Bankinter signs joint bank agreement to reduce carbon footprint on balance sheet
Before summer, the bank approved its new Climate Change Strategy to increase efforts to achieve its environment-related targets
The entity’s operations in Spain are already carbon-neutral. It hopes its operations in Portugal and Luxembourg will also be by 2021
Bankinter has joined the commitment taken on by financial institutions in a joint agreement to reduce their carbon footprint on their balance sheets, mainly in terms of how the financing it provides is used. As part of the United Nations Climate Change Conference (COP25), today the bank signed an agreement with major Spanish banks to reduce their carbon footprint of their loanbooks in a way that can be measured with internationally sanctioned standards and in line with the targets set out in the Paris Agreement. Thus, banks are joining the collective commitment to climate action led by UNEP FI.
It signed the agreement at the headquarters of the COP25 at the IFEMA convention centre, along with other entities that account for 95% of the banking system, the Asociación Española de Banca (Spanish Association of Banks or ‘AEB’), the Spanish Confederation of Savings Banks (CECA) and the Instituto de Crédito Oficial (Official Credit Institute or ‘ICO’).
Bankinter approved a new Climate Change Strategy before the summer to go beyond the success of its environment policy in recent years, as part of its Sustainability Plan which also includes social and economic dimensions.
Under its new strategy, Bankinter will achieve carbon neutrality by 2050 in its financing to companies and households and in the investments it makes through its funds and other financial instruments.
One of the targets it has already achieved is carbon neutrality in its banking operations: the bank has reduced the environmental impact of its energy consumption in its buildings and offices to zero. Thus, all the electricity it consumes comes from renewable sources, offsetting the effect of fossil fuel consumption.
Furthermore, as part of its new strategy, the bank expect to increase its proposition of new green products and services and will increase its investment in sustainable R+D for renewable energy sources, energy efficiency and mobility, and more.
