16 May 22

De-carbonising Cabify with new strategy and €40m EIB loan

De-carbonising Cabify with new strategy and €40m EIB loan

Last week, multi-mobility platform and transport provider Cabify announced it had received approval for a €40 million loan from the European Investment Bank (EIB) for the purchase of 1,400 electric vehicles.

A day later, the company set out its target date of 2025 for decarbonising its fleet in Spain (and Latin America) as part of its new sustainable business strategy.

The European Investment Bank (EIB) loan is aimed at the deployment of 1,400 electric vehicles over the next few years in Spain, as well as the charging infrastructure required for their operation. In approving the project, the EIB stresses that it supports the Sustainable Development Goals (SDGs), in particular SDG 13 "Climate action", SDG 11 "Sustainable cities and communities" and SDG 3 "Good health and well-being".

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.

One of the most important milestones is the aim to decarbonise the fleet in Spain and 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 operation of 100% electric vehicles

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 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.

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.

Image: courtesy of Cabify.com


Authored by: Alison Pittaway