BBVA reaffirms its commitment to sustainability in Italy and signs with Iren a line of green bank guarantees
BBVA is debuting its recently announced framework for sustainable transactional products linked to the United Nations (UN) Sustainable Development Goals (SDGs) in Italy with an operation formalized with Iren, one of the leading multi-service companies in the country.
BBVA and Iren signed a €10 million lines of bank guarantees that will be allocated to green projects and initiatives, and can be used by both Iren S.pa and by subsidiaries of the Iren Group. In particular, according to BBVA’s framework for sustainable transactional products, this line of bank guarantees will support group initiatives related to energy efficiency, renewable energy, waste management, water treatment and sustainable transportation.
This will make Iren the first company in Italy to certify a line of bank guarantees for corporate transactional banking as green. It will be used for projects that will have a potential impact on the SDGs of affordable and clean energy; industry, innovation and infrastructure; climate action; good health and well-being; sustainable cities and communities; responsible production and consumption; and clean water and sanitation.
BBVA’s framework for sustainable transactional products linked to the UN SDGs is a proactive initiative developed by the bank’s transactional banking team. Innovation and excellent customer service are its priorities. This unprecedented methodology in the industry was revised and praised by the sustainability agency Vigeo Eiris. It allows BBVA to support companies in their projects designed to improve the environment and society, and to promote innovation in their sustainability strategies.
BBVA, a leader in sustainable finance
As a sign of its firm commitment to the fight against climate change, BBVA approved its Pledge 2025 in 2018 through which the bank will mobilize €100 billion from now until 2025 in green financing, sustainable infrastructure, social entrepreneurship and financial inclusion. The bank has the capacity, knowledge and experience to provide its clients superior advisory services for sustainable financial solutions and is playing a key role in developing this market.
Present in Italy for more than 30 years now, BBVA offers a wide range of innovative products and services to the biggest companies in the transalpine country through its Corporate and Investment Banking Unit. The corporate transactional banking team manages the subsidiary’s international trade operations, proposing innovative export solutions and optimizing the management of working capital, with a special focus on documentary credit and national and international guarantees.
Iren: the top Italian utility company in green bond issues
Iren, one of the most important and dynamic companies in the Italian market, has set itself apart in recent years by issuing two green bonds worth a total of €1 billion. This makes it the top Italian utility company in terms of the number of bond issues of this kind. These operations demonstrate Iren’s commitment and consistency.
Sustainability is one of the Group’s strategic pillars in its 2022 Business Plan. It will allocate more than 50 percent of the investments foreseen in this plan (€3 billion) to sustainable cities, decarbonization, the circular economy and water conservation in order to help attain the UN’s sustainable development goals for 2030.