Green finance is becoming central to global economic development, embedding sustainability, inclusion and climate resilience into the strategies of banks and financial institutions. This shift is driven not only by the urgency of tackling climate change, but also by market realities where sustainability is now the operating standard.
Banco Nacional de Costa Rica (BNCR) is taking a leading role in this transition. Backed by the French Development Agency (AFD) and the European Union, BNCR is aligning its business model with environmental, social and governance (ESG) principles. Through technical assistance provided by a consortium led by Steer, the bank is building capacity to deliver sustainable finance at scale.
Steer and partners carried out a comprehensive review of BNCR’s climate finance products, aligning them with Costa Rica’s decarbonisation goals and the country’s new sustainable finance taxonomy. Together, the team developed 90 new financial products designed to strengthen BNCR’s portfolio and position the bank as a regional leader in sustainable finance.
These products cover six core categories:
Each product was designed with clear eligibility criteria and measurable environmental impact, ensuring compliance with AFD and EU requirements while meeting the expectations of other international financial institutions.
Beyond Costa Rica, the work sets out a replicable framework for banks across Central America. By creating practical tools such as product eligibility criteria, impact measurement frameworks and alignment with national climate policies, the project strengthens the financial sector’s ability to attract climate funding and reduce systemic risk.
The initiative culminated in the launch of “Pura Verde”, Costa Rica’s first dedicated sustainable finance platform. Offering preferential financial conditions for green projects, it reflects BNCR’s commitment to supporting the country’s decarbonisation and climate resilience goals.
Through this project, Steer helped BNCR enhance its business model, expand its sustainable finance offer, and reinforce its leadership in the region. The result is a stronger, more competitive bank with a clear roadmap to support Costa Rica’s green transition.
Yes, you are in the right place. After 40 years, we have changed our name from Steer Davies Gleave to mark our growing international footprint and our expanding portfolio into sectors beyond transport.
Explore our new website to learn more about Steer: who we are, how we work and what our future holds.
