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Unicaja Banco joins, within the framework of the COP25 Summit, the collective commitment to climate action signed by the financial sector

The group of signatory institutions also agree to develop the methodologies needed to measure the potential impact on their balance sheets of the activity developed by their customers from the point of view of environmental protection and fight against the climate change.

09 DEC 2019

4 Min reading

Unicaja Banco has been promoting for several years the environmental protection. In this sense, the bank has recently reviewed its programmes and has incorporated the specific principles for fighting the climate change, and it includes the commitment to developing and promoting sustainable activities.

 

On the occasion of the UN Climate Change Conference (COP25), held in Madrid, Unicaja Banco has signed today, with more than twenty financial institutions from Spain, a collective agreement on climate action, promoted by the Asociación de la Banca Española (AEB) and CECA, under which the banks commit to reducing, in a certain term, the carbon footprint in their credit portfolios, in such a way that it can be measured by internationally approved criteria and in line with the objectives of the Paris Agreement. This way, the said banks join the ‘Collective Commitment to Climate Action’ promted by UNEP FI (United Nations Environment Programme Finance Initiative).

 

The collective agreement has been presented today in an event held in Madrid, in Pabellón de España in IFEMA, venue of the COP25, by the Chairman of the AEB, José María Roldán, the CEO of CECA, José María Méndez, and the Chairman of the Instituto de Crédito Oficial (ICO), José Carlos García de Quevedo. The event has also been attended by representatives from the signatory financial insitutions.

 

Under the agreement, the signatory institutions agree to develop the methodologies needed to measure the potential impact on their balance sheets of the activity developed by their customers from the point of view of environmental protection and fight against the climate change, to ensure that their balance sheets are aligned with the Paris Agreement and with the Spanish agreement on climate. The main objective of both agreements is to maintain the average global temperature two degrees over the pre-industrial levels, and to continue the efforts to limit the rise in temperatures to 1.5 degrees.

 

The banks also intend to work together and to provide mutual support in the development of the methodologies needed to measure the climate impact. Additionally, they will do their best to adapt to the best international practices and standards on this field.

 

The agreement establishes that within three years, the banks must set and publish goals specific to the sector, based on scenarios for aligning the portfolio with the objectives of the Paris Agreement. Following its signature, the first results of this commitment could be seen within one year, as the banks agree to will publish and implement a set of measures, taken alongside their clients to support and speed up the change towards more sustainable technologies, low-carbon business models and companies and climate resilient. Each financial institution will report annually on their individual progress and, every two years, on the collective progress in the implementation of their commitment.

 

Initially, the signatory banks will focus their efforts on the most carbon-intensive sectors and on those most vulnerable to the climate within their portfolios, as they are key for the transition to a low carbon economy and to build resilience in those communities that are most exposed to the effects of climate change. They also intend to involve their customers in this transition process.

 

Unicaja Banco, committed to fighting the climate change

 

Unicaja Banco has been promoting for several years the environmental protection. In fact, the bank has recently reviewed its programmes on this field, including the commitment to enhancing the development and promotion of specific sustainable activities.

 

Grupo Unicaja Banco has an environmental and climate change policy, integrated within its CSR strategy, approved by the Board of Directors of the parent company. The said policy reflects the group’s commitment to sustainable finance, and is taken into account in its relations with stakeholders, in business management and in the design and sale of financial services, following Environmental, Social and Governance (ESG) criteria, aligned with the Global Compact Principles, 2030 Agenda, Sustainable Development Goals (SDGs) and fight against climate change.

 

All of the above reflects the need to set goals to reduce greenhouse gas emission, in order to participate in the transition to a low carbon and sustainable economy and society, to the benefit of all the stakeholders, mainly customers, and of the citizens in general.

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