Itaú releases statement after accusation of “greenwashing”

The video that uses the bank’s commercial language went viral on social media

Itaú reacted to an unsigned video that uses the bank’s ad language to accuse it of making the environmental cause an empty marketing strategy, without a practical commitment to preserving the environment, the so-called “greenwashing.” Under the title “Comercial do Itaú” (“Itaú Ad”), the video pressures the bank to take a stand against the approval of bill 6299/2002, tagged as “Poison Bill.” The video was shared on social media on February 14, five days after the Brazilian representatives’ Chamber approved the bill

In a statement, Itaú said that the video, which simulates an advertising piece for the bank, “attacks the organization by falsely claiming that its work on sustainability issues is restricted to communication actions. It is a frivolous attack that belittles all the work that the bank has been doing for decades on this front, involving not only financial resources but, above all, the dedication of thousands of employees and partners.

The market widely recognizes Itaú’s performance in sustainability issues. We are the only Brazilian bank to integrate the portfolios of the Dow Jones and B3 Sustainability Indexes since their inception. We maintain several initiatives with an environmental focus, such as the Amazon Plan, created in 2020 in partnership with two other banks to work on the sustainable development of the region; and the commitment to contribute, by 2025, with 400 billion BRL to promote a sustainable and more inclusive economy, through the granting of credit in sectors with positive impact and capital market operations. In addition to all the investment it has been making on the environmental fronts, Itaú Unibanco has been, for years, the largest private social investor in Brazil, with around R$600 million a year allocating to causes such as education, culture, sport, and mobility.”

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