Spanish entities advance their emissions reduction objectives of their financed portfolios. CaixaBank, in fact, has already met 78% of its emissions cutting goal for the electricity sector until 2030, as stated in its climate report for 2024. Specifically, the bank has already managed to reduce emissions by 23%. the emissions intensity of its financed portfolio in this sector, up to the estimated 104.7 kg of CO2 per megawatt hour (MWh).
Exposure to renewable energies already represented 86% of the energy project portfolio of project finance in CaixaBank as of June 2024. On the other hand, of the green financing for the year, 39% was channeled towards renewable energies.
The entity also had the objective of cut the emissions of its financed companies in the Oil and gas sector by 23% by 2030a challenge that has even been surpassed in 2023. “It must be taken into account that an annual evolution of the metric is not necessarily linear and the geopolitical environment also implies certain uncertainty,” the bank noted. Get to know elEconomista ESG, the green portal of elEconomista.es.
In the case of coal, Caixa is committed to completely stopping financing thermal coal. Most of the portfolio’s current exposure is to counterparties with their own coal exit commitments.
CaixaBank is one of the founding members of the Net Zero Emissions Banking Alliance (Net Zero Banking Alliance) and has publicly committed to being neutral in greenhouse gas emissions by 2050. The Group has an Environmental and Climate Strategy whose objective is to contribute to the transition towards a carbon-neutral and more sustainable economy through financing and investing in sustainable projects, managing environmental and climate risk and reducing the impact of its operations.
The entity was placed as the bank with the best rating in the ESG Ranking of elEconomista.es, the sustainable classification of Ibex 35 securities, in its latest review, carried out in October 2024.
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