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Banking on the Climate Transition:

our journey towards Net Zero

Luciana Nicola, Sustainability Director, Itaú Unibanco

Climate transition is a major opportunity to rethink the 21st-century economic model. By limiting global
warming to 1.5°C by the end of the century, we can create a more sustainable and resilient economy
for all. Financial institutions are major allies in this transition, by providing the capital and expertise that
businesses need to decarbonize.

Itaú Unibanco is the largest bank in Latin Banking, partnering with the financial industry with no overshoot, or limited overshoot.
America and a pioneer in the sustainability worldwide to overcome climate challenges. Considering the transition creates
agenda. We have always supported our opportunities, products and services that
clients and their challenges; now we aim to be Engagement with key stakeholders: enable sustainable finance to be developed
a climate transition bank for our clients and stakeholder engagement is essential for and scaled. We set up a target to distribute
achieve net zero emissions by 2050. effective climate action. We collaborate with BRL 400 billion to positive impact sectors by
our clients, suppliers, peers, government and 2025 and we have already allocated 66% of
WHAT MAKES A CLIMATE other stakeholders, to scale up the transition this amount. Positive impact sectors are those
TRANSITION BANK? and discuss priorities. Through engagement which contribute to the climate transition, the
Net zero commitments aligned with high an organization can ensure every point of safeguarding of the environment, or have a
integrity standards: making a commitment to view is considered, enables prioritization and positive impact on society.
achieve net zero emissions is a first but crucial allows translating ambitions into practice.
step to internalize climate change within the Innovative solutions are necessary: many
strategy. It provides the foundation for climate Implementation of the climate transition solutions to decarbonize are not widely
action and points to the level of ambition. strategy: the first step to implementation available yet. Solutions must be developed
We are members of the Net Zero Banking is setting climate targets aligned to climate and scaled up. We created Cubo ESG, a
Alliance and the Principles for Responsible scenarios that limit global warming to 1.5°C hub focused on supporting the development

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