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Cabify sets 2025 as a target date for decarbonising its fleet in Spain

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The European Investment Bank (EIB) has approved a EUR 40 million loan to Spanish company Cabify for the acquisition of 1,400 electric vehicles and the installation of the necessary infrastructure for their operation. Cabify will launch a new category called 'Cabify Eco' in Spain which will be available to the company's corporate customers offering this service in electrified vehicles, which will encourage the transition.

MADRID - The Spanish multi-mobility platform Cabify has presented its new Sustainable Business Strategy for the period 2022-2025, after having completed the company's Master Plan, which covered the period 2019-2021. This new strategy, aligned with the Sustainable Development Goals of the United Nations, is structured around 3 pillars (People, Planet, Prosperity) and 7 lines of  action, which will bring together more than 70 projects in its first year of implementation.

This guide will enable Cabify to have concrete targets until 2025, which will help the company to follow a roadmap that continues to make progress on sustainability. David Pérez, SVP of Stakeholder Relations, explains that "all areas of the company have participated in the creation of this strategy. We seek synergies that impact positively on our business, the environment and society". Investment in innovation is key to developing the different lines of action and Cabify's plans to commit a minimum of 40 million euros to R&D&I until 2025.

As for the 'Planet' pillar, which is firmly committed to combating climate change, one of the most important milestones is the aim to decarbonise the fleet in Spain and in Latin America. In this regard, Cabify maintains the goal that 100% of trips on its platform will be in decarbonised or electric vehicles by 2025 in Spain and 2030 in Latin America. 

The company has been working on electrification and decarbonisation of its fleet progressively for years. Back in 2016, Cabify launched an exclusively electric category, and several tests were developed for the implementation of this type of vehicle, taking into account the volume of operational cars and the intensive use made of them. In the context of its new sustainable business strategy, after various tests and analysis of the sector in Spain, the company defines the necessary bases to be able to advance in the progressive decarbonisation of the companies that collaborate with the Spanish mobility company.

Progress in infrastructure and new Eco category for companies
On the one hand, Vecttor, a subsidiary of the Cabify Group, has its own infrastructure of superchargers that allows the daily operation of a hundred 100% electric vehicles, a much higher figure if we refer to other types of cars, such as plug-in hybrids.  This step is part of an ambitious electrification project that will help provide the infrastructure necessary for thousands of zero-emission vehicles in the sector to have an efficient daily operation and achieve the objective of total decarbonisation of the fleet in Spain by 2025.

Cabify is also making progress in promoting the decarbonisation of its collaborating fleets, through agreements with electric vehicle companies that can offer more favourable conditions, or with agreements to facilitate the charging of this type of car. 

In addition, Cabify has announced the launch of a new category, called 'Cabify Eco', which will be available to companies that use Cabify's service for the mobility of their employees. This category, which will start operating in the next weeks, will only offer travel in electrified vehicles (hybrid, plug-in hybrid and electric), a common demand from companies with a strong commitment to environmental commitment. Cabify, for its part, will continue to offset the emissions of all trips made through the app, a commitment that has been maintained since 2018, making it the first mobility app in its category to be "Carbon Neutral" in Europe and Latin America.

In this regard, it is worth highlighting the recent approval by the European Investment Bank (EIB) of a 40 million euros loan to Cabify for its fleet decarbonisation project. This financing is aimed at the deployment of 1,400 electric vehicles over the next few years in Spain, as well as the infrastructure necessary for their operation. In the words of the EIB, this project has "a significant and positive social and environmental impact. It also has important environmental benefits in terms of positive externalities, including the reduction of CO2, NOx and particulate matter (PM) emissions.

Direct impact on more than 750,000 people by 2025
In the 'People' pillar, the main lines of action focus on having a 'Corporate culture based on integrity' and on 'Retaining talent in the office as well as being a platform that encourages grow at the wheel'. It is worth highlighting objectives such as facilitating employment for 70,000 people belonging to social segments with difficulties. 

Finally, in the 'Prosperity' pillar, the company aims to generate a positive impact on society and local communities to make cities a better place to live. With the development of projects to offer accessible services and, on the other hand, projects to reduce inequality, Cabify expects to impact 750,000 citizens over the next 4 years through initiatives in different local communities. 

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