”la Caixa” is committed to respect for our natural surroundings, a commitment that stretches beyond its legal obligations and is concretised by a system of environmental management integrated into its business operations, which covers all its projects, services and products, as well as the programmes of Social Projects.
This commitment extends to employees, subsidiaries and the companies it works with. Thus, it encourages the involvement of its customers and of society as a whole in this universal challenge
An Environment Committee, set up in 2001, is responsible for the Entity’s environmental management. Its functions are to establish, approve and maintain up to date a programme ensuring that consumption and procedures involving the financial business of ”la Caixa” are respectful to the environment. At the same time, it encourages everyone who forms a part of ”la Caixa” to take part
Access to Environmental policy of ”la Caixa” (PDF in Spanish)
This environmental management system follows the European regulations EMAS 1221/2009 and the ISO14.001. In addition, ”la Caixa” belongs to the United Nations Environment Programme.
Further information:
EMAS 1221/2009 (in Spanish)
ISO 14.001 (in Spanish)
”la Caixa”, as a financial entity, does not undertake any operations that directly affect the environment in a major way.
Its ecological ‘footprint’ is mainly based on:
The objective for the period 2009/2010 is to reduce CO2emissions by 11,000 tonnes.
To achieve this, as part of a process of continuous improvement, some of the measures introduced are:
“la Caixa”, within the framework of a rigorous, responsible and transparent decision-making process, is highly conscious of the social and environmental implications of its loans policy
This commitment to the environment in its credit policy has two sides: concerning risk evaluation criteria and procedures and concerning the kinds of projects it finances.
In 2007, “la Caixa”, given the varied nature of the industries that it finances and its aim of contributing to the protection of the environment, adopted the Equator Principles.
What are the Equator Principles?
By adopting these guidelines, ”la Caixa” undertakes to apply them to all the project financing in which it takes part and that require overall financing of over ten million dollars, regardless of the industrial sector or the place in the world where it is located. In line with these Principles, for these projects to be approved, they must have a positive evaluation, which means writing social and environmental factors into the analysis, in line with the standards set by the International Finance Corporation (IFC).
Further information on the IFC:
The aim of "la Caixa" is that these projects develop in a socially responsible way and that the best environmental practices available are employed.
In 2009, ”la Caixa” took part in 65 project financing initiatives, developed both in Spain and elsewhere, in Europe and on the American continent. They were classified as type C projects (they all occurred in OECD countries with demanding regulatory requirements on these questions), a classification given to projects with minimal or no environmental or social impact, with only three projects receiving the “type B” classification. Total investment reached 7,837 million euros. Of these, ”la Caixa” contributed directly 2,125 million and insured 1,573 million of them.
Another pathway for pushing forward sustainable development is to support new technology and environment-friendly business projects. This is seen in a policy of promoting renewable energy
In 2009, the Entity financed 21 projects in this area, with overall energy of 1,554 MW. The total sum was 3,172 million euros, of which ”la Caixa” contributed 575 million euros for insurance and 587 million in investment.
The main indicators of the performance of ”la Caixa” on environmental questions are, for the period X:
Broad commitment to the environment:
”la Caixa” has a programme to raise awareness of environmental questions among its employees and to train them. In addition, all employees have available a mail-box for suggestions on how to improve environmental performance.
The commitment of ”la Caixa” extends to its subsidiaries, which have their own environmental programmes.
As well as complying with current environmental legislation, suppliers have to sign a clause, when they formalize their contracts, in which they state that they know and will respect the ten principles of the Global Compact, including those referring to the protection of the environment.
The contracts also contain a further clause, in which ”la Caixa” demands that suppliers act with respect for the environment, that they establish and keep up to date an environmental policy that includes practical measures to improve, where possible, their environmental practice, always in line with the legislation in force and the Environment Statement of "la Caixa".
The involvement of customers in environmental protection is encouraged through the ECOCAIXA initiative , which reports the operations, whether they are of the entity, its customers or jointly, that can be carried out to protect and take care of the environment.
La Obra Social cuenta con un ambicioso Programa de Medio Ambiente y Ciencia, que también tiene como objetivo el fomento del respeto al medio ambiente y, en concreto, la conservación de espacios naturales. Social Projects has adopted an ambitious Environment and Science Programme, whose aim is also to foment respect for the environment and, concretely, the conservation of natural spaces.
The Equator Principles are a set of ten guidelines, by virtue of which the financial entities that adopt them undertake voluntarily to evaluate and to take into consideration the social and environmental risks of their investments in the development field, in order to ensure the sustainable nature of the operations being financed.
These Principles were established in 2003 with the support of the International Finance Corporation (IFC) of the World Bank and were reviewed in July 2006 to make their levels more demanding. By August 2009, 68 institutions had adopted them, accounting for over 85% of financial transactions worldwide. They all work together to spread the best practice and so ensure that standards improve. They also draw up an annual report on the application of the Principles.
For ”la Caixa”, the evaluation of projects under the Equator Principles runs through several stages:
What are the categories?
In consequence, ”la Caixa” does not participate in those projects in which the loan recipient does not wish to, or is unable to, comply with the Equator Principles or with the internal policies of ”la Caixa” on sustainable financing, if the latter requirements are stricter
It is a system of financing for projects needing very high investment, and which are expected to create predictable and sustained future income, which will permit the return of the loan. In addition, the very assets financed with the loan serve as security on payment. These characteristics allow projects to receive specific financing that is usually provided by several entities. Examples of this kind of project are motorways, telephone networks, etc.
