Banorte, officially known as Grupo Financiero Banorte, is a leading financial institution headquartered in Mexico (MX). Established in 1899, it has evolved into a prominent player in the financial intermediation services sector, specifically excluding insurance and pension funding services. With a strong presence across major operational regions in Mexico, Banorte offers a diverse range of core products and services, including retail banking, corporate banking, and investment services.
Renowned for its customer-centric approach, Banorte distinguishes itself through innovative financial solutions tailored to meet the needs of individuals and businesses alike. The bank has achieved significant milestones, including its recognition as one of the largest banks in Mexico by assets, solidifying its market position. With a commitment to excellence and a focus on sustainable growth, Banorte continues to play a vital role in the financial landscape of Mexico.
+35 vs industry average
Banorte’s score of 72 is higher than 82% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Financial Intermediation is among the least carbon-intensive industries
Industry performance
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2028
Reported emissions
Scope 3 accounts for ••• of total emissions.
Banorte's reported carbon emissions
Banorte's Climate Commitments and Emissions Performance
Grupo Financiero Banorte, headquartered in Mexico and operating within financial intermediation services, is actively engaged in addressing its climate impact.
Emissions Data Overview:
- 2025: Banorte reported Scope 3 emissions totalling approximately 38.13 million kg CO2e and Scope 1 and 2 emissions of about 57.89 million kg CO2e. Notably, Scope 3 investments accounted for a significant portion of emissions, reaching approximately 11.07 billion kg CO2e.
- 2024: Total reported emissions were approximately 53.63 million kg CO2e for Scope 1 and 2. Scope 3 emissions were also reported, with categories including capital goods (approximately 20.06 million kg CO2e) and purchased goods and services (approximately 7.12 million kg CO2e).
- 2023: Scope 1 and 2 emissions stood at approximately 62.37 million kg CO2e. Scope 3 emissions included approximately 18.01 million kg CO2e for capital goods and about 11.71 million kg CO2e for purchased goods and services.
- 2022: Scope 1 and 2 emissions were reported at approximately 60.02 million kg CO2e. Scope 3 emissions included about 6.76 million kg CO2e for purchased goods and services.
- 2021: Banorte disclosed Scope 1 and 2 emissions of approximately 56.72 million kg CO2e.
- 2020: Total emissions for Scope 1 and 2 were approximately 66.85 million kg CO2e, with purchased electricity accounting for the majority of Scope 2 emissions.
- 2019: Scope 1 and 2 emissions totalled approximately 72.06 million kg CO2e, with purchased electricity representing a significant portion of Scope 2.
- 2018: Scope 1 and 2 emissions were approximately 72.64 million kg CO2e. Scope 3 emissions were also reported at about 1.65 million kg CO2e for business travel.
- 2017: Banorte reported Scope 1 and 2 emissions of approximately 80.63 million kg CO2e. Scope 3 business travel emissions were around 1.80 million kg CO2e.
- 2016: Scope 1 and 2 emissions totalled approximately 60.33 million kg CO2e. Scope 3 business travel emissions were approximately 1.62 million kg CO2e.
- 2014: Scope 1 and 2 emissions were approximately 66.89 million kg CO2e, with Scope 3 emissions totalling about 34.18 million kg CO2e.
- 2013: Scope 1 emissions were approximately 4.02 million kg CO2e, and Scope 2 emissions (location-based) were approximately 65.63 million kg CO2e.
Climate Reduction Targets and Commitments:
Banorte has set several reduction targets:
- An intensity target to reduce Scope 1 and 2 GHG emissions by 30% per FTE (full-time equivalent) by 2020, using 2009 as the base year.
- A commitment to reduce absolute Scope 1 and 2 GHG emissions by 42.1% by 2030, compared to a 2020 baseline.
Furthermore, Banorte is a signatory to the Science Based Targets initiative (SBTi). Its near-term targets are classified as 1.5°C aligned, with target years of 2026 and 2030 for Scope 1 and 2 emissions. The company's portfolio targets cover 22% of its total investment and lending by total assets as of 2021.
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Banorte’s Climate Goals (2030 & 2050)
2025
Near-zero scope 1 & 2
Target to achieve near-zero emissions for direct operations and purchased energy
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
Showing SBTi-validated targets only. Sign up or sign in to see all disclosed climate targets.
Scope 3 top emissions categories
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Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Emissions comparison with industry peers
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Banorte
Frequently asked questions
Common questions about Banorte’s sustainability data and climate commitments
Data year: 2025
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