Santo Domingo.- The banking institutions of the Dominican Republic have pledged to take proactive steps in addressing environmental and climate challenges by endorsing the Green Protocol. This initiative, spearheaded by the Association of Multiple Banks of the Dominican Republic (ABA) in collaboration with the International Finance Corporation (IFC), marks a significant commitment towards sustainable financial practices.

During the signing ceremony, Rosanna Ruiz, President of the ABA, elucidated that the agreement among the various banks aims to promote and institutionalize responsible financial behaviors within the banking sector. This includes initiatives such as issuing thematic bonds and integrating environmentally friendly practices into the banks’ credit portfolios.

Ruiz emphasized, “The Green Protocol presents an unprecedented opportunity to transition towards a more sustainable economy, ensuring environmental protection and fostering equitable development across all sectors of society.”

Miguel Ceara Hatton, Minister of the Environment, underscored the importance of the banking sector’s involvement in such initiatives, stating, “Environmental protection is, now more than ever, a matter of national security and a top priority for the Government.” He highlighted the vulnerability of the Dominican Republic to natural disasters, emphasizing the urgency of sustainable practices.

Echoing similar sentiments, Eugenia Vargas, the IFC’s Regional Manager for Financial Institutions, emphasized the pivotal role of the private sector in guaranteeing sustainability. She commended the collective effort of the banking sector, emphasizing its strong commitment to addressing environmental concerns.

The Green Protocol garnered support from presidents and senior executives of various banks including Popular, BHD, Banreservas, Citibank, Caribe, Santa Cruz, BDI, Banesco, Promerica, Scotiabank, López de Haro, Vimenca, Lafise, Ademi, JMMB, and Qik Bank.

According to a press release, the protocol encompasses five key pillars: strategy and governance for sustainability, implementation of green solutions, management of environmental, social, and climate risks, adoption of eco-efficient and decarbonization practices, and measurement and dissemination of results. These pillars align with the guidelines of the National Development Strategy and the Sustainable Development Goals of the United Nations.