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Afore XXI Banorte Leads Decarbonization Efforts in Latin America

2024-09-19 05:43:56.751000

Afore XXI Banorte has launched the 'Dialogues for Climate in Latin America' initiative, aimed at promoting the decarbonization of the region's economy. This initiative seeks to combat climate change through collaboration with carbon-intensive companies, focusing on five key factors: measuring greenhouse gas emissions, developing decarbonization plans with clear targets, establishing governance structures, identifying climate-related risks and opportunities, and enhancing disclosure [9e63f13b]. David Razo Aznar, the Director General of Afore XXI Banorte, emphasized the importance of reducing carbon emissions as a critical step towards sustainable development [9e63f13b]. Notably, Afore XXI Banorte is the first pension fund manager to join this initiative, partnering with institutions such as Governart, Larrainvial, and AFP Porvenir [9e63f13b].

The initiative aligns with broader discussions at the COP28 climate summit, where executives from major banks and investment firms are exploring innovative funding structures to support a low-carbon economy [4fa8e2c0]. The summit emphasizes attracting private finance for climate action, particularly in the Global South, and highlights the finance industry's role in addressing climate change [4fa8e2c0].

In addition to these efforts, civil society organizations are mobilizing for a global action campaign demanding climate justice and accountability from financial institutions [69d9002c]. This campaign coincides with key international meetings, including the IMF/World Bank spring meetings and G20 finance ministers' discussions, aiming to push for reforms in financial flows to combat climate change effectively [69d9002c].

The World Bank and IMF are also under pressure to reform their financial systems to better address the climate crisis, with calls for increased investment in renewable energy and support for developing countries [ab3f6194]. The involvement of various stakeholders, including Afore XXI Banorte, reflects a growing recognition of the need for comprehensive strategies to tackle climate change and promote sustainability in Latin America and beyond [9e63f13b].

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