MAPFRE will neutralize its carbon footprint in 10 countries in 2024

To mark the International Day of Climate Action, celebrated today, MAPFRE reaffirms its commitment to contribute to the fight against climate change and to firmly and continuously increase the demand for sustainability. 

The insurance company is fulfilling this commitment with various measures to reduce the footprint of its direct operations, along with public objectives like becoming carbon neutral by 2030 and achieving net zero by 2050. Other ambitious commitments include a pledge not to insure or invest in coal, gas, or oil companies that lack an energy transition plan. 

The company has surpassed all of its proposed reduction targets for the carbon footprint generated by its operations and has reduced its global carbon footprint by 25% compared to 2019, which is 17 and a half points higher than the challenge set for 2023 (7.5%).

This reduction was achieved by limiting fossil fuel and electricity use, using renewable energy sources like solar power, replacing the conventional vehicle fleet with hybrid or electric vehicles, and reducing both business trips and employee commuting to work centers. The insurance company cut its carbon footprint from business trips by 58% compared to 2019 as a result of its efforts to minimize work-related travel, promote virtual meetings, and encourage the rental of electric vehicles and the installation of charging stations for eco-friendly vehicles, among other initiatives.  

Responsible and sustainable investments

Its Sustainability Plan 2024-2026 also includes measures to promote responsible and sustainable investments and to develop innovative products that help pave the way for the transition to a low-carbon economy. To do this, the company will reduce the intensity of greenhouse gas (scope 1 and 2) emissions (TonCO2e/million euros invested) by 43% in the Group’s investment portfolio (comprising corporate fixed income and equities) by 2030, using 2022 as the baseline year. Furthermore, MAPFRE will boost investments in solutions facilitating the transition to a low-carbon economy, exemplified by the MAPFRE Renewable Energies II Fund, FCR. This pioneering European project, launched in 2023, focuses on biomethane investments. Beyond mitigating environmental impact, it actively contributes to improving social and environmental conditions in the communities it invests in.

Circular economy and reducing the carbon footprint

Last year, MAPFRE processed 3,567 tons of waste globally, of which 92% (3,200 tons), underwent valorization processes, i.e., recovery, recycling, or energy production.  Of note are the efforts of Cesvimap, MAPFRE’s R&D center, which recovered a total of 673 tons of components from totaled vehicles through CESVIrecambios in 2023, after processing of 1,887 vehicles in Spain. This global technology center specializes in vehicle repair and recycling, among other services, and is a reference in how to dispose of vehicles in a sustainable way and, thus, extend the life of parts, facilitate the reuse of raw materials (e.g., plastic and glass), and reduce energy consumption.