Avenue Revolucion 3000, Primavera

Monterrey, NL 64830


T: 52-81-83197200

F: 52-81-83185042



  • Dow Jones Sustainability Indices MILA
  • FTSE4Good Emerging Markets Latam
  • Bloomberg Gender Equality Index
  • CDP B Rating
  • MSCI Mexico ESG Select Focus Index A Rating




Mariuz Calvet


  • CEMEFI: Socially Responsible Enterprise and Seguros y Pensiones
  • Leading Company in Sustainability in Mexico
  • ALAS 20 Institution Award (Leading institution in responsible investments, leading institution in corporate governance, leading institution in sustainability research)
  • The World Pension Fund Award
  • Institutional Investor: 2nd place as the best ESG Program





SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

Grupo Financiero Banorte (GFNorte), is a leading financial institution in Mexico and the one with the broadest business diversification in the market. It operates as a universal banking, providing a wide array of products and services through its broker dealer, annuities & insurance companies, retirements savings funds (afore), mutual funds, leasing & factoring company and warehousing.
Banorte is the second largest financial group in the country, the main provider of loans to governments and the second most important bank in mortgages. The retirement savings fund company Afore XXI Banorte, is the largest in the country in

Its business areas are: Retail Banking, Wholesale Banking, Insurance, Annuities, and Afore.

Company Sustainable Activity

According to the company,

“In 2018, we launched Sustainable Banorte, GFNorte’s institutional program aimed at strengthening sustainability culture through assertive communication that addresses the core issues of sustainability. Continuing this program, we carried out various campaigns, initiatives and events to actively involve our employees.”

Climate Change Activities

According to the company in 2019: 

“1. We promote reduced emissions and energy efficiency in our operations:

  • By 2021, 70% of the energy we consume each day will come from renewable sources, avoiding more than half the CO2e emissions we generate today.
  • We have a Comprehensive Energy Control System in our branch network.
  • Two branches are equipped with solar panels, avoiding the emission of 4.6 metric tons of CO2e.
  • We developed a program to automatically shut down desktops outside of working hours, which includes 7,000 computers.

2. We offer sustainable products and services:

  • We promote financing for SMEs interested in renewable energies and energy efficiency through Eco-Loans. 
  • We have a Specialized Infrastructure and Energy Department, which promotes financing for renewable energy generation projects. 
  • Operadora de Fondos and Afore XXI Banorte invest in assets relating to green bonds, social bonds and sustainable bonds. 
  • We have catastrophic insurance to cover us in the event of hydro-meteorological phenomena, associated in part with the effects of climate change (frosts, floods, hurricanes, etc.)

3. We incorporate climate risk into our socioenvironmental risk management:

  • Our Sustainable Taxonomy includes Sectorial Climate Activity Codes. 
  • The first climate risk we studied was the mass explosion of sargassum seaweed, which we monitored monthly on the beaches of Quintana Roo and sent monthly reports to our Tourism and Business areas. 
  • We developed guidelines on good practices for clients in the tourism and agricultural industries on managing and preventing Sargasso. 
  • We developed a report on Mexico’s ban on single-use plastics, which we included under transition risks. 
  • We calculated our Scope 3 (indirect) emissions from the equity portfolio of our fund manager, Operadora de Fondos.

4. In line with TCFD recommendations:

  • Our corporate governance incorporates an awareness of the risks and opportunities inherent to climate change through the Risk subgroup of our Sustainability Committee. 
  • Our strategy is to identify climate risks and opportunities in the business, focusing initially on sectors where financing and/or vulnerability is highest.
  • Our socio-environmental risk management strategy incorporates climate risks under the SEMS process, emphasizing the most vulnerable sectors. 
  • Our current targets and metrics relate to calculation of our operational carbon footprint (scopes 1 and 2) through a financial control approach 1 and the calculation of our scope 3 (indirect) emissions for the fund manager (Operadora) portfolio.”

Sustainable Finance:

According to the company in 2019,

“At GFNorte, we want to extend financing to economic activities that contribute to sustainable development. We are convinced that there are tremendous opportunities for the capital markets in projects that preserve the environment and improve people’s quality of life. 

We know that identifying and classifying financial support is fundamental to future economic trends, so we try to anticipate the risks and take advantage of the opportunities. In 2018 we created what we call our Sustainable Taxonomy, which establishes codes for 91 sustainable activities. 

At the close of the year, the value of our sustainable portfolio in corporate and commercial loans was estimated at Ps. 9.82 billion, which was invested in various projects. 

  • Construction of wind and solar farms 
  • Cogeneration of energy from natural gas 
  • Capture, pumping, treatment and distribution of fresh water • Sustainable agriculture 
  • Collection, recycling and disposal of metal waste Our climate portfolio, which (for now) includes only renewable energy financing, totals Ps. 6.21 billion.”


  • ISO 14000
  • LEED Gold – Torre KOI
  • LEED Silver – Torre Mayor

Sustainable Development Goals

How company covers SDGs

According to the company:

“SDG 1 (Target 1.5) → We completed reconstruction of a crafts market and 370 homes in adopted communities, and we continue to work on rebuilding and repairing another 245 homes. 

SDG 2 (Target 2.3 and 2.A) → Through various programs, we supported projects in all activities of this sector, totaling Ps. 23.52 billion pesos.

SDG 3 (Target 3.8) → Every year around 650,000 Mexican households have to care for some sick family member.

SDG 4 (Target 4.c) → Through the program “Mil sueños por cumplir”, we provided 1,575 scholarships to children of GFNorte employees. 

SDG 5 (Target 5.a) → In 2018, 43% of our credit card accounts were held by women

SDG 7 (Target 7.b) → In 2018, we contributed to the generation of 1,190 MW of renewable energy, with 479 million dollars in financing.

SDG 8 (Target 8.4) → Banorte is recognized by leading global sustainability indexes and rating firms

SDG 9 (Target 9.1) → Banorte is a Mexican bank, and for Mexicans, thus we support the development of communities and local economies.

SDG 10 (Target 10.3) → Our social policy promotes a culture of non-discrimination against anyone who interacts directly or indirectly with the institution.

SDG 11 (Target 11.4) → In 2018, we identified and categorized the social and environmental risks of 3,462 loans, finding that our loan portfolio represented an overall low risk. We also evaluated 31 new projects under international standards of risk management. 

SDG 12 (Target 12.5 ) →  Through various paper reduction initiatives we reduced our use by 62 metric tons, based on digital channels and operating efficiency.

SDG 13 (Target 13.1) →  This year we insured 42,072 homes for account-holders, and 160,671 for clients who had taken out a mortgage loan, resulting a total of 202,743 homes distributed throughout Mexico.

SDG 14 (Target 14.a) → Banorte worked through its risk management area to develop practical guidelines for preventing and managing the spread of Sargassum, based on national and international research.

SDG 15 (Target 15.2) → This past year, with the help of 168 volunteers, we reforested 3 hectares, planting a total of 2,600 trees in two forests near our corporate offices in Mexico City

SDG 16 (Target 16.4, 16.5, 16.6 ) → GFNorte abides by the highest standards of corporate governance to ensure it is both responsible and competitive, and to be able to provide more benefits to society and generate more value.

SDG 17 (Target 17.9 ) → GFNorte wants to be an agent of change for the Mexican financial industry, contributing actively to projects and actions that have a positive impact in this country.”


KPIs by categories

Natural Capital

    • Emissions: according to the company in 2019, “In line with the commitments assumed by Mexico under the Paris Agreement, our goal is to achieve a 30% reduction in emissions intensity by 2020, using 2009 as a baseline. We have currently reached 59.8% of that target.”
    • Waste Management: “Based on the results of the waste separation program introduced at our Santa Fe Corporate Offices, we estimated waste based on the kilograms/employee indicator, which represent a scope of 43.2% of the total employees, which we extrapolated to the rest of our administrative buildings. This gave us a total generation of 245.44 metric tons of waste. The program began in April and the calculation encompasses various types of waste, both recyclable and non-recyclable. We continue to work on reducing the generation of solid urban waste and on correctly disposing of special-handling waste. Through our waste separation program, we channeled 516.5 metric tons to recycling (449.7 tons were from dead file) and collected 10.8 metric tons for donation to various charitable causes, such as maintenance and restoration of school furniture and cancer treatments.”
    • Water:“Based on our water bills and the average price for each state, we estimate water consumption of 714,835 m3. The water we use comes from the public water supply and is channeled to the local sewer systems where we operate. To ensure a more efficient use of this vital resource, our corporate buildings have water-saving devices installed in its sinks, and dry, odorless low consumption urinals. Furthermore we have rainwater capture systems installed on our rooftops, along with conventional gutters, creating a network of conduits for carrying the rainwater toward a cistern. The water is then run through a deep-bed filter for reuse.”
    • Biodiversity: “We encourage the sustainable use of urban spaces. Our primary axis of action is our green rooftop project, located in the Roberto González Barrera Contact Center in Monterrey, Nuevo León. The rooftop has 1,784 m2 of landscaped area, which holds 60 species of Mexican plants, 13 of them classified under environmental protection standard NOM-059- SEMARNAT-2010.”

Banorte has incorporated ESG values into its daily practices, promoting responsible customer investment. Banorte has only recently launched its new sustainability program (GFNorte: Banorte Sustentable) in 2018, so it is still relatively early on in implementing sustainability company-wide. However, Banorte’s commitment to supporting the environment is particularly clear, and they provide clear goals, backed up by KPIs. They do not hold any primary sustainability certificates, therefore they are given the rating B.


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