Through operational Eco-efficiency, which consists of managing the direct impact we generate on the environment, associated with the consumption of natural resources for the development of our operation, we seek to reduce this impact through the creation of strategies to reduce our consumption of water, energy, paper, travel and to valorize the waste generated.

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Operational Eco Efficiency

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Operational Eco Efficiency

At Grupo Bancolombia, try our best to reduce our environmental impact and improve cost structure.

Through operational Eco-efficiency, which consists of managing the direct impact we generate on the environment, associated with the consumption of natural resources for the development of our operation, we seek to reduce this impact through the creation of strategies to reduce our consumption of water, energy, paper, travel and to valorize the waste generated.

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Actions to reduce environmental impact

As part of our Eco-efficiency strategy, we support the management of the following actions to reduce the environmental impact of our operations:

Creation of campaigns and projects that generate environmental awareness within the organization: employees, suppliers and visitors.
Development of projects and strategies for the reduction of water and energy consumption in all our operating sites, in conjunction with the areas of Real Estate Management and Fixed Assets Management.
Creation and support of strategies to reduce travel by our employees to reduce our indirect carbon footprint. This is done in conjunction with administrative services areas.
Supporting logistic areas to promote reductions in the consumption of paper, printing and other supplies, and the proper disposal of waste generated at our operating sites.
Management of solid waste through separation, recycling and recovery processes, with the support of expert management companies.
Purchase of renewable energy with iRECs certification.
Implementation of a carbon tax for business travel, which will be used to develop new energy efficiency and renewable energy activities and projects to internally offset our carbon footprint and raise awareness among our employees.

Carbon footprint

Committed to reducing the impact generated by direct and indirect greenhouse gas (GHG) emissions associated with our operations, the Bancolombia Group has been developing different strategies to control emissions towards a low-carbon economy, within the framework of our Climate Change Policy.

Thus, on November 26, 2019, we signed the Business Ambition for 1.5°C Pledge, a document in which we commit to align our decarbonization plans with a 1.5°C scenario, incorporating the relevant scopes (both direct emissions and financed emissions) in our strategy.

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To this end, we have defined an ambitious goal to reduce our CO2 Scope 1+2 emissions at the corporate level, where we are committed to reducing our emissions by 95% by 2030 compared to our 2019 emissions. This goal was designed according to current science to respond to this 1.5°C scenario (SBTi - Science Base Target Initiative).

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Initiatives to achieve goals

For 2019, we are developing initiatives that will allow us to continue advancing in the fulfillment of the goals addressed based on our commitments:

Purchase of iRECs certificates described above in the energy chapter, for which we calculate our footprint based on geography and market.
Approval of the Carbon Tax for business travel that will come into effect as of 2020, which will allow us to implement initiatives that will lead us to reduce energy consumption, which will contribute to becoming carbon neutral in travel.
We incorporated the measurement of our Scope 3 carbon footprint in the supply of office supplies, cleaning and cafeteria services, and the quantities of extracts and formats in the quantities of paper.

Our Circular Economy

During 2023 we declared the circular economy within the organisation's strategic plans and we have a team dedicated exclusively to generating solutions and actions for the transition to the circular economy.

Among the solutions that have been worked on, is the elimination of 100% of the plastic cups used in the bank.

In direct operation and in our physical headquarters, we have the correct use and treatment of waste, strategies to reduce the consumption of inputs and other eco-efficiency goals.

During 2023, we managed 2,532 tons of waste, of which 45% corresponds to waste that can be used. Likewise, we properly manage waste that requires final disposal in landfill or treatment, given its hazardous characteristics.

In our buildings located in the main cities we have separation, capture and use of recyclable waste. We highlight the reduction of paper for the management of physical forms, which are marketed and enter non-accounting accounts that contribute to the Bank's operational efficiency.

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Since 2015 we have included 129 branches in Colombia through the reverse logistics process.

Our physical financial products have been redesigned, creating packaging with sustainable materials and reducing the amount of waste during the process. Through the implementation of circular economy actions, under the Colombian regulatory framework, it will be possible to introduce a greater amount of material to exploitation processes.

We incorporated cards produced from recycled material which were delivered to customers who required change, this was implemented since December 2020 as a pilot.

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Under the framework of circular economy and to potentiate the use of waste generated in our operation, we implement different initiatives for the reincorporation in new production processes. We intervene in our waste management from the ecodesign of our portfolio of physical products and from the acquisition of our inputs through the implementation of sustainability criteria in our supply chain, to reduce the amount of waste from design. The waste generated in our operation is classified by type for its use, donation, treatment and / or final disposal. All our management aims to promote the circularity of waste

Our technology assets, furniture, machinery and vehicles have a long useful life and are feasible to perform maintenance. When they are withdrawn from service, we look for them to be redistributed by selling those that are still in good condition to employees or third parties, donated to institutions that can use them, or disposed of through authorized managers that have systems for their correct dismantling, recycling and use. of the materials to the maximum
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