BBVA is redoubling its commitment to sustainable financing. The entity has set itself the goal of channeling $237 billion (€200 billion) until 2025 in social and environmental operations, an amount that doubles the amount set at the beginning of 2018 until that date.
So far, within this plan, BBVA has mobilized $70 billion (€59 billion) in loans and bonds of these characteristics, due to the momentum in recent quarters, when origination has grown above expectations. In fact, the bank estimates that the pace is 44% higher than initially estimated. Hence, its targets have been extended.
“Sustainability is a strategic priority for BBVA. Challenges as important as climate change or the fight against inequality are a titanic task that affects us all as a society and that we must tackle at an unprecedented pace,” said the group’s chairman, Carlos Torres, who added that “helping our customers in their transition to a more sustainable future also represents a great opportunity.”
For that reason, he added that “we have believed that we must and can be more ambitious, doubling our commitment to sustainability, in order to go further.”
According to the bank’s own figures, since it launched its green plan, 77% of the financing granted has gone to climate action while the remaining 23% has been dedicated to inclusive growth. By segment, the majority of originations came from Corporate Investment Banking (investment and corporate banking operations for large clients), with 67%, followed by Enterprises (companies), with 16%, and Retail (retail clients), with 17%.
Read more about BBVA’s commitment to sustainability and find the latest business headlines with the Born2Invest mobile app.
As part of its sustainable project, BBVA announced in early March that it will stop financing coal by 2030 in developed economies and by 2040 in emerging economies. In addition, the bank has committed to becoming carbon neutral by 2050, not only in its own emissions but also in those of its customers.
All these initiatives have enabled BBVA to become the most sustainable bank in Europe and the second most sustainable in the world, according to the Dow Jones Sustainability Index.
The reinforcement of the bank’s commitment to this financing comes at a good time, since a significant part of the EU’s Recovery and Resilience Plan is focused on green and social projects, for which Spain may receive 140 billion in aid.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in elEconomista.es, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The ETF Market Reached €589 Billion in the First Half of the Year
Global indices recorded the bulk of flows in Europe with $40.5 billion (€34.3 billion) followed by the U.S. and North...
The Metaverse Is the Way of the Future, and Facebook Just Confirmed It
The metaverse is a fast-emerging reality billed to become the place where we will all live and work in the...
The Spanish Health Tech Sector is Advancing at a Fast Pace
Although the major poles of innovation in digital health are mainly in the major world powers such as the United...
Why Were Cotton Futures Lower for the Week
Cotton futures were lower last week on demand concerns as ideas of strong demand continue. The weekly export sales report...
Fed: Murderer of Markets and the Middle Class
To this point, Total non-financial debt has skyrocketed from $54.3 trillion, at the start of the pandemic, to $62 trillion...
Cannabis5 days ago
First Legal Cannabis Crop Harvested in Ecuador
Featured6 days ago
Mining Companies with High ESG Ratings Outperform the Market in Financial Performance
Business5 days ago
Is Peer to Peer Lending Safe for Investments?
Featured6 days ago
Which Financial Products Have Grown the Most in 2021?