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It is leading by example, said Labat

It is leading by example, said Labat

The president of Central Bank of Uruguay (BCU), Diego Labattold about the contribution that the organization provides to the sustainability agenda of the Uruguay, a key factor in the country model that the Executive power.

During the Sustainability Forum organized by the bank BBVA Uruguay, Labat also mentioned the incorporation of sustainability criteria in the management of Uruguay’s reserves. “It means setting an example, it means diversifying our portfolio, thereby having a better return. It has allowed us a ‘win-win’”, said the president of the BCU.

On the other hand, he highlighted that the BCU has the role of facilitating that financial resources are channeled towards caring for the environment and, as an example, commented on the upcoming creation of a series of practical guides that the financial system can use in its work with certain sectors such as livestock and transportation. .

In that sense, he added that the organization hopes to have the first results of a taxonomy that allows the financial system to develop criteria regarding how to channel resources.

A different monetary issue

In relation to this, Uruguay stands out for being one of the few countries that has the impression of polymer banknotes, a more environmentally friendly material, as well as durability and safety.

The country was one of the international pioneers in the matter, when the Central Bank of Uruguay (BCU) authorized the issuance of 10 million pesos in a commemorative 50-peso bill, 50 years after the founding of the monetary authority.

Two new authorizations were added to this milestone on October 3, 2020. Within the framework of the Heritage Day, The BCU put into circulation the new low denomination banknotes of 20 and 50 pesos, the first in homage to Juan Zorrilla of San Martín and the second in honor of José Pedro Varela.

Among the attributes of the three tickets, printed by Oberthur Fiduciaire SAS, It is also worth noting that they are accessible in reading for people with different disabilities, since the smaller the denomination, the smaller the size.

The sustainability and the measurement of carbon footprint in all productive activities is one of the pillars of Uruguayan strategy to combine finances with care for the environment, as revealed after the issuance of the green bonus and the sustainable credits that the government achieved with multilateral organizations.

In this framework, polymer banknotes appear as a key solution, since they allow “circularity throughout the entire process,” the company highlighted in a statement. CCL Secure, noting that “the use of materials and energy is maximized, significantly reducing its carbon footprint.”

Among the benefits, this type of material generates lower emissions of greenhouse gases than cotton bills, something linked mainly to the distribution stage, while it is estimated that during its production it reduces the impact on water depletion by 98.8% compared to the cotton.

Source: Ambito

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