Environment and climate strategy

We accelerate the transition to a carbon-neutral economy that promotes sustainable development and is socially inclusive

For CaixaBank, it is essential to drive the sustainable transition by guiding companies, individuals and society as a whole towards a carbon-neutral economy that promotes sustainable development.

For this reason, we have two high-level public commitments that establish our lines of action on climate and nature:


Environmental protection is one of our strategic priorities and we have an Environmental and climate strategy with the aim of contributing to this transition by financing and investing in sustainable projects, managing environmental and climate risk and reducing the direct impact of our operations.

Climate Report

It includes information on our global strategy and governance with regard to climate-related risks and opportunities, as well as data on our greenhouse gas emissions, both operational and from the financing and investment portfolio, and our decarbonization targets.

Access the 2022 - June 2023 Climate Report 

Areas of action

Enviromental Strategy:
Lines of action
Driving the sustainable business
Generating green production (climate-friendly)
Integrating ESG risks into risk management
Managing ESG and climate risks
Minimising the impact on the environment
Reducing the carbon footprint through environmental efficiency and carbon offsetting initiatives
Public commitment
Statement on climate change
Reporting to the markets

As a founding member of the Net Zero Banking Alliance (NZBA), promoted by the United Nations, at CaixaBank we are committed to being carbon neutral by 2050 and we are working to move the portfolio towards zero greenhouse gas emissions1.

We have set intermediate emission reduction targets for 2030 in our financing and investment portfolios, specifically in the sectors with the highest intensity of greenhouse gas emissions (electricity, oil and gas, automotive and iron and steel).

Additionally, we will stop financing companies involved in thermal coal activities2, reducing our exposure to zero by 2030. In line with the ambition to be a reference in sustainability in Europe, we will continue making progress in setting decarbonisation targets in accordance with our commitment as a founding member of the Net Zero Banking Alliance. The phase out is as well aligned with the recommendation of the United Nations Intergovernmental Panel on Climate Change (IPCC) to limit the increase in global temperature to a maximum of 1.5º. At CaixaBank, we will continue financing the transition to a carbon-neutral economy and supporting clients committed with a coal phase out by 2030.

Sector Emissions Scope Metric Scenario Base year Baseline year metric Reduction target (2030) Metric target (2030)
Electricity 1 Physical intensity IEA Net Zero 20503 2020 136 kgCO2e/MWh -30 % 95 kgCO2e/MWh
Oil and gas 1,2,3 Total financed emission IEA Net Zero 20503 2020 9.08 MtCO2e -23 % 6.99 MtCO2e
Auto 34 Physical intensity IEA Net Zero 20503 2022 154 gCO2/vkm -33 % 103 gCO2/vkm
Iron and Steel 1+2 Physical intensity IEA Net Zero 20503 2022 1,230 kgCO2e/t steel - [10-20] % 1,107 - 984 kgCO2e/t steel
Coal N/A Total exposure N/A 2022 €2,845 Mn (€213 Mn taking into account mitigating factors5) -100 % €0 Mn

In keeping with our commitment under the NZBA framework, by April 2024 we plan to establish concurrent objectives for other sectors thar are heavy emitters of greenhouse gases, both in our credit financing and investment portfolios, as well as for subsidiaries with material exposures in these priority sectors.

View GHG Emissions from the financing portfolio 2021 

(1) Currently, the NZBA is the standard of reference for decarbonisation target setting in the banking sector, representing 40% of banking assets globally, and commits us to setting science-based targets. However, being aware that SBTi (Science Based Targets Initiative) is the standard of reference for non-financial sectors, there are ongoing initiatives to assess how to make both standards compatible without duplicating objectives and efforts. The NZBA working group, led by UNEP FI and of which CaixaBank is part, is working to solve these issues and determine next steps.

From a risk admission point of view, we analyze the decarbonisation strategies of clients with high environmental risk. Having objectives published and verified in SBTi reinforces public responsibility for them, so it is assessed whether clients have published or are in the process of publishing a decarbonisation strategy aligned with the Paris Agreements according to SBTi. As more clients have objectives verified by SBTi, this will contribute to the establishment of sector targets and decarbonisation paths resulting in greater alignment on our part.

(2)  Clients whose revenues from thermal coal mining and/or coal-fired power generation exceed 5% of the total.

(3) Net Zero by 2050. A Roadmap for the Global Energy Sector from May 2021.

(4) Scope 3 emissions, category 11 are covered: tank-to-wheel.

(5) Mitigating factors are considered to be phase-out commitments <=2030 or transition financing according to technical taxonomic criteria only.

Our model

Environmental management

Financial institutions have a key role to play in achieving the targets of the Paris Agreement and the Sustainable Development Goals, and that is why we implement our commitment directly through our own operations and indirectly through our relationships with clients, investees, business partners and the value chain as a whole.

We are a CDP Climate Change Leader thanks to our contribution to combat climate change on a global scale. CaixaBank is included on the A List since 2021.

At CaixaBank we work with the aim of contributing to the transition to a carbon neutral economy by financing and investing in sustainable projects and supporting the sustainable transition of our customers.

More on sustainable business

Our commitment to environmental sustainability is set out in our Sustainability Principles and Code of Ethics and Business Principles, and is further developed in our Sustainability strategy.

CaixaBank has also strengthened the sustainability governance framework by adapting the strategy control, oversight and implementation bodies with robust governance on sustainability risks and climate risk management.

Our principles and policies of ethics and integrity

This is how we watch over the strategy

ESG Risk Management