Net Zero by 2050

12 Jul 2021

Caixa signs up to the Net-Zero Banking Alliance

Commitment to reaching carbon neutrality by 2050.

Caixa Geral de Depósitos (CGD) has signed up to the Net-Zero Banking Alliance – NZBA, joining 53 banking institutions from 27 countries which have taken on the commitment of implementing strategies and business models allowing for reaching carbon neutrality (Net Zero) by 2050.

The Net-Zero Banking Alliance (NZBA), launched in April 2021, was co-organized by the United Nations Environment Programme Finance Initiative (UNEP FI) and by the Sustainable Markets Initiative’s Task Force for Financial Services.

This initiative steers the financial sector towards the creation of a carbon neutral economy, though a progressive reduction in line with the goals set out in the Paris Agreement.

The commitments signed up by the members of the NZBA include:

Lining up greenhouse gas (GHG) emissions associated with the financial and investment portfolio with the necessary path towards reaching carbon neutrality by 2050;
Prioritizing efforts where members have the most significant impact, i.e. the most GHG-intensive emitting sectors, which are key to the transition to a net-zero carbon economy;
Setting immediate targets for 2030, prioritizing GHG-intensive emitting sectors;
Using decarbonisation scenarios from credible and well-recognized sources and maximizing the alignment with the Sustainable Development Goals.

Throughout the past few years, CGD has come to deploy projects and initiatives in order to mitigate the environmental impact of its activity and promote the alignment of its activities with the national and international climate goals. It recently entered the Ranking “Europe’s Climate Leaders 2021”, published by the Financial Times, as one of the lead companies in fighting climate change, an achievement to which its Low Carbon Program has immensely contributed.

To Mr. Paulo Moita de Macedo, CGD’s CEO, “As the largest Portuguese financial institution, it is our role and aspiration to support the transition to a carbon neutral economy that is more resilient to climate change. By joining the Net Zero Banking Alliance, Caixa Geral de Depósitos affirms a strong leadership position in the alignment of the financial sector with the Paris Agreement goals.

Investing in the future ensures more resilience vis-à-vis the great environmental challenges and climate risks. CGD firmly stands by its commitment to support its clients in the decarbonisation of businesses, in energy efficiency, in the increase of renewable energy production and in a more circular economy, thus contributing to a more sustainable future for the current and future generations.”

CGD’s 2021-2024 Sustainability Strategy aims to reinforce the development of more sustainable business models, that allow for supporting the company’s transition toward a more environmentally responsible future, that is socially inclusive and economically more prosper and resilient.

Caixadirecta

Caixadirecta

Net Zero by 2050

Caixa signs up to the Net-Zero Banking Alliance

Commitment to reaching carbon neutrality by 2050.