Scotiabank is named Latin America’s best bank for sustainable finance for its consistent leadership across the region, where it has become a key player in structuring, advising and executing innovative deals for corporates and sovereigns alike.
In Chile, Scotiabank supported some of the world’s most ambitious renewable energy projects, including Grenergy’s $370 million green loan for the Oasis de Atacama energy storage project – one of the largest battery storage developments globally. The bank also acted as coordinator for multiple Chilean utility green bonds, including AES Andes’ $500 million issuance (3.4x oversubscribed) and Engie’s debut $500 million green bond, while supporting the Government of Barbados in an innovative debt-for-climate swap worth $596.7 million focused on water resiliency projects.
“Latin America continues to position itself as a strategic innovation hub for sustainable finance,” says Daniel Gracian, director, sustainable finance at Scotiabank. “The region is driving important developments, particularly through sovereign issuers and the structuring of novel instruments such as blue bonds.”
The bank’s standout achievement was structuring Mexico’s first blue bond for FIRA, through the Fondo Especial de Financiamientos Agropecuarios (FEFA). The $220 million fixed-rate instrument targeting sustainable fishing and aquaculture achieved 2.91x oversubscription and was upsized by 40%.
The bank’s sustainable finance franchise in Latin America is not only growing in volume but also in complexity and impact
“FIRA’s blue bond in Mexico was a market first, not only for the country but also for Scotiabank, demonstrating a scalable model with potential for replication across Latin America. We view our role as a catalyst in developing local capital markets by expanding access to sustainable finance, a strategy that is already showing tangible progress,” Gracian says.
In 2024, the bank also redesigned the strategic framework of its impact programme ScotiaRISE to better address local needs and challenges in Latin America and the Caribbean, developing targeted approaches through engagement with regional experts, partners and team members to advance social cohesion. Most notably, Scotiabank established a new commitment to allocate at least 6% of its Canadian ScotiaRISE budget specifically to Indigenous-led or benefiting organisations and programmes, representing a major step forward in supporting Indigenous economic participation.
With full-service corporate and commercial banking capabilities in Brazil, Colombia, Peru, Chile, and Mexico, Scotiabank is well positioned to deliver cross-border and cross-currency transactions.
The bank’s sustainable finance franchise in Latin America is not only growing in volume but also in complexity and impact. Its ability to originate, structure and execute across sectors – from forestry and mining to energy and infrastructure – makes it a standout performer in the region.
