Madrid, April 11, 2023. COFIDES has measured the carbon footprint of its internationalisation support portfolio for the first time. Based on the information available on all portfolio investment transactions as of 31 December 2021, COFIDES created a calculation tool, based on the main internationally recognised methodological standards, in order to obtain a wide-ranging inventory and identify the impact on climate change of all its investments. This tool will also serve to easily monitor both the company's emissions and the effectiveness of future decarbonisation measures, as well as to involve customers in reducing emissions.

 COFIDES director-general, Miguel Tiana, has pointed out: "Through this initiative, COFIDES advances in the implementation of its sustainability strategy, which is a fundamental pillar for the company. The quantification of our carbon footprint was one of the goals set in the 2022-2024 COFIDES Strategic Plan. Through this exercise, we have improved our ability to identify and assess the risks and opportunities associated with climate change and its impact and, therefore, we will be in a better position to design strategies to contribute to the green transition with a model based on the reduction of emissions and the decarbonisation of the economy."

To this end, he reminded us that the company has set as a strategic goal for new transactions from the internationalisation portfolio related with climate action and environmental sustainability to reach, on average, at least 30% of the new financing granted from 2022 to 2024. 


As of 31 December 2021, the entire internationalisation support portfolio (which includes the transactions financed from the FIEX and FONPYME funds –state funds with no legal personality managed by COFIDES– and the investments financed with the company's own resources) amounted to 1,122 million euros and was made up of 190 assets. These assets are divided into three types:

Corporate financing: International corporate projects in which financing is granted to the parent company. 

Direct financing of projects: Special-purpose financing to project companies established in a third country.

Contributions to investment funds: Contributions to investment funds managed by third parties which have specific aims to support the internationalisation of Spanish companies.

Measurement of the carbon footprint was carried out following the PCAF (Partnership for Carbon Accounting Financials) methodology, which identifies emissions with three different scopes. Scope 1 emissions are direct greenhouse gas (GHG) emissions that come from sources owned or controlled by the company. For example, they may come from combustion in boilers, ovens, or vehicles – or from chemical production in pieces of process equipment owned or controlled by the company. Scope 2 refers to indirect GHG emissions from the generation of electricity, steam, or heat purchased and consumed by the company. Lastly, scope 3 emissions are indirect emissions that are related to the company's business activity but are not under the company's ownership or control – in activities linked both to prior phases of the value chain (goods and services acquired, etc.) and subsequent phases (use of the products and services sold, transport and distribution from production, etc.).

The financed emissions of the entire portfolio currently amount to approximately 359,000 tonnes of CO2eq. Of these, scope 3 indirect emissions account for 61% of total emissions. Likewise, direct scope 1 emissions account for 24% and indirect scope 2 emissions represent the remaining 15%. 

portfolio issuance by scope

Measurement of the carbon footprint has also made it possible to obtain a quantification of the portfolio's intensity factor, defined as GHG emissions per million euros. This makes it possible to make comparisons in relative terms. The intensity factor of the COFIDES portfolio supporting internationalisation was at 333.84 tonnes of CO2eq per million euros as of 31 December 2021, a level lower than that of comparable portfolios reported by other similar European entities.


COFIDES is a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).