Bancolombia Sustainability Profile
Bancolombia S.A., a leading financial institution headquartered in Medellín, Colombia, has established itself as a key player in the Latin American banking sector since its founding in 1945. With a strong presence across Colombia and significant operations in Central America, Bancolombia offers a diverse range of financial services, including retail banking, corporate banking, and investment solutions. The bank is renowned for its innovative digital banking platforms, which enhance customer experience and accessibility. Notable achievements include its recognition as one of the largest banks in Colombia by assets and its commitment to sustainable finance initiatives. Bancolombia's focus on customer-centric solutions and robust financial products positions it as a trusted partner in the region's economic development.
DitchCarbon Score
How does Bancolombia's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Bancolombia's score of 40 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Bancolombia's reported carbon emissions
In 2023, Bancolombia reported total carbon emissions of approximately 5,307,000 kg CO2e. This figure includes Scope 1 emissions of about 546,700 kg CO2e, Scope 2 emissions (market-based) of approximately 3,073,000 kg CO2e, and Scope 3 emissions of around 1,688,000 kg CO2e. The total emissions from Scope 1 and 2 combined (market-based) amount to about 3,619,000 kg CO2e. Comparatively, in 2022, the bank's total emissions were about 7,448,000 kg CO2e, indicating a significant reduction in emissions year-on-year. The breakdown for 2022 includes Scope 1 emissions of approximately 526,000 kg CO2e, Scope 2 emissions (market-based) of about 5,283,000 kg CO2e, and Scope 3 emissions of around 1,638,000 kg CO2e. Bancolombia has set near-term targets aligned with the Science Based Targets initiative (SBTi), aiming for a 1.5°C pathway by 2026. These targets cover 23% of its total investment and lending portfolio, with required activities making up 32% of its total balance sheet assets as of 2021. The bank is a member of the BA1.5 initiative, demonstrating its commitment to climate action. Overall, Bancolombia's emissions data and climate commitments reflect a proactive approach to reducing its carbon footprint and contributing to global climate goals.
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| 2010 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|
| Scope 1 | 650,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| Scope 2 | 27,559,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
| Scope 3 | - | - | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 000,000 | 0,000,000 | 0,000,000 |
How Carbon Intensive is Bancolombia's Industry?
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Bancolombia's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Bancolombia has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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