Grupo Financiero Banorte issued MXN 13.07 billion of sustainable bonds, in three series, on the Mexican Stock Exchange in March 2024, with proceeds designated for environmental and social projects.
The bond is backed by a Second Party Opinion and a pre-issuance letter from Sustainalytics.
LATIN AMERICA'S FIRST SBTI-VALIDATED FINANCIAL GROUP
In 2023, Banorte became the first financial institution in Latin America to receive validation of its emissions reduction targets, including targets for its financed emissions from the Science Based Targets initiative. SBTi validation requires companies to demonstrate that their emissions reduction plans are consistent with limiting global warming to 1.5 degrees Celsius.
SUSTAINABLE LENDING PORTFOLIO
Banorte's sustainable corporate and commercial lending portfolio stood at almost MXN 25.40 billion at the end of 2023.