, we have launched a comprehensive agenda that intends to defend and value the Amazon, its natural riches, forests, rivers, and diverse culture. We want to take specific steps to turn discourse into reality. The Amazon is not a problem. The action of protecting the Amazon holds a good part of the right answers for a world with doubts and uncertainties,” said Bradesco’s CEO, Octavio de Lazari Junior, in a note.

The CEO of Itaú Unibanco, Cândido Bracher, who some two weeks ago took part alongside a group of entrepreneurs to discuss the matter with Mourão, also said in a note that the banks have a responsibility “as key players in the financial system” and that they share “the same concerns about the socio-economic development of the Amazon and environmental conservation. “We believe that the three banks have complementary strengths and, by working together in a coordinated manner, we see great potential for generating a positive impact in the region,” Bracher said.

Santander’s CEO Sergio Rial said that the challenge in relation to the issue “requires firm and fast action for all players who are able to contribute to the construction of a sustainable development model for the Amazon. With the uniting of efforts in our industry, we will be able to do even more for this region, which is invaluable not only for the country but for the whole planet,” he stressed.

In addition to fostering sustainable production chains in the region through differentiated financing lines and financial and non-financial tools, and enabling investments in basic infrastructure for social and environmental development, the three banks’ plan includes encouraging a market for green assets and financial instruments, attracting investments and promoting partnerships for the development of technologies that boost the bio-economy, and supporting local players and leaders who work on social and economic development projects in the region.

Source: Estadão Conteúdo