• The financial institution commits to annually measuring the carbon intensity and assessing the climate alignment of its maritime transport portfolio.
• The purpose of these Principles, developed under the auspices of the Global Maritime Forum, is to support financial institutions in aligning their ship finance portfolios with responsible environmental behavior and incentivize international shipping decarbonization.
• CaixaBank is one of the leading financial institutions in combating climate change, with various ties, such as its participation as a founding member of the Net-Zero Banking Alliance; its inclusion in the United Nations Collective Commitment to Climate Action; its adherence to the Task Force on Climate-Related Financial Disclosures and its participation in the United Nations Principles for Responsible Banking.
CaixaBank has become the first Spanish bank to adhere to the Poseidon Principles, a framework developed under the auspices of the Global Maritime Forum for assessing and disseminating the climate alignment of maritime transport financing portfolios. It seeks to enhance the role of maritime financing in addressing global climate goals. These Principles establish a benchmark for defining how a bank is sustainable in its activity in the maritime sector, and they provide financial institutions with a guideline on how to achieve this.
In its constant drive to become one of Europe's leading companies in combating climate change, CaixaBank has adhered to these Principles and acceded to the Poseidon Principles Association, which is the body that manages, administers and develops them.
By signing these Principles, CaixaBank undertakes to comply with the four requirements set for all Signatories.
Firstly, the financial institution commits to annually measuring the carbon intensity and assessing the climate alignment of its maritime transport portfolio in relation to the established decarbonisation trajectories and to follow the methodology implemented by the Poseidon Principles.
In addition, with the aim of guaranteeing that the information provided within the framework of the Poseidon Principles is practical, unbiased and accurate, the Signatories will employ only data, sources, standards and service providers specified by the Principles.
CaixaBank also pledges to use standardised agreement clauses that facilitate the negotiation between both parties. Lastly, the bank must publish the climate alignment score of its portfolio for the maritime sector's commercial activity on an annual basis.
CaixaBank, a European performance benchmark in sustainability
CaixaBank is an entity with strong historical links to the social impact of its activity, and as a result it takes on the responsibility of driving a positive economy aimed at the well-being of people. With this aim in mind, the bank has designed a new Sustainable Banking Plan with a three-year time horizon that includes its proposal for solving challenges, such as inequality, climate change and unemployment.
In CaixaBank's new Strategic Plan, sustainability is one of the three pillars on which it is based with a view to achieving the Group's results by 2024, and it sets out three ambitions: to lead positive social impact by helping people to achieve their financial well-being, to drive the economy's green transformation of the towards an emission-free society, and to continue to strengthen an ethical and responsible management model. The entity aims to offer 64 billion euros in sustainable financing, through its product range and ESG advisory services.
Similarly, CaixaBank is one of the leading financial institutions in combating climate change, with various commitments, such as its participation, as a founding member, in the Net-Zero Banking Alliance, through which the banking sector commits to achieving zero net emissions by 2050 in line with the 1.5°C target; its inclusion in the United Nations Collective Commitment to Climate Action; and in the Task Force on Climate-related Financial Disclosures, the core goal of which is to increase the measures taken in response to climate-related financial risks and the reporting quality; and its participation in the United Nations Principles for Responsible Banking, which are designed to guide banks in strategically aligning their business with development and sustainability goals at the international, regional and national levels.
CaixaBank was the leading bank in sustainable financing in Europe in the first half of the year, according to the Refinitiv ranking, which sees CaixaBank in the top position of the EMEA Top Tier Green & ESG-Linked Loans ranking. The bank also claimed first place in green financing in Europe in the first half of 2022, according to the League Table Green Use of Proceeds – Top Tier Lender by Bloomberg, one of the most prestigious financial news agencies, and it has risen to second place in the world ranking of green financing, behind Sumitomo Mitsui Banking Corporation.