Banorte, ABM Achieve CO2-Neutral Banking Convention with Offsets

Grupo Financiero Banorte and the Asociación de Bancos de México achieved carbon neutrality for the 89th Banking Convention by offsetting 729 tCO₂ through the Ocelot Forestry Project in Quintana Roo. The initiative underscores a strategic shift in Mexico’s financial sector toward integrating verifiable conservation and biodiversity protection into corporate decarbonization frameworks.

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Grupo Financiero Banorte, in collaboration with the Association of Mexican Banks (ABM), purchased 729tCO2 in carbon offset certificates to achieve carbon neutrality for the 89th Banking Convention. The carbon offsets were issued by the Ocelot Forestry Project, in Quintana Roo. The convention, held from March 18 to 20 in Cancun, is the financial sector’s most important annual event. 

José Luis Muñoz Domínguez, Banorte's Executive Director of Sustainability and Investor Relations, said in an interview with El Economista that the project serves a dual purpose: mitigating greenhouse gas emissions while supporting the conservation of at-risk species and ecosystems in southeastern Mexico. To achieve carbon neutrality, organizers measured total emissions generated by the event and purchased verified carbon credits to offset its climate impact.

The Ocelot Forestry Project was selected for its territorial approach, delivering socio-economic benefits to more than 1,000 people engaged in sustainable forestry activities, in addition to reducing CO₂ emissions. “This project enabled the offset of emissions from the 2026 Banking Convention while supporting the conservation of the ocelot, local ecosystems in Quintana Roo and communities linked to forest management,” Muñoz Domínguez said.

The initiative also protects regional wildlife, including the gray fox and the ocelot. According to the Procuraduría Federal de Protección al Ambiente, the ocelot is one of six feline species native to Mexico, distributed across the Pacific and Gulf coastal plains and the Yucatan Peninsula. The species depends on dense vegetation, such as tropical rainforests and cloud forests, which are increasingly threatened by agricultural expansion, livestock activity and urban development.

Listed as endangered under NOM-059-SEMARNAT-2010 and included in Appendix I of CITES, the ocelot plays a critical role as an apex predator. Ecological specialists warn that its decline could disrupt food chains and accelerate biodiversity loss.

Muñoz Domínguez noted that the initiative aligns with Banorte’s broader environmental strategy, which includes decarbonizing its loan portfolio. The bank has identified 11 high-emission sectors and is working with clients to develop financing solutions that reduce environmental impact.

Banorte's Institutional Sustainability Recognition

Banorte’s efforts at the 89th Banking Convention build on several sustainability recognitions in 2026. In March, International Banker named Banorte “Sustainable Bank of the Year 2026 in Mexico” and awarded it “Best Innovation in Retail Banking 2026 in Mexico,” highlighting its shift toward hyper-personalized financial solutions and its commitment to social and environmental development.

Carlos Hank González, chairman of the board, Grupo Financiero Banorte, said sustainability is embedded in the group’s strategy. “Sustainability and innovation are present in everything we do,” he said. “This recognition reflects our ability to deliver financial solutions that are both environmentally responsible and tailored to our clients’ needs.”

The bank’s green portfolio includes products such as Hipoteca Verde (green mortgage) and Autoestrene Verde (green auto loan), designed to promote sustainable consumption. In 2025, Banorte reported the reforestation and conservation of 241,561 trees as part of its commitment to the World Economic Forum’s “One Trillion Trees” initiative. The bank aims to plant one million trees by 2030, becoming the first private-sector institution in Mexico to join the platform.

In February 2026, Sustainable Fitch reaffirmed Banorte’s entity rating at “3” and raised its score from 58 to 60, citing incremental progress in sustainability practices. However, the agency noted that environmentally sustainable loans still account for less than 5% of the bank’s total portfolio, indicating a gradual transition.

Banorte is Mexico’s second-largest bank by market share, holding approximately 15% of total loans and 14% of deposits. As of Dec. 31, 2024, the group reported audited assets of MX$1.83 trillion (US$106.21 billion). As part of its climate strategy, the bank plans to progressively phase out financing for coal, oil and unconventional gas sectors through 2025.