Brazil's Bradesco plans to decarbonize loan book by 2050

BRASILIA, July 6 (Reuters) - Brazil’s Banco Bradesco SA said on Tuesday it aims to decarbonize its credit and investment portfolios by 2050, or possibly before, in accordance with scientific forecasts and Paris Agreement climate goals.

In a securities filing, the bank also said it is the first Brazilian bank to join the Net-Zero Banking Alliance, an industry body under the auspices of the United Nations committed to “aligning their lending and investment portfolios with net-zero emissions by 2050.”

Bradesco said this reinforces its commitment to ESG goals and transitioning to a “cleaner, more efficient and resilient economy.”

Reporting by Jamie McGeever Editing by Chris Reese