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%.
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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.
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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.
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