Banco Sabadell has teamed up with ClimateTrade to offset the CO2 emissions associated with its operations in 2021, by investing in forest projects in Spain.
Banco Sabadell is advancing in its sustainability commitment by focusing on reducing and offsetting its own carbon emissions, as well as supporting clients with sustainable solutions and consulting for their environmental transition.
In 2021, the bank complemented its action plan with the offsetting of its carbon footprint via investment in carbon dioxide mitigation projects that generate positive impact in their communities of operation.
Banco Sabadell approved the offsetting of 3,632 tons of CO2, representing emissions from scope 1, 2 and 3 (relating to business travel), through investment in Spanish project certified by the Ministry of Ecological Transition (MITECO).
With this initiative, Banco Sabadell bets on three forest projects, two of which are in Galicia, specifically in Parada de Achas (1,083 tons of CO2) andLaza – Touza (151 tons of CO2). The third is a reforestation project based on sustainable forest management (2,398 tons of CO2), located in the Sierra de Gredos (Ávila) and being developed in synergy with the Regional Park and the Natura 2000 network.
Ana Ribalta, Director of Sustainability at Banco Sabadell, commented: “This is another example of how Banco Sabadell is aligning its activities to the Paris Agreement. It forms part of our sustainability strategy, which revolves, among other things, around our commitment to keep making progress to reduce our own emissions and to reach neutrality in all our operations.”
The offsetting of 2021 emissions is one amongst a set of measures the bank has adopted to keep reducing its own carbon footprint, including the use of renewable energy since 2015, eco-efficiency measures and waste and material consumption reduction plans for water, paper and plastics.
All these initiatives serve to strengthen the bank’s existing commitments as a member of the main international alliances for a sustainable and carbon-neutral economy, through frameworks such as the UN’s Responsible Banking Principles, the Collective Commitment to Climate Action or the Net-Zero Banking Alliance by UNEPFI.