Our model

At CaixaBank we take on the responsibility of driving a positive economy aimed at the well-being of people.

We understand the banking system as a catalyst for the flow of money in society (savings, financing, investment, and so on), and we are aware of the fact that it has an effect on a territory's economic and social development. However, we want to go beyond that function and, as the leading bank on the Spanish market, we take on the responsibility of driving a positive economy aimed at the well-being of people.

With this aim in mind, we have designed a new Sustainable Banking Plan with a 3-year time horizon that includes our proposal for solving challenges, such as inequality, climate change and boosting the real economy. All this while putting at the service of people what we know how to do: banking.

To that end, we are going to allocate more than €64 billion to financing mainly energy transition initiatives and providing microloans to students, self-employed workers, microenterprises, families and new companies that create employment. Via these sustainable financing mechanisms and other programmes and partnerships -social rent, financial culture, volunteer work...-, we want to generate a positive impact on society.

We are committed to demonstrating, through actions, the social value of banking and becoming the benchmark bank in sustainability.

Learn about our model by accessing the presentation "CaixaBank, Sustainable Banking ".

2022-2024 Sustainable Banking Plan

To fulfil CaixaBank’s commitment to society, our plan is based on three ambitions:

To promote the sustainable transition of companies and society
To lead positive social impacts and promote financial inclusion
To foster a responsible culture as a benchmark in governance

Through active listening and dialogue, a rigorous methodology for measurement and data management, and an ESG communication strategy for raising external and internal awareness, we pursue our sustainability goals through eleven strategic lines:

LEAD POSITIVE SOCIAL IMPACTS AND PROMOTE FINANCIAL INCLUSION

FOSTER A RESPONSIBLE CULTURE AS A BENCHMARK IN GOVERNANCE

PROMOTE THE SUSTAINABLE TRANSITION OF COMPANIES AND SOCIETY

Culture focusing on people

Integrating ESG in the bank

Transparency and accountability

Benchmark in regulatory standards

Transition

of companies of individuals

Decarbonisation

Integrating ESG risks

Social leadership and alliances to multiply people's opportunities

Leadership in microfinance

Promoting employment and entrepreneurship

Transition of companies: we support companies by promoting ESG financing and advice to lead the transition in the sectors most affected: sustainable mobility, building and agriculture, as well as energy efficiency and renewable energies.
Transition of individuals: we want to be a benchmark in retail banking through the development and marketing of sustainable solutions with particular emphasis on housing, mobility and investment products.
Decarbonization: we are moving forward with our 2050 zero net carbon commitment to achieve neutrality in our carbon footprint, not only within our own group but also in our balance sheet, by managing our credit and investment portfolio using ESG criteria.
Integrate ESG risks: we integrate ESG risk management with a focus on risks related to climate change.

Culture focusing on people: we encourage a culture that promotes the development of talent, employee well-being, diversity and sustainability.
Integrating ESG in the bank: we integrate ESG factors in internal management processes and the value chain (including relationship with suppliers, corporate planning and our remuneration and profit model), and we establish a framework for monitoring and supervising sustainability management, with a Group vision.
Transparency and accountability: we foster transparency in accountability with best reporting practices and have a policy of responsible marketing.
Benchmark in regulatory standards: we want to be a benchmark in anticipating and applying the best regulatory standards and requirements.

Social leadership and alliances to multiply people's opportunities: we multiply opportunities through solidarity alliances and promote solutions with a social impact, especially for groups in vulnerable situations.
Leadership in microfinance: we want to maintain our leadership in microfinance, promoting financial inclusion and solutions with a social impact.
Promoting employment and entrepreneurship: we fund projects to create jobs and initiatives to develop knowledge and skills that facilitate employment.

Our targets

With the Sustainable Banking Plan as a guide, we intend to achieve the following targets over the next three years:

Global:

64,000 million euros made available in sustainable finance¹

Until June 2024:

€67,157 million mobilised since January 2022

105 % commitment achieved

105%

Maintain category "A" in the synthetic sustainability indicator²

Calculated from results obtained in S&P Global-DJSI, Sustainalytics, MSCI and ISS ESG

A

2024

Enviromental:

Make progress in decarbonisation to reach net zero emissions by 2050

Reduce the emissions financed by 2030:
- Electric: - 30 % (136³ kgCO₂e/MWh in 2020)
- Oil and gas: - 23 % (9.1⁴ MtCO₂e in 2020)
- Automotive: - 33 % (154⁵ gCO₂/vkm in 2022)
- Iron and Steel: - [10-20] % (1,230 kgCO₂e/t steel in 2022)
- Thermal coal: - 100 % (€2,845⁶ Mn in 2022)
- Commercial Real Estate: - 41 % (20.5⁷ kgCO₂e/m² en 2022)
- Residential Real Estate: - 19 % (23.57⁷ kgCO₂e/m² en 2022)
- Shipping: - 11.9 p. p. (11.9⁸ % Alignment Delta en 2022)
- Aviation: - 30 % (102⁹ gCO₂e/RPK en 2022)
- Agriculture: qualitative objective¹⁰

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

Social:

413,300 beneficiaries of MicroBank, the CaixaBank Group's social bank¹¹

Until June 2024:

375,621 MicroBank beneficiaries since January 2022

91% commitment achieved

91%

Good governance:

43% of women in managerial positions¹²

Women in managerial positions in June 2024

43.3%

(1) With regards to the sustainable finance mobilization target:

It includes sustainable financing and sustainable intermediation, so the 64,000 million euros is divided in 53,300 million euros in sustainable financing and 10,700 million euros in sustainable intermediation.
Sustainable financing includes:
- Retail sustainable financing, as the sum of the granted amounts for green mortgages (with energy performance certificate “A” or “B”), financing for home refurbishment, financing for hybrid/electric vehicles and microloans granted by MicroBank.
- Businesses sustainable financing, as the sum of the granted amounts for the sustainable financing to customers belonging to the Business Banking segment, the Real Estate developers segment and the CIB (Corporate & Investment Banking) segment.

Detail of the mobilization of sustainable financing 2023

Sustainable intermediation includes:
- Amount of CaixaBank's share in the issuance and placement of sustainable bonds (green, social or mixed) by CaixaBank customers.
- Net increase of assets under management (AuM) in CaixaBank Asset Management, in products classified under Article 8 and Article 9 of SFDR. The change includes the market effect.
- Gross increase of assets under management (AuM) in VidaCaixa, in products classified under Article 8 and Article 9 of SFDR. The calculation includes gross contributions to Pension Funds, Voluntary Social Security Entities and Unit Linked products. The years 2023 and 2024 will include also contributions from dependency insurance.>/li>
In setting the target, investment volumes considered in the Spanish National Integrated Energy and Climate Plan (PNIEC) 2021-2030 were observed, together with CaixaBank`s market shares in the different businesses and historical information with regards to CaixaBank’s sustainable finance activity.

Guide for Identifying Sustainable Financing

(2) Synthetic ESG index created by CaixaBank based on methodology developed by KPMG that provides aggregate information from the main ESG analysis institutions. The indicator objectively weights the results obtained by the company in the scores awarded by the main international ESG analysts (S & P Global, Sustainalytics, MSCI and ISS ESG).

(3) Value considering scope 1 emissions from customers and parts of the value chain within the target setting perimeter.

(4) Value considering scope 1, 2 and 3 emissions from customers and parts of the value chain within the target setting perimeter.

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

(6) €213 Mn considering mitigating factors. Mitigating factors are considered to be phase-out commitments <= 2030 or renewable financing only.

More information in the Environmental and climate strategy.

(7) Carbon Risk Real Estate Monitor

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

(11) Number of holders and co-holders of microloans granted by MicroBank in the 2022-2024 period.

Examples of products and services related to financial inclusion

(12) % of women in managerial positions from large branch deputy management upward (A and B branches). In 2023, the target initially set for 2024 has been updated from 42% to 43% with the update oth the Equality Plan.

The Sustainable Banking Plan includes the Environmental Management Plan to reduce the direct impact of our activity, which also has specific objectives.

Through our activities and strategic alliances, we contribute to the achievement of the Sustainable Development Goals.