Environmental action line
We recognize the importance of joining forces and implementing measures to adapt to and mitigate climate change, in addition to sponsoring initiatives to protect and raise awareness of biodiversity.
The entity's effort is focused on supporting these customers with financing in the development of new, less emission-intensive technologies, thus helping them in their transformation processes and efficiency improvement.
The definition of these objectives for 2030 represents further progress in the 2021-2024 Responsible and Sustainable Banking Action Plan and in its commitment to continue supporting its customers in the sustainable transition. ABANCA, as a founding member, also responds to the Collective Commitment for Climate Action and the Net Zero Banking Alliance (NZBA), both of UNEP FI, which have the objective of achieving the decarbonisation of credit and investment portfolios by 2050 to meet the goals of the Paris Agreement.
ABANCA commits to stop financing carbon by 2030 and announces that between 2021 and 2030 it will reduce the carbon emissions intensity of its credit portfolio by 37% in aviation; 25% in steel production; and 20% in cement production.
The entity’s highest governing body, the Board of Directors, which will monitor progress, has approved the decarbonisation path. The bank intends to establish new alignment targets for other sectors that are intensive in greenhouse gas emissions, both in its loan and investment financing portfolio.
» ABANCA has participated in a sectoral project, coordinated by AEB, CECA, UNACC, in which other Spanish entities have participated with the aim of establishing a common methodology and tool for calculating CO2 emissions and reduction targets.
» The reduction targets follow emissions intensity metrics per unit of production, with a starting point in 2021 and a target by 2030 for all four sectors (out of the 10 sectors identified by the NZBA as most intensive). These metrics follow the Sectoral Decarbonisation Approach methodology, which takes into account certain elements of PACTA (Paris Agreement Capital Transition Assessment).
» The 1.5ºC scenarios have been taken as a reference, specifically the net zero emissions scenario of the International Energy Agency and the calculation methodology developed by the Partnership for Carbon Accounting Financials (PCAF). This initiative aims to establish an international methodology to measure and disclose greenhouse gas emissions financed by banks and investors.
» These decarbonisation paths will be revised as more companies disclose their carbon footprint data and the methodologies taken as a reference are refined.
» This first disclosure does not include the fixed income and variable income portfolio. Percentages reflect absolute reductions.
Operational carbon footprint
Our commitment to the environment leads us to identify, manage, and implement measures to reduce our environmental footprint and foster the sustainable consumption of resources.
Measurement and reduction
The bank set itself the goal of becoming a carbon neutral entity before 2024 in its own activity, in this sense we calculate our carbon footprint (verified by external audit) and have established reduction targets (by 29% in 2021). We also have the seal of the Climate Change Office for 2019, 2020 and 2021 carbon footprints Complete information regarding carbon footprint calculations can be found in our Corporate and Social Responsibility Report.
ABANCA achieved neutrality for 2020 emissions, with the compensation of the remaining emissions carried out through the promotion of forestry projects located in degraded areas, which need to be restored because they have been affected by forest fires or other natural disasters. These actions have been with the Calculation and Compensation stamps of the Spanish Office for Climate Change (OECC by its acronym in Spanish).
We support the planting of indigenous species in Galicia (conifers ecologically adapted) in degraded forested areas that need to be restored because they have been affected by forest fires or natural catastrophes. To do so, we have the collaboration of a team of experts from the ARUME Foundation and the Galicia Forestry Association. This initiative allows us to make progress in our aim to compensate for our carbon footprint. We also have the compensation seal of the Climate Change Office for 2020 carbon footprint.
Our strategic energy efficiency plan for 2021-2024 is intended to offer guidelines for achieving greater control over energy consumption, by simplifying its management and identifying where reductions are being made in our energy consumption and CO2 emissions.
All the electricity that we consume comes from 100% renewable sources, in this sense ABANCA has renewed its agreement with Endesa, to cover most of the entity's electricity demand with renewable energy of Galician origin for the next years.
Circular economy and proper waste management are key factors in contributing to saving raw materials and ensuring economic sustainability as they have a positive impact on the conservation of natural resources and ecosystems.
Redes vivas (Living Nets)
The project was started to recover the tons of nets that end up in the sea, contaminating the marine ecosystem and affecting all of society, especially the fishing industry. This initiative gives a second life to all those kilos of ghost nets, which, with the help of craftsmen and the dedication of net-menders, are placed on the football fields and sports grounds of the clubs in our Basic Sports program.
Our new waste management policy focuses on the generation points and contributes to promoting the circular economy, as it prioritizes reuse and recycling. The initiative consists of separating at source the waste generated into fractions that are managed by authorized managers and then potentially used as raw material for new processes.
Our corporate headquarters have been awarded the AENOR Zero Waste certificate
We are making progress on properly treating electronic waste by attempting to give it a second life and reduce its environmental impact. In the reuse process, an analysis is made of its life-cycle in order to evaluate the environmental costs associated with a product bearing in mind its complete cycle.