Development of Sustainability Strategies
The financial sector has enormous potential in contributing to the Sustainable Development Goals (SDGs) and in promoting sustainability in the economy. Financial institutions can have a direct influence on the sustainability of the operations they finance through their lending practices and requirements. This potential is coupled with growing awareness on behalf of consumers and society at large. Financial institutions increasingly have understood the strategic relevance of this topic and the significant risks that environmental and social concerns, particularly those related to climate change, imply for them.
As part of its Impact & Sustainability pillar, the eco.business Development Facility has supported Itaú Colombia in structuring its sustainability initiatives and their governance with the objective of developing an integral strategy that is supported by the different departments of the bank. It consisted of five mayor phases, including capacity building, the definition of focus and lines of action, the identification and prioritization of initiatives, and the development of a scorecard for the principal performance indicators. The strategy is based on the concept of double materiality. The project resulted in a robust strategy, consisting of 8 focus areas and close to70 initiatives. It contributes to 10 Sustainable Development Goals, including Quality Education, Decent Work and Economic Growth, and Industry, Innovation and Infrastructure.