- The purpose is to contribute to clean energy production and offset part of MAPFRE’s carbon footprint.
- The CO2 offsetting transaction was conducted on ClimateTrade’s climate marketplace, which specializes in carbon offsetting projects.
- The insurance firm selects environmental and social projects to offset the emissions it cannot reduce.
- In 2021, MAPFRE met its target of being a carbon-neutral company in Spain and Portugal, and is now looking towards its 2030 goal: carbon neutrality across the Group.
Madrid, May 9th, 2022: MAPFRE has offset 15,400 tons of CO2 through the Oaxaca IV Wind Project, located in the Itsmo de Tehuantepec region, in the state of Oaxaca, Mexico. Thanks to said facility, which is part of one of the largest wind energy complexes in Latin America, the insurance firm has offset 79% of the carbon emissions released in Spain and Portugal in 2021.
The initiative is part of its Corporate Environmental Footprint Plan 2021-2030, through which the insurance firm selects environmental and social projects to offset the emissions it cannot reduce.
The emissions offsetting transaction was conducted through ClimateTrade, a blockchain-based climate marketplace, which made it transparent and issued a CO2 emissions offsetting certificate.
The Oaxaca IV Wind Project is part of the Oaxaca Wind Complex operated by Acciona, where energy for 700,000 Mexican homes si being produced, and where educational and community support activities are being promoted. Thanks to this projects, 670,000 tons of CO2 emissions are avoided every year.
Reforestation and decarbonization
This carbon offsetting project in Mexico is in addition to the ‘MAPFRE Forest’ project, created in 2021, which includes all of the multinational’s reforestation activities, aiming to preserve biodiversity and natural capital and to create carbon sinks in the areas where it operates. Thanks to this project, the multinational has planted a total of 6,541 trees in Spain and Portugal, which will absorb 4,000 tons of CO2 from the atmosphere, offsetting 21% of MAPFRE’s emissions in these countries.
In 2021, MAPFRE met its objective to be a carbon-neutral company in Spain and Portugal. For 2030, it is committed to reducing its carbon footprint by 50% compared to 2019, and to achieve carbon neutrality in all its countries of operation. By 2050, MAPFRE will raise its sustainability expectations, as a signatory to the Net Zero Insurance Alliance, with the goal of achieving net zero GHG emissions by 2050, meaning zero net emissions in its insurance and reinsurance portfolios.