NOVO BANCO is committed to pay attention to the environmental impacts of its financial products and services and look out for any resulting business opportunities, shaping its offer in accordance with the expectations of its shareholders.
Specifically designed to have a low environmental impact, the NB 18.31 Account is carbon neutral, as it is an online account. Hence this account has reduced carbon emissions (except for its opening), that can be neutralised. In partnership with the consulting firm e)mission, NOVO BANCO quantified the CO2 emissions associated with the NB 18.31 Account namely resulting from the use of computers, paper and card production, amongst others.
|At 31 December 2018, NOVO BANCO had 121,133 NB 18.31 Accounts with offset emissions, equivalent to:
In 2018, the carbon emissions were offset through the support provided to the Soil&More project, a project of composting of green waste (green waste from gardens, parks and other) collected in the municipality of Cape Town in South Africa, being approved by UNFCCC (United Nations Framework Convention on Climate Change). The production of this microbial compound allows the restauration of fertility in agriculture soils, avoiding that waste is laid in two landfills without conditions in Cape Town, its consequent burning and methane emission. It is estimated that this project will reduce 600 thousand tons of CO2 equivalent in 10 years. The adopted procedure will also allow for an increase in soil water retention capacity of up to 70%, which in the South African context is an extremely important impact, as the UNEP (United Nations Environment Program) listed the quality and availability of water in this region as one of the top three environmental issues to consider.
Dematerialisation of communication to Clients
NOVO BANCO continued to promote the dematerialisation of communications sent to customers, providing the respective documents online.
In addition to the account statements, NOVO BANCO also sends most other banking documents to its clients in digital format (credit card statements, deposit certificates, account entry notices, integrated billing notices, and sundry notices). The consolidation of client communication dematerialisation allowed to reach in 2018 two years before, the target set for 2020, that is to say, 83% of the communication an overall level is digital in 2018, which compares with less than 50% in 2014.
Responsible Investment Funds
Responsible investment is an approach to traditional investment that recognizes the importance of environmental, social and governance factors for the success of investment and for long-term stability. NOVO BANCO Group (NBG), through Banco Best, sells responsible investment funds from third party asset managers with a diversified investment strategy and geographic allocation.
In 2018 client subscriptions of Banco Best's range of 160 responsible investment funds totaled approximately €12.96 million euro which represents a year-on-year increase of 63%.
See the list of ethical funds.
During the year Banco Best also offered 12 Exchange Traded Funds (ETFs) with environmental, social and governance concerns, with a total investment of 24,500 euro.