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Select an assessment year:

  • Overall approach
    2/10
    • Overarching commitment on deforestation
      0/6
    • Deforestation as a business risk
      0/1
    • Target to reduce emissions in scope 1/2
      Reduce emissions
      No
      0/0
      Is the financial institution's climate target aligned with SBTi?: No
    • Clients/holdings must have anti-corruption policy
      0.5/1
      Anti-corruption
      Yes, an anti-corruption policy
      0.5/1
      "Our Corruption Prevention Corporate Policy reinforces our commitment to proactively cooperate with national and international initiatives to prevent and combat corruption in all its forms. Our policy applies, in Brazil and abroad, to all managers, employees and controllers of the organization and its non-profit entities in Brazil, and to any interaction the bank has with customers, partners, suppliers and other stakeholders"
    • Collaborative finance sector initiatives
      1/2
      Collaborative initiatives
      Yes, involved in a collaborative finance sector initiative focused on deforestation
      1/2
      Is a 2025 target date encouraged within the collaborative initiative(s)?: No

      Which initiative?: Plano Amazônia

      Does the financial institution engage ESG data providers on the need for better data on deforestation?: No

      In which location?: Amazon
      "Launched in June of 2020, with two other large private banks, Bradesco and Santander, the Plano Amazônia plan promotes the sustainable development of the Amazon.In addition to the importance of the biome for the planet’s climate, the partnership between the banks was signed in a year that was especially critical for the region – a year with a significant increase in the deforestation rate. According to data from the National Institute for Space Research (Instituto Nacional de Pesquisas Espaciais – INPE), between August 2019 and July 2020 (the month Plano Amazônia began), deforestation increased by approximately 9.5% in the biome.(1) The region was also heavily affected by COVID-19, which exacerbated the social vulnerability of the population.The financial system has the capacity to directly and indirectly contribute to the sustainable use of Brazilian biomes, based on its actions with retail customers or the financing of companies and their chains. In view of this, Plano Amazônia seeks to foster sustainable development in the region with three strategic focus areas Support for environmental conservation and bioeconomic development Ensuring the basic rights of the population Investment in sustainable infrastructure"
    • Nature/people-positive investment
      Nature-positive investment
      No
      0/0
      Is due diligence conducted on these nature- and people- positive activities to ensure they are compliant with the standards of the policy outlined in 1.1?: No
  • Commodity score
    7/90
    • Beef & Leather
      16/90
      • Policy Strength
        10/28
        • Commodity-specific deforestation financing policy
          6.2/8.8
          • Commitment details
            Zero-gross deforestation
            6/8
            Commitment details
            Zero-gross deforestation
            6/8
            Does the policy have specific requirements/expectations of clients/holdings in line with the policy?: No
            "Aims at zero deforestation in themeat, reinforcing internal efforts, supporting thetransition and articulating companies and associations for thecreation of a sectoral compromise.We define a summary with the construction ofcommon strategic directions forencourage the commitment of slaughterhousesBrazilians as to their responsibilitysocio-environmental. In addition to implementing a widediagnosis of the customer portfolio with KPIs ofmonitoring, including traceability of rights andindirect."
          • Policy applies to all operations and financing
            No
            0/0.2
            Policy applies to all operations and financing
            No
            0/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all deals
            All financing
            0.2/0.2
            Policy applies to all deals
            All financing
            0.2/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            Processors
            0/0.2
            Policy applies to all stages of the supply chain
            Processors
            0/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
        • Clients/holdings must be legally operated
          0/2.8
          • Commitment details
            No commitment
            0/2
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must monitor operations
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must conduct risk assessments
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must specify a cut-off date
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Target date for policy implementation
          3.7/3.8
          • Commitment details
            Required
            3/3
            Commitment details
            Required
            3/3
            What is the deadline for the portfolio companies to become compliant with the policy?: NA

            What is the target date for the full implementation of the financial institution's policy?: 2025

            What is the length of time the portfolio companies are given to meet their time-bound plans?: NA
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all operations and financing
            All financing
            0.2/0.2
            Policy applies to all operations and financing
            All financing
            0.2/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all deals
            All financing
            0.2/0.2
            Policy applies to all deals
            All financing
            0.2/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all clients/holdings
            All financing
            0.2/0.2
            Policy applies to all clients/holdings
            All financing
            0.2/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
          • Policy applies to all stages of the supply chain
            Producers; Processors
            0.1/0.2
            Policy applies to all stages of the supply chain
            Producers; Processors
            0.1/0.2
            "Prioritized actions in the first year of the plan: meat industry and deforestation: seek zero illegal deforestation in the sector, reinforcing internal due diligence, supporting the transition and articulating companies and associations to create a sectorial commitment. In 2021, we assume the commitment to support the transformation of the sector, through the adoption of differentiated practices with our clients. We defined a summary with the construction of common strategic guidelines to encourage the commitment of Brazilian meatpackers regarding their socioenvironmental responsibility and the traceability of their direct and indirect supply chain: (i) good practices (ii) use of technological platforms (iii) public commitments (iv) action plans until 2025. Within the same period, we expect the action plans leading to the elimination of illegal deforestation throughout the chain to be implemented. Based on these drivers, each bank carried out a comprehensive diagnosis of its portfolio of clients operating in the region, monitored by objective and previously aligned performance indicators. At Itaú Unibanco, we identified that approximately 90% of our funds disbursed within this economic sector are allocated to clients that operate in the region, although not exclusively. As from 2022, we will reinforce the actions to engage clients in the transition to a more sustainable production, free from illegal deforestation practices, and in the articulation with companies and associations to provide the necessary support to adhere to sector commitments. "
      • Associated Human Rights Abuses
        0/27
        • Clients/holdings must test Free, Prior and Informed Consent
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must have a grievance mechanism
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect labour rights
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must address gender equality issues
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must encourage the inclusion of small-scale farmers
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect customary rights to land, resources, and territory
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Zero tolerance approach to violence and threats
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Implementation and Reporting
        6/35
        • Assess client/holding exposure prior to onboarding
          No
          0/5
        • Require disclosure of projects/locations
          No reporting
          0/4
        • Policy is reviewed and updated
          Timeline for review unclear or review conducted less frequently than annually
          1/2
          Policy is reviewed and updated
          Timeline for review unclear or review conducted less frequently than annually
          1/2
          "To formalize our commitment to sustainable development, we have a Sustainability and Environmental and Social Responsibility Policy. This policy is revised and approved by the Board of Directors on an annual basis [...] Seeking to highlight even more the relevance of the environmental and social issues, our Corporate Environmental and Social Risk Policy, approved by officers, is guided by the best environmental and social risk management practices, being continuously improved and ratifying our commitment to and concern about the topic."
        • Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Does the financial institution assess the severity of any non-compliance on the ground in forest-risk commodity supply chains in line with the guidance of the Accountability Framework?: No

          Does the financial institution prioritise clients/holdings for engagement based on their compliance monitoring? If yes, do they use thresholds/cut offs to identify these clients/holdings?: NA
          "Clients involved in the activities listed above are identified based on media reports and through lists issued by official bodies. If a client has been proven to be involved in such activities, he/she is blocked in our systems and not allowed to begin any relationship with the bank. In 2018, 37 clients had their credit transactions blocked due to indications of engagement in activities of our Exclusion List. We only resume a credit relationship if the client successfully proves it has changed its labor practices and its name was excluded from the lists issued by official bodies [...] After meeting the fundamental criteria in connection with the list of excluded activities, clients are submitted to additional environmental and social assessment criteria, based on requirements specific for type of product, market segment, and guarantee structure proposed for each operation [including forestry and beef processing]. For credit-granting transactions collateralized by properties, whether rural or urban, a specific environmental and social diligence is required, aiming at identifying any environmental liabilities, such as indications of contamination, environmental preservation area, among others. This analysis is based on information on past and current activities performed on the property and on data on the surrounding areas to issue a technical report."
        • Engagement with non-compliant companies
          0/0
        • Engagement with non-compliant clients/holdings
          No
          0/5
        • Reporting on implementation of the policy
          No
          0/6
        • Green financing product with deforestation/conversion requirements
          No
          0/2
        • Publicly accessible grievance mechanism
          No
          0/2
        • Remediation of environmental or social harms
          No
          0/4
    • Palm oil
      0/90
      • Policy Strength
        0/28
        • Commodity-specific deforestation financing policy
          0/8.8
          • Commitment details
            No commitment
            0/8
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must be legally operated
          0/2.8
          • Commitment details
            No commitment
            0/2
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must monitor operations
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must conduct risk assessments
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must specify a cut-off date
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Target date for policy implementation
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Associated Human Rights Abuses
        0/27
        • Clients/holdings must test Free, Prior and Informed Consent
          0/3.8
          • Commitment details
            No commitment
            0/3
            Commitment details
            No commitment
            0/3
            Does the financial institution require the client/holding to cease acquisition/expansion unless FPIC is given?: No
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must have a grievance mechanism
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect labour rights
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must address gender equality issues
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must encourage the inclusion of small-scale farmers
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect customary rights to land, resources, and territory
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Zero tolerance approach to violence and threats
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Implementation and Reporting
        0/35
        • Assess client/holding exposure prior to onboarding
          No
          0/5
        • Require disclosure of projects/locations
          No reporting
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          No
          0/5
        • Engagement with non-compliant clients/holdings
          No
          0/5
        • Engagement with non-compliant companies
          0/0
        • Reporting on implementation of the policy
          No
          0/6
        • Green financing product with deforestation/conversion requirements
          No
          0/2
        • Publicly accessible grievance mechanism
          No
          0/2
        • Remediation of environmental or social harms
          No
          0/4
    • Soy
      0/90
      • Policy Strength
        0/28
        • Commodity-specific deforestation financing policy
          0/8.8
          • Commitment details
            No commitment
            0/8
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must be legally operated
          0/2.8
          • Commitment details
            No commitment
            0/2
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must monitor operations
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must conduct risk assessments
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must specify a cut-off date
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Target date for policy implementation
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Associated Human Rights Abuses
        0/27
        • Clients/holdings must test Free, Prior and Informed Consent
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must have a grievance mechanism
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect labour rights
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must address gender equality issues
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must encourage the inclusion of small-scale farmers
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect customary rights to land, resources, and territory
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Zero tolerance approach to violence and threats
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Implementation and Reporting
        0/35
        • Assess client/holding exposure prior to onboarding
          No
          0/5
        • Require disclosure of projects/locations
          No reporting
          0/4
        • Policy is reviewed and updated
          No
          0/2
        • Monitoring and non-compliance process
          No
          0/5
        • Engagement with non-compliant clients/holdings
          No
          0/5
        • Engagement with non-compliant companies
          0/0
        • Reporting on implementation of the policy
          No
          0/6
        • Green financing product with deforestation/conversion requirements
          No
          0/2
        • Publicly accessible grievance mechanism
          No
          0/2
        • Remediation of environmental or social harms
          No
          0/4
    • Timber, Pulp & Paper
      11/90
      • Policy Strength
        3/28
        • Commodity-specific deforestation financing policy
          2.7/8.8
          • Commitment details
            Sustainability commitment
            2/8
            Commitment details
            Sustainability commitment
            2/8
            Does the policy have specific requirements/expectations of clients/holdings in line with the policy?: No
            " List of Restricted Activities Inspired by good international practices, Itaú Unibanco follows specific procedures for granting credit to Corporate Clients whose activities are included in the sectors below: Extraction of wood from native forests. For these sectors, the Environmental and Social Risk Management conducts surveys aimed at each sector and demands the commercial department to request companies to fill out specific questionnaires and submit applicable documentation
          • Policy applies to all operations and financing
            All financing
            0.2/0.2
            Policy applies to all operations and financing
            All financing
            0.2/0.2
            " List of Restricted Activities Inspired by good international practices, Itaú Unibanco follows specific procedures for granting credit to Corporate Clients whose activities are included in the sectors below: Extraction of wood from native forests. For these sectors, the Environmental and Social Risk Management conducts surveys aimed at each sector and demands the commercial department to request companies to fill out specific questionnaires and submit applicable documentation
          • Policy applies to all deals
            All financing
            0.2/0.2
            Policy applies to all deals
            All financing
            0.2/0.2
            " List of Restricted Activities Inspired by good international practices, Itaú Unibanco follows specific procedures for granting credit to Corporate Clients whose activities are included in the sectors below: Extraction of wood from native forests. For these sectors, the Environmental and Social Risk Management conducts surveys aimed at each sector and demands the commercial department to request companies to fill out specific questionnaires and submit applicable documentation
          • Policy applies to all clients/holdings
            All financing
            0.2/0.2
            Policy applies to all clients/holdings
            All financing
            0.2/0.2
            " List of Restricted Activities Inspired by good international practices, Itaú Unibanco follows specific procedures for granting credit to Corporate Clients whose activities are included in the sectors below: Extraction of wood from native forests. For these sectors, the Environmental and Social Risk Management conducts surveys aimed at each sector and demands the commercial department to request companies to fill out specific questionnaires and submit applicable documentation
          • Policy applies to all stages of the supply chain
            Producers; Processors
            0.1/0.2
            Policy applies to all stages of the supply chain
            Producers; Processors
            0.1/0.2
            " List of Restricted Activities Inspired by good international practices, Itaú Unibanco follows specific procedures for granting credit to Corporate Clients whose activities are included in the sectors below: Extraction of wood from native forests. For these sectors, the Environmental and Social Risk Management conducts surveys aimed at each sector and demands the commercial department to request companies to fill out specific questionnaires and submit applicable documentation
        • Clients/holdings must be legally operated
          0/2.8
          • Commitment details
            No commitment
            0/2
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must monitor operations
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must conduct risk assessments
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must specify a cut-off date
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Target date for policy implementation
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Associated Human Rights Abuses
        0/27
        • Clients/holdings must test Free, Prior and Informed Consent
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must have a grievance mechanism
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect labour rights
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must address gender equality issues
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must encourage the inclusion of small-scale farmers
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Clients/holdings must respect customary rights to land, resources, and territory
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
        • Zero tolerance approach to violence and threats
          0/3.8
          • Commitment details
            No commitment
            0/3
          • Policy applies to all operations and financing
            No
            0/0.2
          • Policy applies to all deals
            No
            0/0.2
          • Policy applies to all clients/holdings
            No
            0/0.2
          • Policy applies to all stages of the supply chain
            None
            0/0.2
      • Implementation and Reporting
        8/35
        • Assess client/holding exposure prior to onboarding
          No
          0/5
        • Require disclosure of projects/locations
          No reporting
          0/4
        • Policy is reviewed and updated
          Timeline for review unclear or review conducted less frequently than annually
          1/2
          Policy is reviewed and updated
          Timeline for review unclear or review conducted less frequently than annually
          1/2
          "To formalize our commitment to sustainable development, we have a Sustainability and Environmental and Social Responsibility Policy. This policy is revised and approved by the Board of Directors on an annual basis [...] Seeking to highlight even more the relevance of the environmental and social issues, our Corporate Environmental and Social Risk Policy, approved by officers, is guided by the best environmental and social risk management practices, being continuously improved and ratifying our commitment to and concern about the topic."
        • Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Monitoring and non-compliance process
          Screening and monitoring process
          5/5
          Does the financial institution prioritise clients/holdings for engagement based on their compliance monitoring? If yes, do they use thresholds/cut offs to identify these clients/holdings?: NA

          Does the financial institution assess the severity of any non-compliance on the ground in forest-risk commodity supply chains in line with the guidance of the Accountability Framework?: No
          "Clients involved in the activities listed above are identified based on media reports and through lists issued by official bodies. If a client has been proven to be involved in such activities, he/she is blocked in our systems and not allowed to begin any relationship with the bank. In 2018, 37 clients had their credit transactions blocked due to indications of engagement in activities of our Exclusion List. We only resume a credit relationship if the client successfully proves it has changed its labor practices and its name was excluded from the lists issued by official bodies [...] After meeting the fundamental criteria in connection with the list of excluded activities, clients are submitted to additional environmental and social assessment criteria, based on requirements specific for type of product, market segment, and guarantee structure proposed for each operation [including forestry and beef processing]. For credit-granting transactions collateralized by properties, whether rural or urban, a specific environmental and social diligence is required, aiming at identifying any environmental liabilities, such as indications of contamination, environmental preservation area, among others. This analysis is based on information on past and current activities performed on the property and on data on the surrounding areas to issue a technical report."
        • Engagement with non-compliant clients/holdings
          No
          0/5
        • Engagement with non-compliant companies
          0/0
        • Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Reporting on implementation of the policy
          Reports number/proportion of portfolio companies compliant with the deforestation policy or their own timebound plans
          2/6
          Type of reporting: NA
          "Our Sustainability and Environmental and Social Responsibility Policy (PRSA) has specific procedures for each business line, covering the most significant risks. There are specific criteria that must be met to maintain relationships with clients and suppliers. Accordingly, we understand that the use of forced or compulsory or child labor and the exploration of prostitution are practices that are contrary to our values, and are therefore excluded from our portfolio. Throughout 2020, 50 clients were blocked due to their involvement in some of these activities." Some of these activities include 'Extraction of wood from native forests'
        • Green financing product with deforestation/conversion requirements
          No
          0/2
        • Publicly accessible grievance mechanism
          No
          0/2
        • Remediation of environmental or social harms
          No
          0/4
  • Commitment strength
    3/28
    Avg. score
  • Implementation and Reporting
    4/35
    Avg. score
  • Associated Human Rights Abuses
    0/27
    Avg. score

Profile

Itaú Unibanco are the largest private bank based in Brazil serving both private and commercial customers. Their services include corporate finance, investment banking, wealth management, insurance, pensions and retail banking services. As of 2021, their total assets amount to more than 391 Billion USD. Itaú Unibanco are one of the top lenders to Forest 500 companies, across a broad range of forest risk sectors. In the 2022 selection, Itaú Unibanco was providing 6.6 billion USD to the Forest 500 companies.

HQ
HQ 
Brazil
Financial institution type
Financial institution type 
FI

How we assess the Forest 500

Investors and lenders need to adopt and implement strong deforestation policies that ensure their investments are not funding the destruction of forests.

All assessments use policies published on financial institution websites, some links may have changed or been removed since the time of assessment.

Disclaimer

This assessment has been carried out following the methodology developed for the Forest 500 project, available here. Please see our disclaimer applicable to all information contained within this site and our terms and conditions for use of data presented on this site.

All assessments use policies published on company and financial institution websites, and while we endeavor to keep them updated some links may have changed or been removed since the time of assessment.

Please contact us with any concerns or feedback about this or other assessments included in the Forest 500.