Bancolombia Wins IDB Sustainable Banking Award For Its BanCO2

The Inter-American Development Bank (IDB) announced in Korea today the winners of the fifth annual beyondBanking awards, which recognize best projects and initiatives in the region contributing to the creation of a more sustainable financial sector. The awards were given in a ceremony at the Bank’s Annual Meeting in Busan, Korea. This year’s winners were financial intermediaries from Bolivia, Brazil, Chile, Colombia, Ecuador and Paraguay.

Created in 2010, the awards seek to identify, share and inspire good practices in Latin America and the Caribbean’s financial sector. The award categories reflect distinct types of sustainable development in the region, from financial inclusion strategies to the application of new technologies, as well as sustainability reporting and projects that reduce the effects of climate change, among others.

The winners by category were the following:

• accessBanking Award: promotion of financial inclusion strategies

Banca Joven – Banco Nacional de Bolivia (Bolivia)

• clearBanking Award: strengthening corporate governance, transparency and the use of sustainability reports

Relato integrado – Banco Itaú (Brazil)

• connectBanking Award: dissemination of new information and communication technologies

Credimóvil – Banco Familiar (Paraguay)

• equalBanking Award: support for diversity and gender equality

Un compromiso de VIDA para CREER – Banco D-MIRO (Ecuador)

• learnBanking Award: development of financial education as a tool for responsible financial decision-making

Programa de educación financiera Sanodelucas – Banco Santander (Chile)

• planetBanking Award: searching for answers to the effects of climate change

BanCO2 – Bancolombia (Colombia)

• Socially responsible/Impact investment Award: the most socially responsible or impact investment

Vox Capital Investing Fund – Vox Capital (Brazil)

• People’s choice Award: project with the most popular support

BanCO2 – Bancolombia (Colombia)

“This year we are celebrating the fifth anniversary of the beyondBanking awards. When we started these awards, our goal was to identify the best sustainability practices in the financial industry in the region and to showcase them as part of a new financial model that combines economic, social and environmental returns,” said Gema Sacristan, Chief of the Financial Markets Division of the IDB. “This year’s awards included a record number of applicants and high-quality projects.”

The awardees were chosen from over 150 proposals for the seven categories. A committee of experts selected the best 21 proposals, three per category. Finally, the winner was selected by the public through an online vote.

The beyondBanking program is managed by the Financial Markets Division of the Structured and Corporate Finance Department and promotes social, environmental and corporate governance practices among financial intermediaries in Latin America and the Caribbean. It was created in order to contribute to the Bank of the Future – a financial business model that combines financial profitability with social and environmental returns; values principles of transparency, responsibility and integrity; seeks to promote financial inclusion through new channels; and respects the environment and community in which it operates.