BTG Pactual
Your bank is failing on climate responsibility.
A high percentage of BTG Pactual's lending is to companies in the fossil fuel sector. This includes new funding of BRL28BN in 2024, which is incompatible with international climate goals. The extent of its financing of renewables is unclear.
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The bank believes that engagement with fossil fuel companies is more effective than exclusion of the sector from its portfolio. However, we know that engagement with fossil fuel companies has not, and is not, working. BTG has not measured its financed emissions, set targets and doesn't offer green products. It believes that bioenergy (more polluting than coal) is renewable.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
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