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Millennium signs "Letter of Commitment to Sustainable Financing in Portugal"...


Millennium signs  

Millennium bcp, as part of its Sustainability strategy, has signed the "Letter of Commitment to Sustainable Financing in Portugal," designed to promote and develop financing to achieve Carbon Neutrality by 2050. This letter was signed by 20 entities, including the Environment Ministry, the Finance Ministry, the Economy Ministry and the Energy Transition Ministry, as well as the principal companies of the financial system.

The "Letter of Commitment" was signed by Millennium's CEO, Miguel Maya, during the "National Roadmap to Carbon Neutrality 2050 – the Role of Sustainable Finance" Conference, held today at Lisbon's Gulbenkian Foundation. "For BCP, this 'Commitment' underlines our determination to policies and practices that respond in a coordinated, innovative and consequential way to the risks and opportunities arising from climate change and the transition to a carbon neutral economy by 2050," Miguel Maya said.

This Letter of Commitment results from the work developed by the "Study Group for the Promotion of Sustainable Development and Decarbonization in Portugal," in which Millennium bcp also participates.

This group aims to provide evidence of the importance of integrating environmental, social and governance risks in the financial sector's risk management processes, and also to motivate the sector to develop and invest in products that support companies, social economy institutions and projects aligned with sustainability principles. The aim is to also improve the public awareness of financing lines supported by the Portuguese State, including the credit facility for Decarbonization and the Circular Economy.

Since this is a profound transformational process that involves society as a whole, this investment will occur in all sectors and will involve everything from household investments (such as efficient appliances, electric cars or insulation) and companies (such as renewable energy, hydrogen-powered vehicles, furnaces and electric boilers), to social economy institutions (such as more efficient fleets, and rehabilitation of property and equipment) and the State (such as more efficient public transport, or decarbonisation of public buildings and public sector vehicles). The private sector and households will account for the vast majority of these investments.

Letter of Commitment to Sustainable Financing in Portugal

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