CaixaBank has announced that it invested over €2.7bn in energy projects during the first eight months of 2020, €2.4bn of which went to renewable initiatives.

The core part of the direct investment, around €1.5bn, has ben set aside for solar energy projects. In addition, investment in wind power has reached €600m, while the bank has given €300m of funding to other renewable generation technologies.

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Loans worth €300m related to natural gas, transport and liquefaction have also been underwritten.

International Investment 

Internationally, the bank has invested €800m in renewable energy generation projects in the year to date. This is part of CaixaBank’s ongoing commitment to wind power, both onshore and offshore.

In 2020, the bank carried out two projects in Chile, as well as several operations in Canada.

Looking to Europe, CaixaBank has also taken part in two offshore wind projects in France and the UK. The bank has now funded 16 operations in this sector.

Furthermore, the banks efforts when it comes to solar activity in the USA has resulted in CaixaBank being recognised as a leader in renewable energy.

CaixaBank’s imagin 

The announcement comes after CaixaBank’s imagin, a mobile-only bank for young people, launched a sustainability plan to reduce environmental impact and encourage third parties to do the same.

To begin with, the platform has plans to concentrate on five of the 17 Sustainable Development Goals (SDGs) agreed by the UN in its 2030 Agenda. These goals include sustainable cities and communities; responsible production and consumption; climate action; life below water; and life on land.

Through imaginPlanet, a themed area for content and services within the imagin app, the platform aims to bring together useful content on sustainability and provide information about projects and initiatives that will benefit both the planet and society.

Due to its sustainability strategy, imagin is now in the final stages of gaining the B Corp label.