Itaú Unibanco strengthened its sustainability leadership in 2024 with the launch of a new ESG strategy focused on three pillars: sustainable finance, diversity and development, and climate transition. The bank set a target to expand sustainable financing to R$1 trillion by 2030, building on the R$400 billion already allocated to sustainable development.
In 2024, ESG bond issuance rose to R$13.6 billion ($1.26 trillion) across 30 operations, while ESG loans increased 170% from the previous year. Itaú updated its sustainable finance framework to include renewable energy and climate adaptation categories, and introduced a new sustainable financing and advisory policy to guide ESG integration across origination and advisory activities.
Itaú BBA has been a leader in structuring ESG debt bonds in the local market and is among the main banks for Brazilian issuers in the foreign capital markets, following guidelines from the International Capital Markets Association (ICMA) and local best practices. The volume of ESG offerings from Itaú BBA compared to the bank’s total activity came to 8.8% in 2024. While this may be below the 10.6% achieved the previous year, it still meant Itaú was on 30 out of the 38 ESG transactions in the local debt capital market.
Notable transactions in 2024 included a R$70 million social bond for Grano Alimentos to support family farmers affected by extreme weather, and a R$1.5 billion green and transition bond for Vibra, the first of its kind in a hard-to-abate sector. Itaú also led Raízen’s $1.5 billion debut green bond in international markets and structured Aegea’s hybrid ESG bond, the first in Brazil to combine sustainable, sustainability-linked and blue bond features.
Through initiatives, Itaú continues to embed ESG across its operations, products and partnerships
Itaú also expanded its ESG product suite. The Green Entrepreneur Plan and Green Mortgage Financing supported sustainable real estate projects, while new agribusiness products promoted low-carbon farming and biodiversity. Through the Reverte programme, R$649 million was disbursed to convert 101,000 hectares of degraded pasture into productive land.
The bank also advanced its wider climate strategy. It began trading carbon credits through CarbonPlace, a voluntary carbon marketplace co-developed with global peers. Scope 1 emissions in Brazil and Scope 2 emissions in Uruguay were offset through high-integrity carbon credits and renewable energy certificates.
Itaú’s ESG governance is anchored in its environmental, social and climate responsibility policy, which mandates ESG integration into decision-making and risk management. The bank also supports public policy development, including Brazil’s regulated carbon market, and maintains partnerships with academic institutions and global forums.
ESG training was expanded across the organisation. A new learning track reached 92% adherence among Itaú BBA’s commercial teams, while supplier engagement was strengthened through online training and recognition programmes. The bank also launched a dedicated ESG newsletter and hosted more than 40 events and 1,400 client meetings focused on sustainable finance and climate topics.
Through these initiatives, Itaú continues to embed ESG across its operations, products and partnerships, reinforcing its position as Latin America’s leading bank for sustainable finance.
