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:

• Statement on nature 
• Statement on climate change 

These statements show our commitment as a Group towards environmental sustainability and, more specifically, our priority lines of action in contributing to the mitigation of and adaptation to climate change, as well as preserving and strengthening the natural biodiversity and ecosystems. They establish the guidelines for integrating these considerations into our activity, the relationship we maintain with stakeholders and reporting, as well as the framework for governance to coordinate the implementation and follow up on the effectiveness of the included commitments, which are aligned with our sustainability strategy.

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.

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 (electric, oil and gas, automotive, iron and steel, agriculture, real estate (residential and commercial), aviation and shipping).

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.

No decarbonisation targets have been established for the aluminum and cement sectors because they are not considered materials in the bank’s financing portfolio. 

Information about the design of metrics 

View GHG Emissions from the financing portfolio  

(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.

(6) Carbon Risk Real Estate Monitor

(7) Scenario of the International Maritime Organization (IMO), in accordance with the Poseidon Principles.

(8) Alignment Delta in accordance with the Poseidon Principles, excluding passengers.

(9) Mission Possible Partnership “Prudent” Scenario, according to the Pegasus Guides.

(10) Science Based Targets: Forest, Land and Agriculture

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.

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