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Environmental stewarship

We are taking care of the environment

Adopting a sustainable approach also means looking at the impact of our activity. It is about reflecting on how we can contribute to a more sustainable future. With this in mind, we developed the Social Dividend model with challenging objectives.


We are reducing our environmental footprint

In order to reduce electricity consumption, we have implemented various initiatives to make us energy efficient.

  • Consumption of electricity free of carbon dioxide emissions (CO₂) from November 2021;
  • Reduction in the number of consumption sites (branch network and buildings);
  • More energy-efficient HVAC, IT and lighting equipment in the New Distribution Model;
  • Setting the time limit for using main buildings, centrally switching off HVAC systems and lighting;
  • Progressive replacement of lighting with LEDs;
  • Enhancement of the consumption monitoring programme and the adoption of preventive and corrective measures.

We are committed to rationalising paper-based communication, both internally and externally. This commitment involves not only raising awareness and changing the habits of employees and customers, but also the continuous digitalisation of our processes.

  • Phygital Project: formalisation of some business processes with digital signatures, helping to organise and boost a "paperless" culture. With this project, which started in 2019, we have already avoided the consumption of more than 45.4 tonnes of paper and 47.5 million litres of water needed to produce it, and we expect to avoid the accumulated consumption of around 147.4 tonnes of paper (154.2 million litres less of water) by 2024;

  • Reduction in printing in the various back-office activities;

  • Sending obligatory communication to customers digitally.

We are aware of the harmful effects of water scarcity, and have devised measures to improve water management. We have implemented various measures to reduce our consumption, such as replacing traditional taps and fitting taps with timers, as well as constantly encouraging employees to report anomalies.


We consider it essential to draw up an inventory of the emissions from our business activity, which is why we calculate direct and indirect emissions every year in accordance with the guidelines of the Intergovernmental Panel on Climate Change (IPCC) and the WRI/WBCSD Greenhouse Gas Protocol. In 2023, the CO₂ emissions inventory (scope 1, 2 and 3*) was reduced by 18.2%, with 2016 fewer tonnes of CO₂ emissions.

* Financed emissions excluded

In 2023, novobanco began to gradually replace all the old bank cards in PVC by re-PVC cards, which are made from recycled plastic from regionally collected industrial waste.

We have also implemented measures in the area of recycling to manage waste efficiently, including paper and printer toners:

  • We have eliminated the use of single-use plastic and started offering recyclable paper cups and wooden straws;

  • We collect and destroy expired bank cards, and this waste is sent to Extruplás, which uses it to manufacture urban equipment. In the second half of 2022, we sent around 1.4 tonnes of bank cards for recycling, giving plastic a new lease of life.

We are aware of climate change

The preservation of the planet is an issue that should be given attention by all players, particularly economic ones. We are aware of our role, given that the financial sector is one of the main drivers of the economy, so we promote access to capital for sectors related to sustainable development.

Business Ambition for 1.5ºC

At novobanco, we are committed to aligning our decarbonisation plans with the ambition to limit or mitigate global warming. To this end, we signed the Business Ambition for 1.5˚C, a charter that encourages companies, organisations and governments to create measures to reduce greenhouse gas emissions in order to achieve the transition to a low-carbon economy and prevent the atmosphere from overheating.


Letter of Commitment to Sustainable Finance in Portugal

We also want to contribute to the promotion and development of sustainable financing in Portugal, continuing the work that has been carried out by the Reflection Group, to which we belong. To this end, we have signed the Charter of Commitment to Sustainable Financing in Portugal, which you can consult below.

Letter of Commitment to Sustainable Financing Letter of Commitment to Sustainable Financing