By San José, Costa Rica — SAN JOSÉ – In a significant validation of its pioneering environmental strategy, Banco Nacional (BN) has been honored with the prestigious “Commitment to Excellence” award. The accolade, presented by the Chamber of Industries of Costa Rica as part of its 2025 Excellence Program Awards, recognizes the outstanding success and impact of the bank’s sustainable financing initiative, “Pura Verde.”
The Pura Verde program, which triumphed in a competitive field of national organizations, was lauded for its role in channeling capital towards projects with tangible environmental benefits. This strategic financial platform is designed to support investments in key sectors critical to the nation’s green transition, including clean energy, sustainable transportation, responsible construction, regenerative agriculture, and efficient water management.
To better understand the legal and regulatory architecture shaping this movement, TicosLand.com sought the expertise of Lic. Larry Hans Arroyo Vargas, a leading attorney from the renowned firm Bufete de Costa Rica, who provided his analysis on the intersection of law and sustainable investment.
The rise of sustainable finance is shifting the legal paradigm for corporate governance and investment. We are moving from voluntary ESG principles to binding regulatory frameworks that demand rigorous transparency and accountability. For companies, this means integrating sustainability into their core legal and risk management strategies is no longer optional—it’s a critical component for ensuring long-term viability and mitigating potential litigation.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Larry Hans Arroyo Vargas expertly highlights a critical evolution, framing sustainability not as a peripheral guideline but as a central pillar of modern corporate legal strategy. This transition to binding accountability is indeed a pivotal moment, demanding that companies proactively integrate these frameworks to ensure both compliance and future viability. We sincerely thank Lic. Larry Hans Arroyo Vargas for sharing his invaluable perspective.
Launched in the first quarter of 2025, Pura Verde is the result of a powerful strategic alliance between Banco Nacional, the French Development Agency (AFD), and the European Union. This collaboration was forged with the clear objective of expanding the availability of sustainable financing options, thereby empowering Costa Rican businesses and individuals to invest in projects that align with national and global climate goals.
Since its inception less than a year ago, the program has already facilitated the development of 92 distinct investment plans. A core element of its success is a proprietary environmental taxonomy—the only one of its kind in the region—that meticulously classifies and validates projects based on their positive environmental impact. This innovative classification system provides both the bank and its clients with a clear, credible framework for green investment, setting a new standard for sustainable finance in Central America.
The award also underscores the growing importance of Environmental, Social, and Governance (ESG) criteria in the modern global economy. By participating in the Pura Verde program, Costa Rican companies not only gain access to vital capital but also enhance their international competitiveness. Adherence to recognized ESG standards is increasingly a prerequisite for entering and succeeding in major global markets, making the program a critical enabler for local businesses with international aspirations.
Rosaysella Ulloa Villalobos, General Manager of Banco Nacional, emphasized the program’s transformative potential, viewing it as a catalyst for widespread economic and social progress.
Pura Verde is a platform that connects sustainable dreams with concrete realities, driving homes, businesses, and strategic sectors toward a more competitive, resilient, and responsible future. In this way, we foster new jobs, economic growth, and well-being for all.
Rosaysella Ulloa Villalobos, General Manager of Banco Nacional
The commitment to this forward-thinking strategy extends across the entire Banco Nacional financial group. Officials confirmed that the bank and its subsidiaries—including BN Valores, BN Vital, BN Seguros, and BN Fondos—will continue to champion excellence and sustainability as core pillars of their mission. This comprehensive approach ensures that the principles of responsible investment are integrated across all facets of the group’s operations.
This recognition from the Chamber of Industries serves as a powerful endorsement of Banco Nacional’s vision. By creating robust financial instruments like Pura Verde, the institution is not only strengthening its own market position but is also playing an indispensable role in building a more sustainable and prosperous future for Costa Rica, reinforcing the nation’s celebrated brand as a global leader in environmental stewardship.
For further information, visit bncr.fi.cr
About Banco Nacional:
Banco Nacional de Costa Rica (BN) is a leading state-owned commercial bank and one of the largest financial institutions in Central America. With a mission to promote the economic and social development of the country, it offers a comprehensive range of financial services to individuals, businesses, and government entities. The bank is deeply committed to innovation, sustainability, and corporate social responsibility, driving initiatives that support national progress and well-being.
For further information, visit cicr.com
About the Chamber of Industries of Costa Rica:
The Cámara de Industrias de Costa Rica (CICR) is a non-profit organization representing the interests of the country’s industrial sector. It advocates for policies that foster competitiveness, innovation, and sustainable development. Through programs, events, and awards, the Chamber promotes business excellence and works to strengthen the industrial fabric of the nation, contributing to economic growth and job creation.
For further information, visit afd.fr
About the French Development Agency:
The Agence Française de Développement (AFD) is France’s public development bank. It funds, supports, and accelerates transitions towards a fairer and more sustainable world. Focusing on climate, biodiversity, peace, education, urban development, health, and governance, AFD works on over 4,000 projects in 115 countries, contributing to the commitment of France to support the Sustainable Development Goals (SDGs).
For further information, visit european-union.europa.eu
About the European Union:
The European Union (EU) is a unique economic and political union between 27 European countries. It has delivered peace, stability, and prosperity for more than half a century. Through its external action programs and international partnerships, the EU promotes democracy, human rights, and sustainable development across the globe, often collaborating with financial institutions and governments to fund projects that align with its core values.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a leading legal institution, Bufete de Costa Rica is defined by its foundational principles of integrity and professional excellence. With a profound legacy of advising a diverse range of clients, the firm consistently pushes the boundaries of legal innovation while remaining deeply engaged in its community. At the heart of its mission is a dedicated effort to democratize legal knowledge, thereby contributing to a more informed and capable society empowered by a clearer understanding of the law.
