Grupo Cooperativo Cajamar has further expanded its commitment to sustainability by joining the Net-Zero Banking Alliance (NZBA), convened by the United Nations Environment Programme Finance Initiative (UNEP FI), of which the Group is a founding signatory.
The NZBA has thus become a part of Grupo Cajamar’s cooperative banking model and commitment to supporting people, companies and local production systems, in line with a sustainability policy based on the Group’s social, environmental and corporate governance principles.
Under the NZBA, Grupo Cajamar undertakes to achieve net-zero operational greenhouse gas emissions by 2050 as a consequence of their activity; and will align its lending and investment portfolios with pathways to net-zero, while prioritising client engagement and offering products and services that will support clients’ transition towards a low-carbon economy.
The chairman of Banco de Crédito Social Cooperativo-Grupo Cajamar, Luis Rodríguez, placed emphasis on the cooperative’s commitment to this alliance: “We appreciate that financial institutions play a key role in supporting businesses and households in making the transition to climate neutrality and realise how important it is that all actors—governments, regulators, financial institutions, companies and civil society—work in the same direction”.
The main goals of the Group’s Sustainable Finance Master Plan are to consolidate and strengthen its culture around sustainability, meet the demands of regulatory bodies, help draw up the decarbonization roadmap for reducing CO2 emissions and reaching net zero emissions by 2050, and support its members and customers throughout the process of fair ecological transition.
In its commitment to promoting sustainable finance and combating climate change, Grupo Cooperativo Cajamar supports the United Nations Global Compact and is a member of several international organizations in the field of sustainability. It is a member of UNEP FI and a founding signatory of the Principles for Responsible Banking; it reports its carbon footprint to the Carbon Disclosure Project (CDP); it supports and follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in respect of Sustainable Finance; and it has joined the Science Based Targets initiative, having undertaken to set Net Zero emission reduction targets.
Grupo Cooperativo Cajamar offsets 100% of its emissions identified and calculated in its Eco-efficiency Plan by purchasing carbon credits for the “Conservation of the Amazon in Madre de Dios (Peru)” project, contributing to the reduction of deforestation in the area and thus to sustainable forest management that will generate benefits for local communities. It is also reducing energy consumption in its facilities and has achieved improvements in energy efficiency through the use of renewable energy in its head offices and branches.