BBVA climbs to the top position for banks in the Dow Jones Sustainability Index
BBVA has improved one position in the Dow Jones Sustainability Index (DJSI), thus becoming the most sustainable bank in the world, together with the South Korean bank, KB Financial Group. Both banks received the highest score in the global banks category. After holding the second position for the past two years, this is the first time that BBVA has reached the top position in this benchmark international ranking.
“Sustainability is a strategic priority for BBVA. Now, the Dow Jones Sustainability Index is recognizing our leadership by giving us the highest score in their global index. This recognition confirms the success of our sustainability strategy and encourages us to continue working with the goal of accompanying our customers and society as a whole as they move toward a more sustainable and inclusive future,” said BBVA’s Global Head of Sustainability, Javier Rodríguez Soler.
“BBVA’s ESG [Environmental, Social, Governance] score was updated by S&P Global on January 21, 2022 after the initial score released on November 12, 2021 in accordance with S&P Global’s policies and re-assessment processes," DJSI’s rating agency said, regarding this update.
BBVA, which had 88 points (out of a possible score of 100) in the global index, received 89 points after S&P Global re-evaluated the response provided by the bank, specifically in the fiscal strategy section, where it obtained 100 points. BBVA already had the highest possible score in financial inclusion; social and environmental information; human capital development; and materiality. In terms of the three major dimensions assessed by the index, BBVA received 8 points in economics and corporate governance; 94 points in the environment; and 92 points for social criteria.
A total of just 24 banks were included in the DJSI World, and BBVA has been the top-ranking Spanish bank in this index since 2020.
Over 10,000 listed companies were invited to participate in the analysis conducted by S&P Global CSA. The assessed companies respond to an extensive questionnaire with nearly 100 questions on ESG issues, collecting both public and non-public data from the participants. Just 10 percent of the companies from each sector with the best scores in this analysis are selected to be part of this prestigious index.
Gold Class in the S&P Global Sustainability Yearbook 2022
In addition, BBVA was included in the Gold Class for the banking industry in The Sustainabiliy Yearbook 2022 released today by S&P Global. “We congratulate BBVA for its inclusion in The Sustainability Yearbook 2022. Over 7,000 companies were assessed, and this distinction highlights dedication to sustainable business practices,” said Manjit Jus, Managing Director, Global Head of ESG Research, S&P Global.
BBVA in the sustainability indexes
BBVA is part of the main international indexes on sustainability. Of these, the MSCI ESG Leaders Index, FTSE4Good Index, Euronext Vigeo Index Eurozone 120 and the Ethibel Sustainability Excellence Europe and Global Indexes stand out. The bank is also listed on the Bloomberg Gender Equality Index and received a “B” rating in the latest CDP Climate Change analysis.
In climate action, BBVA doubled its sustainable finance target from €100 billion to €200 billion last year, which it intends to mobilize in the 2018-2025 period.The bank will no longer finance coal in developed countries as of 2030, and by 2040 in the rest of the world. Furthermore, BBVA has set objectives to decarbonize its portfolio in four emission intensive sectors by 2030 - all part of its goal of being neutral in carbon emissions by 2050.
In inclusive growth, BBVA recently announced its Community Commitment. In the 2021-2025 period, the bank will allocate €550 million to social initiatives in BBVA’s most ambitious social plan to date.
Continuing to be selected for these indexes depends on companies’ constant progress in sustainability issues and influences their eligibility for investment portfolios, which are increasingly granting greater importance to non-financial factors.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential financial intelligence to individuals, companies and governments for optimal and secure decisión-making. For more information see: www.spdji.com.