According to the Ellen MacArthur Foundation, the circular economy is an attractive alternative that seeks to redefine growth, emphasizing societal benefits. It involves decoupling economic activity from the consumption of finite resources and eliminating waste from a design-driven system. Thus, it proposes a transition to renewable energy sources, creating economic, natural, and social capital. The circular economy is based on three principles:
Based on this concept, Grupo Bancolombia has leveraged circular economy projects through our sustainable financing and specialized sustainability consulting services. In addition, we provide our stakeholders with valuable information on how to transition to a circular economy on our Smart Capital and Upgrade portals.For more information on the circular economy, visit: Ellen Macarthur Foundation.
In Grupo Bancolombia, we recognize that the biodiversity crisis and accelerated species loss are among today’s most relevant challenges. Thus, we identify new risks and opportunities with strategic and financial implications for our business, clients, and other stakeholders.
Environmental Strategy: we have developed the following mitigation and adaptation actions:
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We have excluded activities that directly affect biodiversity in our controversial issues policy in financing and investment such as Commercial logging operations or equipment purchases for use in virgin or rainforests, fishing with trawling nets in the sea, using nets longer than 2.5 kilometers, commercializing wild flora and fauna, or manufacturing and commercializing related products, etc.
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Through our corporate climate change strategy, we contribute to mitigating the effects of climate change by accelerating the loss of biodiversity on the planet.
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We participated in Forest’s CDP pilot for financial institutions.
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We participated in the Banking for Impact on Climate in Agriculture (B4ICA) UNEP FI initiative, WBCSD, and PCAF.
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Through our Sustainable Livestock line and the associated projects we developed with the support of eco. Business Fund and Partnerships for Forests P4F, we have contributed to implementing tree planting projects, silvopastoral systems, livestock aqueducts, and live fences, and promoting respect for forest areas and bodies of water.
