CaixaBank to offset carbon emissions of its network of branches

CaixaBank has launched an environmental initiative to offset  CO2 emissions of all its activities, both in headquarters and in the entire commercial network, consisting of more than 5,300 offices.

This initiative, which is a pioneer in the Spanish financial sector, begins this 2015 and will gradually be extended until 2018 in order to offset the environmental impact that produces the activity of the entire entity. CaixaBank recalls that in 2014 offset CO2 emissions of the central services.

Offsetting CO2 emissions is based on the voluntary contribution of an amount of money proportional to the tonnes of CO2 emitted which have not been able to be reduced by other means. Usually, companies  plant new forests, but CaixaBank has chosen the expansion of 6 MW hydroelectric plant in Chile, called Mariposas, with an estimated annual production of 40,000 MWh. The calculation of emissions saved by the central follow international accounting and the project is registered and validated by Verified Carbon Standard (VCS).

Additionally, the activity of this Project is going to generate wealth in a depressed area: 250 jobs during construction and five permanent jobs for operation and maintenance.