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Popular, First BanCorp and PepsiCo release sustainability reports

The reports highlight achievements and ongoing commitments to environmental and social initiatives.

In an effort to reaffirm their commitment to sustainability, Popular Inc., First BanCorp and PepsiCo have released their most recent 2023 corporate sustainability reports.

Popular recently announced the publication of its 2023 Corporate Sustainability Report, which highlights the financial institution’s priorities: creating opportunities, preserving the environment and fostering trust among its stakeholders.

“Sustainability continues to be a priority for Popular. We remain focused on helping our clients achieve their financial goals, reinvigorating the local economies of the markets where we operate, investing in transformative community initiatives, and promoting the development and well-being of our colleagues,” Popular Inc. CEO Ignacio Álvarez said.

Throughout 2023, Popular’s strategic focus on omnichannel offerings and a diverse range of financial services led to a substantial increase in its customer base, reaching two million unique customers in Puerto Rico. 

In 2023, it financed affordable housing projects in Puerto Rico, New York and southern Florida, supporting the creation or preservation of more than 2,000 units. To promote financial inclusion in its communities, it initiated a pilot personal loan program to help build credit for women who are victims of domestic violence.

In addition, Popular launched a parametric micro insurance product for hurricanes, and designated two additional branches as members of the New York State Banking Development District. 

Furthermore, in 2023, Popular took steps to improve its value proposition and compensation. This included more than $14.5 million in salary increases and a more than $3 million investment in continuous learning programs, such as partnerships with Ironhack and Holberton Coding School, to ensure its workforce is up to date. 

The corporation also boosted its health and wellness offerings with clinical and preventive programs, including the expansion of the nutritional and psychological services in its Health and Wellness Center in Puerto Rico.

Popular has continued the transition to more sustainable operations as part of its initiatives to protect the environment. It has 62 branches and five corporate buildings equipped with photovoltaic systems. 

The corporation also achieved one of the most significant credit transactions in the renewable energy sector in Puerto Rico, which improves the efficiency and longevity of a solar project responsible for producing enough electricity to meet the annual needs of approximately 7,000 homes on the island.

Other aspects highlighted in the report include reinforcing cybersecurity and fraud prevention, for which customer education campaigns were conducted. Furthermore, Popular focused on promoting the two-step verification tool, with more than 1.1 million customers enrolled.

First BanCorp
Meanwhile, First BanCorp also released its third annual corporate sustainability report, highlighting the corporation’s commitment to “environmental stewardship, social responsibility, and ethical governance.” 

Its 2023 Corporate Sustainability Report details such achievements as the expansion of the corporation’s recycling program; the adoption of a Human Rights Statement; the expansion of initiatives related to diversity, equity and inclusion (DEI); and the launch of its multisectoral coastal erosion mitigation program known as Rescate Costero.

“Since our inception, we have always recognized the importance of conducting business in a manner that not only delivers value to our shareholders, but also contributes positively to society and the environment,” FirstBank CEO Aurelio Alemán said. “By staying true to our mission, vision and values, we will continue to drive long-term value for the corporation and contribute to a more sustainable and equitable society for future generations.”

The report aligns with standards from the Sustainability Accounting Standards Board, the United Nations Sustainable Development Goals, and the Task Force on Climate-Related Financial Disclosures.

PepsiCo
PepsiCo, meanwhile, also released its 2023 progress report on environmental, social and governance (ESG) results. The report includes an ESG summary, ESG topics from A to Z and the ESG Data Center, which provides a “detailed update on ‘pep+,’ the global transformation program aimed at driving long-term business performance and value.”

In 2023, PepsiCo achieved some goals ahead of schedule, introduced new ones, and made progress in others. The pace to reach its goals has been sustained through a range of innovations, investments and partnerships, in addition to the commitment of the company’s 318,000 employees, 80,000 of whom are in Latin America.

In Latin America, PepsiCo has provided safe water access to 19 million people since 2016. During 2023, the company replenished 341.2 million liters through the “Water for the Planet” program, in partnership with the Nature Conservancy in Guatemala and the Dominican Republic. 

To complement the work, more than 185 PepsiCo volunteers participated in five reforestation activities in high-consumption sites in the Dominican Republic, Guatemala, Panama, Costa Rica and Honduras.

“Three years into our ‘pep+’ journey, it’s clear the focus we have driven throughout the business is working in many areas. Our use of virgin plastics is down year-over-year and our total Scope 1, 2 and 3 emissions are down compared to 2022, as well as versus our 2015 baseline,” said Jim Andrew, chief sustainability officer at PepsiCo. “This is all to be celebrated. However, the road ahead will continue to present challenges. We continue assessing where to devote time and resources to deliver meaningful impact and ensure we are focusing our efforts. Building strong and strategic partnerships with other scale players and adopting and scaling breakthrough technologies are central to our strategy.”

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