The initiative is part of the Corporate Environmental Footprint Plan 2021-2030, with which the insurer selects environmental and social projects to offset the emissions it cannot reduce. The offsetting of emissions has been carried out - Mapfre reports - "through the company ClimateTrade, a blockchain-based climate marketplace, which has executed the transaction in a transparent manner, and has issued a CO2 emissions offsetting certificate". The Oaxaca IV Wind Farm is part of the Oaxaca Wind Complex, operated by Acciona, which currently produces energy for 700,000 Mexican homes. According to Mapfre, this facility avoids the annual emission of 670,000 tons of CO2 into the atmosphere.
Reforestation and decarbonization
The compensation project in Mexico is in addition to the Mapfre Forest initiative, launched in 2021, through which the multinational encompasses all reforestation actions "aimed at preserving biodiversity, natural capital and creating carbon sinks in areas where it operates". According to the insurer, as part of this project a total of 6,541 trees have already been planted in Spain and Portugal, which Mapfre estimates will absorb 4,000 tons of CO2, thus neutralizing 21% of its emissions in these two countries.
Mapfre is committed to reducing its carbon footprint by 50% by 2030 compared to its carbon footprint in 2019 and, likewise, to achieving neutrality (net zero in ceodos: zero net emissions in its insurance and reinsurance underwriting portfolios) in all the countries where it operates by 2050.