Madrid-based Cabify, a ride-sharing company that operates in Latin America, Spain, and Portugal, announced on Wednesday that it has received €40M in loan from the European Investment Bank (EIB) for its fleet decarbonisation project.
The European Investment Bank (EIB) is a long-term lending institution of the European Union owned by its Member States. It makes finance available for sound investment in order to contribute toward EU policy goals.
Why has EIB invested in Cabify?
According to a statement, this project for EIB has a positive social and environmental impact. It also has environmental benefits in terms of positive externalities, including the reduction of CO2, NOx and particulate matter (PM).
In approving the Cabify 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”.
Additionally, EIB is also investing in the automotive industries and in the necessary charging infrastructure to improve the supply of emission-free urban mobility in the cities where Cabify operates in Spain.
Cabify says that the funds will help meet its fleet decarbonisation targets. This means that the company aims for all journeys made in Spain to be in zero-emission vehicles by 2025 and worldwide by 2030.
Besides, Cabify will also invest in purchasing 1,400 electric vehicles over the next few years in Spain and the associated EV charging (EVC), as well as the infrastructure needed for the operation. This will help the company in achieving the decarbonisation target in Spain.
Founded in 2011 by Juan de Antonio Rubio, Cabify is a multi-mobility platform that connects private users and companies with the means of transport that suit their needs. Its objective is to make cities a better places to live. For this, it seeks to decongest the streets by providing, through technology, a safe and quality transport option.
The Madrid-based company extended, a few months later, to Latin America and is currently operational in Argentina, Brazil, Chile, Colombia, Ecuador, Spain, Mexico, Panama, Peru, Uruguay, Portugal and the Dominican Republic.
Besides, Cabify is also a member of the UN Global Compact, and stands out for its commitment to talent and the local ecosystem, generating high-value jobs and declaring 100 per cent of its activity in each country. In 2018, the company became the first carbon-neutral platform in its sector and since then it has been globally offsetting its emissions and those of its passengers and meets an annual reduction commitment.
Currently, Cabify has more than 42 million registered users and 1.2 million collaborating drivers and taxi drivers on its platform.