Brazil's financial sector does it again: it's home to two of the four emerging market banks singled out for innovations in sustainable banking in the Financial Times 2006 Sustainable Banking Awards shortlist, released earlier this week. Brazil's Banco ABN Amro Real and Banco Itau were shortlisted for the "Emerging Markets Sustainable Bank of the Year" laurels, along with South Africa's Nedbank and India's Yes Bank.
The FT Sustainable Banking Awards program, held jointly with IFC, recognizes global banks that have actively integrated social and environmental objectives into their operations. For more on the program, click here.
Brazil is fast establishing itself as a hub of innovations on sustainable financing in emerging markets. In December 2005, it launched the Bovespa Sustainability Index, the first of its kind in Latin America. The index includes local companies listed on the Sao Paulo Stock Exchange and will track not only their economic and financial performance, but also their corporate governance and environmental and social performance.