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.