CaixaBank joins the Poseidon Principles as the first Spanish bank
The Valencia-headquartered bank becomes the first Spanish Signatory to the global framework for responsible ship finance.
17 August 2022 – The Poseidon Principles enable financial institutions to align their ship finance portfolios with responsible environmental behavior and incentivize international shipping decarbonization. As the latest Signatory, CaixaBank commits to collecting emissions data related to its ship finance portfolio, and to publicly reveal how its ship finance activities align with global climate goals.
“As a leading player in the shipping industry, CaixaBank is extremely proud to be the first Spanish financial institution to adhere to Poseidon Principles. This initiative represents a major milestone in our sustainability strategy and provides testimony to our commitment to support shipping clients in their pursuit of climate neutrality. We will work tirelessly together with the organization and our co-members to position the shipping industry at the forefront of environmental sustainability,” said Roger Torrella, Executive Director of Asset Finance, CaixaBank.
Poseidon Principles Signatories benchmark the climate intensity of their ship finance portfolios against the IMO’s ambition to reduce greenhouse gas emissions from international shipping by at least 50% by 2050. The scores are made public on an annual basis.
“I am pleased to welcome CaixaBank to the Poseidon Principles and am encouraged by the increasing diversity of banks among our ranks. The maritime sector’s success in tackling shipping decarbonization will in large part depend on collaboration. We invite other responsible financial institutions to join the Poseidon Principles and take up their role in promoting responsible environmental stewardship,” added Michael Parker, Chairman of Global Shipping Logistics & Offshore at Citi and Chair of the Poseidon Principles Association.
CaixaBank joins 28 existing Signatories, jointly representing over 50% of the global ship finance portfolio: ABN Amro, BNP Paribas, Bpifrance Assurance Export, Citi, Credit Agricole CIB, Crédit Industriel et Commercial, Credit Suisse, Danish Ship Finance, Danske Bank, DekaBank, Development Bank of Japan, DNB, Export Finance Norway, Finnvera, ING, MUFG Bank, Nordea Bank, OCBC Bank, SACE, SEB, Shinsei Bank, Société Générale, SpareBank 1 SR-Bank, Sparebanken Vest, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing, and Sumitomo Mitsui Trust Bank.
CaixaBank is the leading financial group in Spain. After its merger with Bankia, the bank has assets of €704 billion, making it Spain’s largest bank, and one of the leading banks in Europe. CaixaBank also has a strong presence in Portugal, where it controls 100% of BPI.
The Group, chaired by José Ignacio Goirigolzarri and led by Gonzalo Gortazar, has 20.4 million customers and the largest commercial network in Spain and Portugal, and it is a leader in digital banking with 11.1 million digital clients.
CaixaBank is an entity with strong historical links to the social impact of its activity, and as a result it takes on the responsibility of driving a positive economy aimed at the well-being of people. With this aim in mind, the bank has designed a new Sustainable Banking Plan with a three-year time horizon that includes its proposal for solving challenges, such as inequality, climate change and unemployment.
In CaixaBank’s new Strategic Plan, sustainability is one of the three pillars on which it is based with a view to achieving the Group’s results by 2024, and it sets out three ambitions: to lead positive social impact by helping people to achieve their financial well-being, to drive the economy’s green transformation of the towards an emission-free society, and to continue to strengthen an ethical and responsible management model. The entity aims to offer 64 billion euros in sustainable financing, through its product range and ESG advisory services.
For more information, please visit CaixaBank_sustainable banking
About the Poseidon Principles
The Poseidon Principles are a framework for measuring and reporting the alignment of financial institutions’ shipping portfolios with climate goals. Recognizing financial institutions’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles provide them with tools to foster collaboration with clients, gain insight to enhance strategic decision-making, and address the impacts of climate change.
The Poseidon Principles are built on four principles – Assessment of climate alignment, Accountability, Enforcement, and Transparency – which they share with the Poseidon Principles for Marine Insurance and the Sea Cargo Charter. Established under the auspices of the Global Maritime Forum, the three initiatives aim to increase the transparency of environmental impacts within global seaborne trade, promote industry-wide change, and support a better future for the industry and society.