CaixaBank has been recognised as one of the leading companies in Europe in the fight against climate change by the British publication the Financial Times. The new “FT Europe’s Climate Leaders” ranking recognises those European companies that are leading the way in curbing and offsetting their greenhouse gas emissions.
The ranking, compiled by research company Statista, ranks the 300 European companies that are most successfully managing to curb the intensity of their greenhouse gas emissions between 2014 and 2019, measuring the reduction of those gases in relation to the growth of the company’s revenue.
According to the data analyzed by the survey, CaixaBank has reduced the intensity of its core emissions in this period by 14.5%, which places the ratio at 0.7. In volume, CaixaBank reduced its GHG core emissions between 2014 and 2019, by 64.8%. For this reason, the bank is positioned as one of the outstanding companies among the 300 European companies and the 23 Spanish companies that have made a place in the ranking.
Fight against climate change
This recognition is the result of CaixaBank's commitment to the environment in general and to the fight against climate change in particular, which is embodied in its 2019-2021 Environmental Management Plan, including, among others measures, energy efficiency, the reduction in consumption and the extension of the commitment to the value chain.
In this regard, the company has reduced its energy consumption by almost 19% compared to 2015, more than the target of -15% set for 2021. At year-end 2020, 99.34% of the electricity consumed came from renewable sources.
Consequently, CaixaBank has managed to reduce its emissions by 63% in 2015, far beyond the target of -34% set in the Group's Strategic Plan; and in 2018, the company became the first listed bank in Spain to offset 100% of its CO2 emissions.
This year, CaixaBank became a founding member of the Net Zero Banking Alliance (NZBA), the new proposal promoted by the United Nations Environment Programme Finance Initiative (UNEP-FI), in which 43 signatory banks from 23 countries pledge to achieve net-zero emissions by 2050, in line with the 1.5°C target, and to establish a 2030 decarbonisation target for their most polluting portfolios, within the next 18 months.
At year-end 2020, the company had just a 2% credit exposure to CO2-intensive activities.
Commitment to the sustainability of the planet
CaixaBank is one of the world's leading banks in the fight to mitigate the effects of climate change. The bank advocates that sustainability must be integrated into the business model of organisations. For this reason, the environmental strategy constitutes one the five axes of the Socially Responsible Banking Plan. CaixaBank is committed to ensuring sustainability beyond its legal obligations and has integrated environmental management into its business activity.
As a result, CaixaBank is a signatory to the Equator Principles and also includes environmental impact in its risk management framework. Similarly, the financial institution is committed to the fulfilment of the Paris Agreement.
In its Climate Change Declaration, CaixaBank proposes five lines of action that include commitments related to decarbonisation: fund solutions to climate change; manage the risks derived from climate change; minimise and offset the carbon footprint; collaborate with other organisations for joint progress; and report on its progress transparently.
The company has also signed up to the United Nations Collective Commitment to Climate Action, a declaration created within the framework of the Responsible Banking Principles so that the financial sector mobilises its products, services and relationships to facilitate the economic transition towards a sustainable model. The commitment aims to align the portfolios of financial institutions all over the world in order to finance a low-carbon economy, with the hope of limiting the rise in global temperatures to under two degrees Celsius.
The bank was the first Spanish organisation to be included on the RE100 list, an initiative that seeks to increase the supply and demand for clean energy. It is also part of the Spanish Group for Green Growth, which advocates economic growth linked to a low-carbon economy.
As part of its firm commitment to combating climate change, CaixaBank was one of the pioneering signatories to the Collective Commitment to Climate Action (CCCA). The group currently comprises 38 banks around the world with more than $15 trillion in assets.
