Bankinter to implement new climate change strategy

Bankinter is implementing a new climate change strategy, which entails changes in various policies the bank has in place. Firstly, the entity will continue to manage its direct operations with an impact on the environment, but it will also amend assessment policies for financing projects that may have an effect on the environment, as well as several rules governing relations with its stakeholders.

The bank’s strategy emphasises running financial operations in the most environmentally friendly way possible. In fact, it has been working in this area for years. Now, with the new climate change strategy, the goal is to continue to enhance several measures in this area.

In regard to business operations, Bankinter is looking into expanding its offering with more ‘green’ products and services. It will also increase its investment in sustainable R+D for renewable energies, energy efficiency and mobility.

It also has the following offer in place with funds that follow ESG (environment, social and governance) standards.

- ‘Bankinter Sostenibilidad’ Fund: invests in equities that are on the main social and environmental responsibility indexes.

- ‘Fondo Eficiencia Energética y Medioambiente’ fund: invests in equities of companies involved in improving the efficiency of energy use and transport, the storage of electricity, automation and the improvement of industrial productivity, reduction of the environmental impact of using fossil fuels and renewable energies

- Responsible investment funds: the Group provides its customers with over 250 internationally renowned funds that invest responsibly. Their investment strategies centre on companies dedicated to renewable energies, innovation and technology, and reduction of the impact of climate change, or that are present in the main sustainability indices.

The bank’s strategy aims to achieve carbon neutrality and focuses on environmental aspects indirectly caused by the bank’s operations, in order to complement the steps it has taken so far with a direct impact. Furthermore, the bank will enhance its market position to invest in renewable energies and sustainable R+D.

The bank’s management will take on policies on financing sectors where operations have a more significant environmental and social impact. It will also work on defining a triple bottom line to include such impacts. Bankinter’s other objectives include using electricity entirely from renewable sources by the end of 2020.

In recent years, Bankinter has intensified efforts regarding its environmental strategy affecting operations with a direct impact on the environment, and has reached some milestones. In 2009, Bankinter became the first bank in Spain to calculate its carbon footprint.  In 2015, it was also the first financial institution to register its organisational carbon footprint in the Carbon Footprint and Compensation Registry and CO2 Absorption Project of the former Ministry of Agriculture and Environment.

Furthermore, thanks to significant advances in the environment-related management of its daily operations over recent years, the bank has reduced and mitigated its CO2 footprint (scopes 1 and 2). It also instated the assessment of sectoral financing policies and  sustainability principles in risk policies, and begun to include environment-related clauses in purchase agreements with suppliers.

In 2018, Bankinter was the first financial institution in Spain to lead a pilot project in Spain with the Natural Capital Coalition, an initiative of the United Nations Environment Programme. It has aimed to create specific guidelines for the financial sector to help detect and manage impacts on natural capital (mainly emissions, water, waste, land use, land and sea biodiversity).

Furthermore, Bankinter takes several actions that involve its employees, like environment-related volunteering initiatives and training and awareness programmes.

The bank’s efforts relating to the environment has been reflected by the stock indices that include companies with the best economic, social and environment-related sustainability management. In 2018, Bankinter was listed on the Dow Jones Sustainability Index (DJSI), the most recognised international index in this area. The bank finds itself amongst the 27 banks with the best corporate governance and sustainability strategies in the world.

Bankinter is implementing its climate change strategy through its sustainability area and as part of its 2016-2020 ‘Three in a row’ action plan. This plan is based on programmes and measures with three dimensions: economy, environment (which covers climate change) and social welfare.