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FROM ESG TO CLIMATE

STRATEGY: COP30 and

the business opportunity

By Luciana Nicola (Institutional Relations & Sustainability Director at Itaú Unibanco)

COP30 COULD MARK A HISTORIC TURNING POINT FOR BOTH THE GLOBAL CLIMATE AGENDA AND
BROADER SUSTAINABILITY DISCUSSIONS. 2024 WAS ONCE AGAIN THE HOTTEST YEAR ON RECORD, WITH
EXTREME WEATHER EVENTS OCCURRING ACROSS MANY PARTS OF THE WORLD. THESE EVENTS CLEARLY
DEMONSTRATE THE DEEP CONNECTION BETWEEN CLIMATE CHANGE AND SOCIETY AND THE ECONOMY. THE
CLIMATE TRANSITION HAS BECOME A CRITICAL FACTOR IN THE DEVELOPMENT OF PUBLIC POLICY, BUSINESS
STRATEGIES AND INVESTMENT DECISIONS.

The transition to a low-carbon economy is At Itaú Unibanco, we believe that the financial
about more than just reducing emissions; it also system plays a vital role in achieving this.
opens up new markets, drives innovation and
creates more resilient, skilled jobs. Key topics in
this transformation include renewable energy, Our strategy is built on three pillars:
regenerative agriculture, green infrastructure and
sustainable finance. 1. our commitment to the climate transition
and our aim to achieve net zero by 2050;
This transition requires joint action. Although
governments set the rules, incentives and 2. our ambition to mobilise R$1 trillion in
frameworks, it is the private sector that is on the sustainable finance by 2030;
front line, financing, producing and delivering the
solutions that transform climate commitments 3. and our dedication to diversity and
into tangible progress. Mobilising private capital inclusive development.
is essential if we are to meet the goals of the
Paris Agreement and unlock the trillions of dollars
needed for climate adaptation and mitigation. These goals demonstrate our conviction that,
as a financial institution, we can have a positive
Brazil has a unique opportunity to lead this impact on society.
transformation, given its mostly renewable
energy mix and strong potential in low-carbon Over the past few years, we have made progress
agriculture. COP30 will provide a platform for by setting decarbonisation targets for key sectors
Brazil and other Latin American countries to share in our portfolio and the wider economy, including
their experiences and contribute to solutions electricity, steel, aluminium, cement, transport
that combine economic development with and agriculture. We have always considered
environmental sustainability. the specific context of each client and market

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