CDP has included CaixaBank on its A- list of leading companies fighting climate change, a recognition that further reinforces CaixaBank as a pioneering international business tackling climate change through robust strategies and policies. CaixaBank has been recognised by CDP for the sixth consecutive year placing it among the leading businesses in this field.
CDP is a non-profit international organisation based in the United Kingdom, which guides private companies and public entities in taking measures towards a sustainable economy, by reducing their CO2 emissions and measuring the environmental impact of their actions.
Each year, CDP analyses around 7,000 businesses to draw up their lists, which go from A (the most committed) to D, ranking companies according to how they manage climate change. The organisation assesses actions and strategies of thousands of companies around the world, and provides this information to more than 800 institutional investors, with a combined $100 billion of assets under management. In recent years, the classifications established by the CDP have become a benchmark instrument for investors and stakeholders to assess corporate actions to mitigate climate change, and to determine the level of the industry’s readiness in reacting to changes in legislation on emission reduction and market demands.
Alliances and initiatives to advance environmental sustainability
CaixaBank is among the world’s leading financial institutions to fight against climate change. In February 2019, the company announced its Climate Change Declaration, a proposal comprising five commitments related to decarbonisation: fund solutions addressing 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 progress transparently.
To finance projects resulting in positive climate impact, CaixaBank has various lines of eco-funding for projects that pertain to sustainable development, renewable energies, etc. In 2018, CaixaBank participated in the green loans market for the amount of $1.448 billion, including funding renewable energy projects with over €645 million in 2018).
Furthermore, the company carefully manages environmental risks, in order to prevent, minimise, mitigate and remedy potential risks to the environment or the community. In this regard, in February 2019, the CaixaBank Board of Directors approved an Environmental Risk Management Policy, establishing exclusions for sectors with potential negative environmental impacts.
CaixaBank has an active emissions control policy, which has led to a successful reduction of carbon emissions by 75% since 2009. It prioritises electric energy that comes almost entirely from renewable sources, and offsets 100% of its calculated emissions, including indirect emissions.
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 created to ensure 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 included on the RE100 list, an initiative which seeks to increase the supply and demand of clean energy. It is also part of the Spanish Group for Green Growth, which advocates economic growth linked to a low-carbon economy.
