SANTO DOMINGO– Banco Popular Dominicano was recognized for the second consecutive time by Global Finance magazine with the Sustainable Finance Award in the Dominican Republic, which distinguishes the financial organization for its initiatives to promote the transition to a low-emission model in society, capable of mitigating the negative effects of climate change and helping to create a more sustainable future for the Dominican population.
Banco Popular is the only Caribbean bank included in this award and one of only six financial institutions in all of Latin America recognized for its efforts in sustainable finance, thus consolidating itself as the pioneering and leading financial institution in the country in this field.
This is the fourth edition of the Sustainable Finance Awards held by this New York City-based magazine, which has selected the winning banks from more than 50 countries, based on a comprehensive and measurable evaluation of their achievements in sustainability finance in general, community support, transparency, financing of infrastructure and green projects and sustainability finance in emerging markets.
In his editorial, Mr. Joseph Giarraputo, founder and editorial director of Global Finance, stated that concerns about climate change, regulations, and growing investor awareness have ensured “increasing demand” for sustainable investments and green financial instruments that “are making sustainable finance more attractive and accessible, creating new market opportunities for banks.”.
Popular's CEO, Christopher Paniagua, welcomed the recognition, saying, "It motivates us to continue fulfilling our sustainable vision and validates our unwavering commitment to our responsible banking model, in favor of the nation's sustainable development.".
A commitment to sustainability
Banco Popular has implemented a series of initiatives to mitigate the effects of climate change, promote financial inclusion and foster a culture of sustainability among its customers and employees, according to a press release from the bank.
Among its initiatives in sustainable finance are the "Hazte Eco" green product portfolio, with better financing conditions to boost the adoption of renewable energy and sustainable mobility; the Academy of Finance with Purpose, which provides free financial education to the population; and measures to reduce energy use and greenhouse gas emissions in its operations, such as its network of photovoltaic offices and the automation and monitoring system for light, water and air quality.
Furthermore, Banco Popular leads the country in clean energy financing, with US$391 million invested in renewable generation projects, totaling 493 MW of installed capacity. Additionally, as a guarantee agent, it supports other green energy projects with an installed capacity of 538 MW. Combined with investments managed by other Grupo Popular subsidiaries, its total participation in renewables reaches 1,031 MW of installed capacity.
The organization is also authorized to issue a green bond for up to RD$2.5 billion to finance or refinance loans in its green portfolio, in line with its commitment to the United Nations Principles for Responsible Banking to align business with the achievement of the Sustainable Development Goals and the 2030 Agenda.
