With the aim of building a more environmentally friendly future, Afore XXI Banorte promotes the “Dialogues for Climate in Latin America” initiative, which seeks to decarbonize the economy and combat the challenges of climate change in the region through direct collaboration with companies moving towards sustainability.
This initiative was born as part of a proposal by the signatories of the UN Principles for Responsible Investment (UNPRI) for investors in the region to partner with the most carbon-intensive companies, in order to strengthen their commitment to combating climate change and taking mitigation measures, based on a strategy of five key factors:
1. Measuring greenhouse gas emissions: The initiative seeks to ensure that the companies it invests in disclose their greenhouse gas emissions in the region, which is essential to tracking progress in decarbonization.
2. Decarbonization plan with clear targets: Investors will work with companies to develop decarbonization plans with clear targets, ideally under the Science-Based Targets Initiative (SBTi). These targets will guide concrete actions to set a path to reducing greenhouse gas emissions.
3. Governance structure around climate change: Issuers will be encouraged to have a robust governance structure to ensure the coherence and sustainability of actions between their business strategy and climate change.
4. Identifying risks and opportunities arising from climate change: The initiative will encourage issuers to identify and manage risks and opportunities associated with climate change, ensuring the resilience and long-term sustainability of their business model.
5. Disclosure: Disclosure and transparency of data related to the climate impact of its operations will be enhanced, allowing for informed decision-making.
“XXI Banorte joins this initiative with the aim of reducing the impact of companies that produce carbon emissions in our portfolio and thus achieving sustainability goals. We are facing an important turning point, so we take an active role to become a standard, take decisive action and generate a more sustainable future for all,” said David Razo Aznar, Director General of the organization.
21st Panorama It is the first pension fund manager to join this initiative, which is represented by leading institutions in Latin America, such as Governart, Larrainvial, Bci Asset Management, Banchele AGF and BICE Vida from Chile; AFP Porvenir from Colombia; and Prima AFP, Pacifico Seguros and Credicorp Capital Asset Management in Peru.
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