The bank shows its green commitment and Kutxabank decides to raise its commitment and has announced that it will allocate more than 5,000 million euros to finance sustainable economy initiatives until the end of 2024. For this, the company has developed an internal framework for action that will allow it to go identify positive projects in environmental and social matters that may be eligible for financing.
As reported by the bank this Monday in a note, the Internal Framework for Sustainable Financing that has designed a homogeneous criterion for the entire organization when it comes to considering certain as likely to be beneficiaries of sustainable financing. For its preparation, Kutxabank has used as a reference some of the best international practices in terms of sustainability, such as the Principles for the issuance of Green and Social Bonds established by the International Association of Capital Markets.
The bank has identified a series of economic sectors with the greatest potential for growth in terms of sustainability, to which they plan to channel financing. In his opinion, the opportunities are especially visible in sectors such as electricity production and distribution, with renewable energy generation projects; and construction, with increased energy efficiency and renewable energy regulatory requirements for new and rehabilitated buildings.
Kutxabank also sees opportunities in the field of mobility and sustainable transport, with electric vehicles and, in the long term, hydrogen vehicles. In addition, the Oil & gas sector is evolving towards the production of new fuels (such as green hydrogen) and there are also changes in sectors such as the chemical, metal or cement and glass sectors through the use of clean and alternative energies in its production processes and the reduction of polluting waste, according to Kutxabank.
