Banco Promerica de Costa Rica has received accreditation from the Green Climate Fund (GCF), making it the first commercial bank in Latin America to achieve this recognition. The GCF is the largest multilateral fund dedicated exclusively to financing climate change projects in developing countries. Established in 2010 by the United Nations Framework Convention on Climate Change, by late 2024, it had approved a project portfolio worth $16 billion, with total initiatives reaching $61.5 billion when co-financing is included.
With this accreditation, Banco Promerica Costa Rica can now finance projects aimed at reducing emissions or promoting adaptation to climate change. Initial efforts will focus on electric mobility, resilient housing, and energy transformation from waste—areas identified as having significant potential within Costa Rica.
Ernesto Leal, CEO of Banco Promerica Costa Rica, stated: “Este reconocimiento es un aval técnico, ambiental y ético que valida más de 15 años de trabajo de Promerica con el financiamiento sostenible. Hemos sido pioneros en la industria y líderes en impulsar estos esfuerzos. Obtener esta acreditación tan rigurosa confirma el compromiso de nuestro banco con la sostenibilidad, la cual es parte de nuestro ser, de nuestro propósito”.
The process to obtain accreditation was completed quickly but involved meeting strict standards related to environmental management, social safeguards, transparency, and technical capacity. Michelle Espinach, Sustainable Banking Manager at Banco Promerica Costa Rica, noted that collecting documentation and adapting to GCF policies were among the main challenges during what she described as a rigorous and enriching process for the institution.
According to Espinach: “Hay grandes oportunidades en sostenibilidad, particularmente en el desarrollo de mejores condiciones para que nuestros clientes transformen sus negocios, mientras protegen el ambiente”.
Currently, sustainable financing represents 42% of Banco Promerica Costa Rica’s loan portfolio. The bank sees its role in sustainability as an opportunity for leadership and a way to contribute positively to society through green initiatives.
Leal added: “Asumimos esta acreditación con responsabilidad y queremos que más instituciones se sumen. Estamos abiertos a compartir nuestra experiencia para que, juntos, construyamos una Costa Rica más verde”.
This milestone adds to other pioneering actions by Banco Promerica in the region such as being the first bank in Costa Rica to sign onto the Principles for Responsible Banking and Net Zero Banking Alliance and issuing Central America’s first sustainable bonds.
