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 increased its overall emissions by 11% since 2019
Emissions trajectory 2020 – 2028
Reported emissions
Scope 3 accounts for ••• of total emissions.
Banorte's reported carbon emissions
Banorte, a financial intermediation services company based in Mexico (MX), is committed to reducing its carbon footprint. In 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. For the reporting year 2024, the company's total emissions were approximately 164.87 million kg CO2e, comprising Scope 1 emissions of roughly 3.11 million kg CO2e, Scope 2 emissions of approximately 50.52 million kg CO2e, and Scope 3 emissions of around 111.24 million kg CO2e.
Looking back, Banorte's total emissions in 2023 were approximately 137.08 million kg CO2e, with Scope 1 at around 3.42 million kg CO2e, Scope 2 at approximately 58.94 million kg CO2e, and Scope 3 at about 74.72 million kg CO2e. In 2022, total emissions were approximately 122.80 million kg CO2e, consisting of Scope 1 at about 3.03 million kg CO2e, Scope 2 at approximately 56.99 million kg CO2e, and Scope 3 at roughly 62.78 million kg CO2e.
Banorte has set several reduction targets. The company aims to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 42.1% by 2030, using 2020 as the baseline year. Furthermore, Banorte previously had an intensity target to reduce Scope 1 and 2 emissions per full-time equivalent (FTE) by 30% by 2020, based on a 2009 baseline.
The company's commitment to climate action is also reflected in its Science Based Targets initiative (SBTi) engagements. Banorte has set near-term targets that are consistent with limiting warming to 1.5°C, with target years of 2026 and 2030 for its operations. For its investment and lending portfolio, Banorte's targets cover 22% of its total investment and lending by total assets as of 2021. The SBTi assessment indicates that Banorte's operational (Scope 1 and 2) targets align with the 1.5°C pathway.
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Banorte’s Climate Goals (2030 & 2050)
3 goals2030
42.1% reduction in all scopes
Reduce absolute scope 1 and 2 GHG emissions 42.1%
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.
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Scope 3 top emissions categories
1 of 15 categories disclosedSee all scope 3 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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Frequently asked questions
Common questions about Banorte’s sustainability data and climate commitments
Data year: 2024
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