Membership status: Partner
Bancolombia is an international financial group with around 30 million customers, making it Colombia’s largest bank by total assets. Grupo Bancolombia is active across Latin America including in Colombia, El Salvador, Panama, Puerto Rico and Guatemala.
A hugely influential financial institution in the Latin American region, Bancolombia has embraced the vision of a circular economy since the early 2000s, mobilising the promotion of circular practices. Its journey towards the circular economy represents not only a business evolution, but a deep commitment to the future of the planet. They work to promote the circular economy through their core activities, facilitating access to financial products to enable companies to transition to circular models, as well as minimising the environmental impact of their day-to-day operations.
In March 2023, Bancolombia became the first company in Latin America to enter into a partnership with the Ellen MacArthur Foundation, a significant milestone for the circular economycircular economyA systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution. It is based on three principles, driven by design: eliminate waste and pollution, circulate products and materials (at their highest value), and regenerate nature.. This partnership aims to develop internal knowledge and skills and unlock new value chains across a key strategic geography for the Foundation.
"We are very pleased to welcome Bancolombia as the first Latin American partner in our global network. In doing so, Bancolombia is committed to putting the principles of the circular economy into practice, accelerating the transition of businesses in our region. The role of the financial sector is extremely important in scaling up the adoption of the circular economy, thus building a new development model that combines economic growth and environmental regeneration, promoting long-term prosperity for Latin American countries." Luisa Santiago, Latin America Lead, Ellen MacArthur Foundation
"Colombia is more than 60.2% on track to meet the Sustainable Development Goals. And at the Bank we want to continue to be part of this progress, committed to the transition towards a circular economy, which is why we are constantly working to articulate and mobilise the different economic actors. Being part of the Ellen MacArthur Foundation's network will allow for greater knowledge sharingsharingThe use of a product by multiple users. It is a practice that retains the highest value of a product by extending its use period. to further promote action for the wellbeing of all.” Juan Carlos Mora, president of Bancolombia
Circular economy in action at Bancolombia: the Sustainable Division
The Circular Economy and Management team of Bancolombia's Vice-Presidency of Innovation and Sustainability has created a specific circular economy taxonomy for the Sustainable Division, with the aim of financing projects that articulate, mobilise, and promote the transition to new circular business models. Between 2021 and 2023, it has financed 2.1 trillion Colombian pesos (approx. USD 538 million) across more than 1,200 projects. In 2023, approvals for the circular economy taxonomy represented over a third (36%) of the total transactions by value of the Innovation and Sustainability division.
Beyond establishing this facility, Bancolombia has further promoted a circular transition across its strategy. The bank has enabled, promoted, and mobilised economic actors to take more ambitious action. Some of the bank's main initiatives include:
Hub Círculos: An initiative that brings together large companies in the region to share learnings and collaborate on projects with the aim of overcoming challenges and realising the economic opportunity that can be achieved when working across the value chain with multiple stakeholders, creating the conditions for systemic change.
Measurement tool Circular Diagnostics: This tool has been developed in line with Circulytics, the Colombian taxonomy on circular economy and other international circular economy standards and adapted to the needs of clients and organisations and provides recommendations to facilitate their transition towards a circular business model, with a positive social, environmental and economic impact in the long term.
Circulathon: An annual initiative that seeks to identify and promote projects and solutions that promote the responsible use of resources and the regeneration of ecosystems in Colombia. This initiative aims to contribute to the design of circular systems that generate economic opportunities with social and environmental benefits.
Implementing circular economy principles brings benefits to Bancolombia that go beyond capturing growing global markets, by offering the potential for new revenue streams, lower risks, and cost savings. With Bancolombia at the forefront, the journey towards this circular future is underway across Latin America. Visit the Bancolombia website for more information
