CaixaBank has improved its rating in the 2022 Sustainalytics ESG Risk rating index and has maintained its spot as the top Spanish bank in the ranking. Sustainalytics, a Morningstar company, measures the performance of companies in matters of environmental, social and corporate governance, and rates sustainability risks on a scale of 0 to 100, the lowest number being the bestrated. Thus, the scores are measured as follows: between 0 and 10 implies that the company analysed has a negligible level of unmanaged ESG risks. Between 10 and 20, the risk is deemed low; from 20 to 30, medium; from 30 to 40, high; and from 40 onwards, severe.
This year, CaixaBank has improved its rating from 19.09 to 17.44 points, making it the leading Spanish bank, well above the international banking average of 29.5 points.
For the second year in a row, CaixaBank has been placed in 31st position in the world ranking with low risk, the only Spanish bank to obtain this rating. CaixaBank’s outstanding score is due to its good rating in ESG risk management, which the analyst rates as Strong and a decrease in the bank's ESG risk exposure, which the analyst rates as Medium.
The bank's overall risk exposure is Medium as it stands at 47.2 points, down 1.3 points from the previous year. Its ESG risk management is solid and the analyst rates it Strong after an increase of 2.3 points compared to the previous year and accumulating 66.6 points.
The firm analyses business ethics, corporate governance, product governance, data privacy and security, ESG integration in the area of finance and human capital.
In the past four years, CaixaBank has made progress in its score after reducing its rating by 7.54 points from the 2019 edition to the indicators of the current edition (from 24.98 to 17.44). This has enabled it to advance from medium risk to remain at low risk and to be a benchmark in the Spanish banking sector for the second consecutive year.
CaixaBank, a European performance benchmark in sustainability
CaixaBank is an institution with a strong historical commitment to the social impact of its activity, which means that it assumes the responsibility of fostering a positive economy for the well-being of people. With this goal in mind, the bank has developed a Sustainable Banking Plan, part of CaixaBank's new Strategic Plan, which includes its proposal to overcome challenges such as the promotion of sustainable finance, inequality, climate change and unemployment.
Sustainability is one of the three pillars on which it is based with a view to achieving the Group's results, and it sets out three ambitions: driving the sustainable transition of companies and society, leading the positive social impact and encouraging financial inclusion, as well as fostering a responsible culture by setting the benchmark for governance. CaixaBank aims to offer 64 billion euros in sustainable financing by 2024.
Along these lines, CaixaBank was the leading bank in sustainable financing in Europe in the first half of the year, according to the Refinitiv ranking, which sees CaixaBank at the top position of the EMEA Top Tier Green & ESG-Linked Loans ranking. CaixaBank also claimed first place in green financing in Europe in the first half of 2022, according to the League Table Green Use of Proceeds – Top Tier Lender by Bloomberg, one of the most prestigious financial news agencies.
As a result of its work, CaixaBank features on the most relevant sustainability indexes in the world, and is assessed by the most specialist analysts. Its presence on the likes of the Dow Jones Sustainability Index, the FTSE4Good indices, and on the A List of the CDP Climate Change program where it is the only Spanish bank included, is noteworthy.
