According to the latest report from the United Nations Global Compact Spain, titled Sustainability in IBEX Companies: 2023 Analysis, the environmental commitment of the IBEX 35 stock market companies has reached significant new milestones. The report highlights a major advancement in the commitment to reducing CO2 emissions, with 100% of companies now reporting emissions, compared to 86% in 2022. Additionally, 86% of these companies have set a specific year to achieve carbon neutrality, demonstrating the growing commitment of the business sector to combatting environmental instability.
Sunrise over a serene Spanish Mediterranean coastal forest. AI generated picture.
In the words of Cristina Sánchez, CEO of the UN Global Compact Network Spain: ‘At this critical time for our planet, businesses have the opportunity to lead the way towards a more sustainable and resilient future. With 86% of IBEX 35 companies setting a target year for climate neutrality, we are witnessing a historic shift in how businesses address climate change. Each target set is a commitment to the future, moving us closer to a world where sustainability and prosperity go hand in hand.’
A key aspect of this commitment is the setting of emission reduction targets aligned with scientific principles. In this regard, the report shows that 54% of companies have targets approved by the Science Based Targets initiative (SBTi), while a smaller but notable 34% have set net-zero goals, a significant increase from just 3% in 2022.
Another positive finding from the report is the increase in transparency regarding greenhouse gas emissions following the launch of the Corporate Sustainability Reporting Directive (CSRD). All companies in the index now report on their direct emissions (Scope 1), while 97% report on their indirect emissions (Scope 3). However, only 43% of companies verify or certify their carbon footprint calculations.
Renewable energy declines, the circular economy gains ground
At a strategic level, 100% of IBEX 35 companies now have environmental policies, up from 94% in 2022. In terms of CO2 strategies, 91% of these companies assess the impacts of environmental instability on their business, and the number with carbon strategies has risen from 77% to 86%.
Circular economy and recycling practices are also on the rise. Reporting on the use of recycled materials in the production of goods and services has increased from 80% to 86% this year. Moreover, 94% of companies have implemented circular economy measures. This shows a growing trend in business practices, as the percentage stood at just 71% in 2019. However, only 49% of companies have specific strategies for circular economy implementation.
Solar panels with a forest in the background. AI generated picture.
In contrast, the integration of renewable energy into corporate strategies—a key aspect of emission reduction—has seen a decline. The trend identified in 2022 has continued, with renewable energy usage falling by 10%, from 86% to 77%.
Finally, Spanish companies are increasingly turning to carbon units (carbon credits)as part of their broader sustainability strategies, driven by both regulatory pressures and growing consumer demand for eco-friendly practices.
Read more: Net zero and a circular economy: Top 3 opportunities and challenges
What are carbon units?
A carbon unit (also known as carbon credits) is a financial mechanism to incentivise emissions reduction. It’s a certificate that represents the equivalent of 1 tonne of carbon dioxide (CO2) emissions and is awarded to projects that remove, reduce, or avoid carbon emissions from the environment.
DGB team member working in a tree nursery. Hongera Reforestation Project, DGB
These units are part of a market-based approach to reducing emissions and are used to compensate for hard-to-abate emissions. In the compliance carbon market, companies that emit less than their permitted amount can sell their surplus credits to other companies that need them, creating a financial incentive for businesses to reduce their carbon footprint. Additionally, in the voluntary carbon market, some businesses invest in projects that actively remove carbon from the atmosphere, such as reforestation or renewable energy, generating carbon units in the process.
Why are Spanish companies increasingly using carbon units?
With Spain's ambitious environmental targets and its alignment with European Union carbon reduction goals, businesses are recognising the importance of mitigating their carbon emissions. Companies like Acciona, Iberdrola, Telefónica, and Repsol are not only purchasing carbon units to compensate for emissions but are also investing in green projects to generate their own units. This approach allows them to meet environmental goals while maintaining economic growth, enhancing their brand reputation, and preparing for stricter regulations in the future.
Since 2017, 45% of IBEX 35 companies have purchased carbon credits to compensate for part or all of their CO2 emissions, according to the annual sustainability report by environmental consulting firm Carbon Clear.
The analysis shows a significant increase in the number of companies offsetting their emissions. This trend is clearly on the rise. Additionally, two companies—Acciona and CaixaBank—have already achieved carbon neutrality.
Many Spanish companies have their own carbon offset projects registered with the Ministry for Ecological Transition, including Urbaser, Orange, Telefónica, CaixaBank, AstraZeneca, Alimerka, Endesa, Eulen, and Ferrovial.
Others have opted to directly purchase carbon units. Cabify, for example, acquired credits from the Community of Vecinal Forests in Laza (Galicia) to compensate for a portion of the 75 tonnes of carbon it emits annually in all the cities where it operates. Other carbon unit buyers include Banco Santander and Iberia, the latter of which has adopted this strategy to meet its goal of reducing net emissions by 20% by 2030. Let’s take a closer look at some of the big Spanish corporations that have set ambitious sustainability goals.
Read more: Dutch companies leading the charge in carbon footprint compensation
Case studies of leading Spanish companies
Acciona
Acciona is a global leader in sustainable infrastructure and renewable energy solutions, focusing on developing projects that promote carbon neutrality and environmental regeneration.
ACCIONA and ACCIONA Energía lead the way in renewable energy with a sustainable finance framework aimed at reducing CO2 emissions and supporting local communities. Source: Acciona
It has long been a leader in sustainability and reached carbon neutrality in 2016. The company focuses on developing infrastructure projects that promote a sustainable future. Since 2010, Acciona’s sustainability strategy has been shaped by five-year Sustainability Master Plans, which outline its goals for reducing its environmental impact.
The latest Sustainability Master Plan 2025 includes ambitious goals such as reducing Scope 1 and 2 emissions by 60% by 2030 and aligning over 90% of its investments with the EU taxonomy for sustainable activities.
Inditex
Inditex is one of the world's largest fashion retailers, known for brands like Zara, and is committed to reducing its environmental impact through sustainable fashion practices.
Inditex supports community projects, reaching 4.3 million people in need last year and aiming to help 10 million by 2025 through education, emergency relief, and environmental initiatives. Source: Inditex
Inditex’s decarbonisation strategy is built on the latest available scientific data. The company is committed to achieving net-zero emissions and set decarbonisation targets for 2030 through the SBTi. The plan aims to cut emissions related to the company’s activities by more than 50% by 2030.
A 90% reduction in absolute Scope 1 and 2 emissions (ie, direct emissions), and a minimum 50% reduction in absolute Scope 3 emissions (ie, emissions from the value chain) by 2030, compared to 2018.
This approach will allow Inditex to progress toward achieving net-zero emissions by 2040. The company will effectively reduce 90% of its total emissions, while the remaining 10%, which are more challenging to eliminate, will be compensated for through actions designed to absorb those greenhouse gases.
Read more: A pathway to sustainability for UK enterprises
Iberdrola
Iberdrola is a leading multinational electric utility company, specialising in renewable energy generation, primarily through wind and solar power.
Iberdrola leads the transition to sustainable mobility through its 2016 Sustainable Mobility Plan, promoting electric transportation to combat climate change. AI generated picture.
Iberdrola is buying carbon credits on the La Vera Carbon2Nature project, which involves planting over 700,000 trees on 1,499 hectares of land in Jaraíz de la Vera, Spain. This is the largest public-private forestry project in Spain and is expected to last for 50 years. The initiative focuses on restoring degraded areas, which will capture around 186,000 tonnes of CO2. The aim is to regenerate and conserve this valuable ecosystem through an innovative reforestation plan.
The Carbon2Nature initiative was launched to reduce the global carbon footprint through nature-based actions, improve biodiversity, and promote a sustainable economy. The initiative has made significant progress in capturing more than 60 million tonnes of CO2 through a range of global conservation and restoration projects.
Read more: Overcoming sustainability challenges: practical solutions for your business
Repsol
Repsol is a global energy company based in Spain, focused on oil, gas, and renewable energy, with a commitment to transitioning towards low-carbon energy solutions.
The primary objective of Repsol is to protect nature and respect the planet's resources, minimizing the impact of human activities. Source: Repsol
It was the first company in its sector to commit to becoming net-zero by 2050, in line with the Paris Agreement and the United Nations Sustainable Development Goals (SDGs). In 2017, Repsol was also the first in its industry to issue certified green bonds, which helped reduce emissions by 1.2 million tonnes of CO2 over three years.
Telefónica
Telefónica is a major telecommunications company, providing mobile and broadband services across Europe and Latin America, while driving digital transformation and sustainability initiatives.
Telefónica supports the decarbonization of the economy through Eco Smart digital solutions, enabling companies and cities to save energy, reduce emissions and water usage, and promote the circular economy. AI generated picture.
The telecommunications company aims to achieve net-zero emissions by 2040, with an intermediate goal of reducing its Scope 1 and 2 emissions by 90% by 2025 in Spain, Germany, and Brazil. Telefónica will compensate for any remaining emissions by purchasing carbon units and investing in nature-based solutions once these reduction targets are met.
Read more: Leading German companies: their carbon footprints and reporting practices
Embrace sustainability with DGB Group
Compensating for your carbon footprint isn’t just about addressing environmental challenges—it’s a crucial part of shaping a sustainable future. The Spanish companies featured in this blog exemplify how businesses can take responsibility for their environmental impact while leading in sustainability. Their forward-thinking strategies, including investments in nature-based solutions, show how economic growth and environmental care can go hand in hand.
Close-up of seedlings being watered by a DGB team member. Hongera Reforestation Project, DGB.
Achieving a sustainable future demands collective action from businesses, governments, and individuals. This is where partnerships with organisations like DGB Group become essential.
DGB’s nature-based projects—including reforestation, afforestation, and energy-efficient projects—offer a practical way for companies to compensate for their carbon emissions while also restoring ecosystems and supporting local communities. These projects follow the highest environmental and social standards, generating high-integrity carbon units and ensuring every investment results in meaningful, measurable, and lasting benefits.
Committing to carbon compensation is a key step toward a greener, more sustainable world. Join us on this journey, explore how our projects are driving change, and become part of a legacy that benefits both the planet and its people.
