Garanti BBVA has signed a further agreement with Beyçelik Elawan Renewables Renewable Energy Production Inc. to finance a series of upgrades to the Yahyali Wind Power Plant, bringing the Turkish bank’s total investment to USD 145 million.

The financial institution will use two floors of the recently completed skyscraper, Two Manhattan West. The move of the New York workforce, which currently has 350 employees, is planned for the last quarter of 2024.

At the fourth annual Diversity Days, the bank launched a pledge to champion and support the universal values of human dignity, freedom, respect and equality. This new milestone marks the end of a year that has seen numerous initiatives in favor of diversity, including the target of 35% of management positions being held by women, implementing a protocol to fight harassment against LGTBI people, and launching a program to prevent ageism.

BBVA has joined the 'Cleantech for Iberia' initiative to accelerate the development of clean technologies in Spain and Portugal. The main goal is to create a global hub that establishes the Iberian Peninsula as a leader in the 'cleantech' sector. The initiative brings together funds totaling more than one billion euros.

BBVA was selected as one of the bookrunners for Colombia's first issue of social bonds in the international market. The debt was rated Baa2/BB+/BB+ for its inaugural offering and was denominated in US dollars with a dual-tranche format maturing in 2035 and 2053. It is an integral part of the Colombian government’s sustainable strategy, and is the first time the country has issued social bonds and only its second issue under ESG (Environmental, Social and Corporate Governance) criteria, following the placement of Green Treasury Notes in 2021, in which BBVA also acted as lead bookrunner.

BBVA is investing $25 million (€23.6 million¹) in climate fund Decarbonization Partners Fund I, which raises the bank’s total investment in climate-related funds to €108.4 million. The bank is actively contributing to the decarbonization of the economy through its participation in funds of this kind.

76 percent of BBVA’s lending portfolio corresponds to clients in emission heavy sectors that are making progress in their transition to net zero emissions, according to the latest update to BBVA’s sustainability strategy, published November 3rd. The document underscores how the bank promotes new businesses through sustainability.

BBVA mobilized €15.6 billion in sustainable corporate business between January and September 2023 (up 95 percent from the same period the previous year) and €7.3 billion in retail banking (up 69 percent). Both segments have consolidated growth in the mobilization of sustainable business.

BBVA Chair Carlos Torres Vila, together with over 100 chairs or CEOs of large global companies, signed a declaration calling on the global leaders participating in the upcoming United Nations Climate Change Conference in Dubai (COP28) to commit to “transformative policies and actions.” “Every fraction of a degree counts in the race to net zero,” explains this open letter from the Alliance of CEO Climate Leaders promoted by the World Economic Forum (WEF).

The protection of nature and its sustainable management is a matter of the very survival of the planet. Moreover, a growing number of financial institutions are becoming aware that this field offers a real opportunity. The deployment of long-term strategies, the role of investors and shareholders, and increasingly stringent regulation paint a brighter picture.