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Principles for Responsible Banking
Principles for Responsible Banking

Principles for Responsible Banking

The financial sector plays a fundamental role in the achievement of the Sustainable Development Goals and the compliance with the Paris Agreement on Climate Change, through financing policies that foster a low-carbon economy and efficient, innovative and inclusive business.

In September 2019, CGD signed up to the Principles for Responsible Banking and committed to a strategic alignment of its business in order to favorably contribute to society and the environment, meeting our stakeholders’ expectations. In view of the urgent need for reducing greenhouse gas emissions and transitioning towards a low-carbon economy, CGD signed up to the commitment Business Ambition for 1.5 ° C, limiting the impacts of climate change.

Track Caixa's progress in responding to the Principles for Responsible Banking.

2021 Report

1st aniversary after signing the Commitment

CGD has continuously developed environmentally and socially responsible products that are able to create value for the current and future generations, such as the financing of renewable energy for mortgage loans and the granting of loans to corporates in order to meet decarburization targets and promote a circular economy. The existence of effective governance structures, policies and procedures is of the utmost importance for the implementation of the Principles for Responsible Banking. CGD’s Sustainability Committee plays a clear role in supporting and following up on the drafting and implementation of the Corporate Sustainability Strategy, as well as in supervising the compliance with its policies and commitments at national and international level.

In 2020, CGD revised its Code of Conduct laying down the values, principles and standards of ethical professional conduct that are key to the ethical stances of the Institution and its employees, focusing both on Social Responsibility and on Sustainable Development issues.

Watch below the statement of Mr. Paulo Macedo, Chairman of CGD’s Executive Committee.

Paulo Moita de Macedo

2nd Anniversary of the signing of the commitment

In 2021, CGD laid out a new Sustainability Strategy for the period spanning 2021-2024, aiming to be the Portuguese market leader within the scope of sustainable finance, further supporting the transition toward a low-carbon economy and funding projects with a social impact on communities.

Driven by this ambition, CGD implemented, in 2021, the following initiatives which we hereby highlight:
1. It signed up to the Net-Zero Banking Alliance 1 commitment, joining 53 banking institutions of 27 countries which have taken on the commitment to implement strategies and business models allowing to achieve carbon neutrality (Net Zero) by 2050;

2. It has issued a senior preferred debt emission amounting to 500 million euros, which represents the lowest coupon ever achieved by CGD within capital market emissions and which is the first sustainable emission by a Portuguese bank, channeling the capital raised toward the funding of credit operations of its clients within the scope of environmental and socioeconomic development;

3. It has ensured the consultation with Stakeholders in line with the 17 Sustainable Development Goals so as to ascertain the expectation of the several stakeholders concerning the role, the participation models and lines of intervention they wish to see performed by CGD;

4. It has published a Sustainability Brochure aiming to summarize CGD’s main initiatives in Portugal over the course of 2020, in an inclusive way.