Climate Transition
We aim for resilient operations and delivery of products and services that support clients in transition to a low-carbon economy, with a focus on climate adaptation and mitigation.
Our Ambition
We want to be the climate transition bank for our clients and, to this end, we aim to achievg net zero in our greenhouse gas (GHG) emissions from our activities by 2050, in line with science-based scenarios. As members of the Net Zero Banking Alliance (NZBA), a global alliance of banks committed to decarbonization, we report our direct emissions (scope 1), emissions from energy consumption (scope 2) and indirect emissions (scope 3), including emissions from our loan portfolio. We have also been working to identify and publish decarbonization targets for the GHG emissions-intensive sectors that we finance.
Financed emissions are the most relevant for a bank, consisting of those emissions that occur through the credit we provide to our clients and that are outside our direct operations. This means that we depend on our clients and the real economy decarbonizing to be able to achieve net zero.
Achieve net zero for scopes 1, 2, and 3 by 2050
We are members of the Net Zero Banking Alliance (NZBA), a global alliance of banks committed to decarbonizing their portfolios and operations, and we are committed to achieving net zero carbon emissions by 2050.
Strategic Goals:
Operational emissions
We aim to reduce 50% our GHG emissions in scopes 1 and 2 (in combined) and reduce 50% our scope 3 emissions by 2030 (baseline 2023). 11 Coverage: Brazil.
Scope 1: Direct emissions from activities under our control (stationary combustion, mobile combustion and fugitive emissions).
Scope 2: Indirect GHG emissions associated with the consumption of electricity or thermal energy produced by third parties. We certify, through the purchase of Renewable Energy Certificates (RECs), that 100% of the energy consumed in Brazil comes from a zero emission, renewable source through market-based emissions.
Scope 3:Indirect emissions from the value chain, outside the company's direct control (waste, business travel, transportation and distribution). The scope 3 goal does not include our employees’ commuting data. Data relating to these emissions are monitored in our Greenhouse Gas (GHG) inventory. However, improving data accuracy to set out assertive plans to reduce such emissions poses a challenge.
Portfolio decarbonization
We aim to set out goals and report progress on the decarbonization of priority carbon-intensive sectors for the convergence of Itaú's portfolio with scenarios that limit the average global temperature increase to 1.5°C.
Coal
Phasing out operations with Coal-Fired Thermal Power Generation and Coal Mining and Associated Infrastructure by 2030.
Steel
Reduce the financed emissions intensity in the sector by 23% by 2030, in line with the International Energy Agency’s net zero scenario (IEA NZE).
Aluminum
Reduce the financed emissions intensity in the sector by 19% by 2030, in line with the International Aluminum Institute’s net zero scenario (IAI NZE).
