Green finance has become a key pillar in global economic development, integrating sustainability, inclusion, and climate resilience into the core strategies of banks and financial institutions. This shift is driven not only by the urgent need to address climate change, but also by a fundamental transformation in market dynamics—where sustainability is no longer a choice, but the new operating standard.
In this context, the Banco Nacional de Costa Rica (BNCR) is leading the way with a commercial offering aligned with environmental, social and governance (ESG) principles, backed by the French Development Agency (AFD) and the European Union. Through specialised technical assistance delivered by the consortium of firms Futuris, Ensphere and Steer, BNCR is strengthening its business model and preparing its operations to meet the challenges of the future.
In the near future, the most accessible and cost-effective financial resources will be reserved for actors who meet minimum sustainability standards and demonstrate strong institutional capacity. With the support of technical assistance, BNCR is reinforcing the implementation of ESG criteria across its operations, strengthening its loan portfolio and positioning itself as a leader in sustainable finance in the region.
This growing trend not only reduces financial risk, but also increases the competitiveness of businesses by preparing them for a more demanding regulatory and commercial environment.
BNCR has shown significant strengths in both communication and sustainability. With the support of the technical assistance, it aims to maximise its impact by coordinating resources and aligning messaging across all areas of the business. These actions enhance its value proposition and extend its reach into new markets, consolidating its leadership within Costa Rica.
The involvement of AFD and the European Union goes beyond financing — it reflects a strategic alliance to accelerate a green and inclusive transition within Costa Rica’s financial sector. This collaboration is enabling a deep transformation of BNCR’s internal capacities, with long-lasting impacts on governance, decision-making processes, product development, and the management of environmental and social risks.
The technical assistance enabled a comprehensive review, enhancement, and expansion of BNCR’s climate finance product offering, aligning it with Costa Rica’s decarbonisation goals and the country’s newly published sustainable finance taxonomy.
As a result, the consulting team, led by Steer, developed 90 financial products tailored to the current needs of BNCR’s clients and the bank’s sustainability targets. These products were designed with parameters that allow environmental impact to be measured and tracked, and to comply with the objectives of the funding provided by AFD and the European Union.
Key product categories include:
The criteria established for these products not only meet the requirements of the European Union and AFD, but are also robust enough to satisfy the expectations of other international financial institutions. This broadens BNCR’s opportunities to attract future climate-related funding.
Beyond its immediate impacts, the joint efforts of BNCR, AFD and the European Union represent a replicable model for other public and private banks across the region. By developing tangible tools—such as green financial products with clear eligibility criteria, impact measurement frameworks, and alignment with national climate policies—a foundation is being laid for the systemic transformation of Central America’s financial sector. This contributes to narrowing the sustainable investment gap and delivering tangible benefits for vulnerable populations.
In April, BNCR launched the “Pura Verde” programme—Costa Rica’s first financing platform dedicated exclusively to promoting sustainable investments. It offers preferential financial conditions for projects that contribute to the country’s decarbonisation and climate resilience goals, in line with international standards and the national sustainable finance taxonomy.
BNCR’s project pipeline already includes initiatives aligned with both national and international climate objectives. These actions not only strengthen the bank’s market position but also generate positive impacts for its clients and the broader Costa Rican economy.
Through these strategies, BNCR reaffirms its belief that green finance is a transformative tool for building a resilient, competitive and sustainable future. The combination of strong internal capabilities, expert technical support, and a clear vision for sustainability positions the bank as a regional leader—well equipped to drive the transition towards a green economy.
Yes, you are in the right place. After 40 years, we have changed our name from Steer Davies Gleave to mark our growing international footprint and our expanding portfolio into sectors beyond transport.
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