Press release

The Fitch index gives CaixaBank an ESG Entity Rating score of 2

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CaixaBank’s corporate building in Madrid

• The ESG ratings, which go from 1 to 5, indicate an entity's performance, commitment and how it integrates environmental and social considerations into its business, strategy and management, as well as the effectiveness of its governance.

• The index gave the bank a rating of 2, with a score of 65 points, which rewards the company's good ESG performance and the integration of ESG considerations into its model, strategy and management.

• Only 22% of banks around the world have received a rating of 2, out of the 117 banks that have applied. CaixaBank ranks in tenth place out of 100 banks, and is the only Spanish bank with a solicited rating.

 

Sustainable Fitch has issued CaixaBank an ESG Entity Rating of 2 and a company score of 65 as a result of the company's good ESG performance and the integration of ESG considerations into its model, strategy and management.

The ESG ratings, which go from 1 to 5, indicate an entity's performance, commitment and how it integrates environmental and social considerations into its business, strategy and management, as well as the effectiveness of its governance. This rating implies a level of transparency and progress in response to the regulatory changes that may occur in coming months.

To date, no bank worldwide has received a rating of 1, and only 22% of the world's banks have received a rating of 2, out of the 117 banks that have applied. CaixaBank ranks in tenth place out of 100 banks, and is the only Spanish bank with a solicited rating.

CaixaBank, a European leader in sustainability 

CaixaBank has outlined a strategic plan for 2022 – 2024 to address the impact of its operations, which defines multiple goals for its operations and portfolios. It is a member of the Net-Zero Banking Alliance and the Net-Zero Asset Owner Alliance, and has committed to net-zero emissions in its operations and its insurance investment portfolio by 2050.

CaixaBank also offers social and environmental financial solutions, such as mortgages for properties with energy efficiency A and B certificates, loans for renewable energy projects, and loans linked to sustainability. When it comes to investment products, CaixaBank has a significant proportion of assets under management that are classified under articles 8 and 9 of the Sustainable Finance Disclosure Regulation. CaixaBank aims to offer €64 billion in sustainable finance between 2022 and 2024.

The Group's exclusion policies restrict the financing and investment in highly polluting sectors, such as fossil fuels and metal and mineral mining, and in socially controversial sectors, like arms and nuclear energy. Its phase-out strategy precludes it from financing companies that receive more than 5% of their revenue from thermal coal mining, and it will completely eliminate thermal coal from its portfolio by 2030. The Group expects to reduce emissions generated by the electricity sector by 30% by 2030, and those generated by the oil and gas sector by 23%.

CaixaBank's operations have been carbon neutral since 2018, and in 2022 it achieved all the environmental footprint goals it had set for itself. The Group's information about its GHG emissions is granular, and since 2021CaixaBank has offset the Scope-3 emissions in its portfolio.

CaixaBank has solid principles and policies with regard to human and labour rights, based on international standards and which are implemented throughout its entire value chain.

General information on the Sustainable Fitch ratings and other products

The ESG Ratings of Sustainable Fitch offer a general solution to assess the Environmental, Social and Governance performance of all asset classes at the entity, framework and instrument level, which helps the ESG financial community to take better-informed decisions. It has developed a modular analysis framework that lets it offer a Second-Party Opinion, and a monitored series of ESG ratings that include an entity rating, framework rating and instrument rating.

ESG ratings indicate an entity's performance, commitment and how it integrates environmental and social considerations into its business, strategy and management, as well as the effectiveness of its governance. The ratings are awarded on a scale from 1 to 5, with 1 being the best and 5 the worst.

 

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