Commitment

BBVA has channeled €26 billion in sustainable business in the third quarter of 2024, reaching a total of €71 billion for the first nine months of the year, a 44 percent increase over the same period last year.

BBVA reinforces its strategy in Latin America with an ambitious expansion plan in Brazil, the largest wholesale market in the region. With a growing team and a strong focus on sustainability, the entity plans to deploy local capabilities by 2025 to serve more than 250 key companies in Brazil.

BBVA Chair Carlos Torres Vila, together with more than 110 Chairs and CEOs of large global companies, has joined a new declaration encouraging global leaders and the participants of the United Nations Climate Change Conference in Baku (COP29) to “double down on climate action.”  This letter from the Alliance of CEO Climate Leaders, promoted by the World Economic Forum (WEF), calls on governments and companies to join forces and address challenges because “every fraction of a degree counts” in the race to net zero emissions by 2050.

In the month of June, the financial institution held nearly 50 volunteer activities worldwide in which more than 6,300 bank employees participated. With these activities, BBVA is promoting support for society and the environment through volunteering.

BBVA is reinforcing its commitment to the agricultural sector, working with four out of every ten agricultural co-ops in spain. This support is particularly significant in the food and agriculture sector - one of the most dynamic in the Spanish economy, and a real opportunity to launch new business ventures. In addition, it is a fundamental sector to tackle the demographic challenge, the fight against depopulation and the preservation of local biodiversity.

BBVA channelled €26 billion in sustainable business in the second quarter of 2024, a new quarterly record for the Group. Furthermore, the total amount mobilized in the first half of 2024 reached €46 billion, 37 percent more than the same period of 2023.

BBVA has earned a rating of EE (“strong compliance”), making it the highest-rated bank in Spain and tied for second place worldwide with other entities, according to the latest update of the Standard Ethics Rating (SER). This assessment covers the ESG scores of Europe's 40 largest banks by market capitalization.

At the 2nd BBVA Mexico Sustainability Summit recently held in Mexico City, all the companies participating in the event were urged to press ahead with their energy transition processes. The participants agreed that banks are the key enablers in this process through the funding and expert advice they provide, allowing businesses to transition toward an emission-free economy that embraces all industries and segments of society.

BBVA Chair Carlos Torres Vila stated that in the fight against climate change, "Mexico is at an advantage as it is one of the countries with the most potential  in the world in wind and solar power." He also emphasized the Group's commitment to the country's energy transition.  “We must do more to support emerging markets. They have the most natural resources and are therefore a key part of the solution," he proclaimed at the opening of the 2nd BBVA Mexico Sustainability Summit held in Mexico City.

“BBVA is a great ally for Spanish companies as they take on their sustainable transition and international expansion,” remarked Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA. His presentation was part of the 41st Seminar organized by Spanish financial press association APIE and titled ‘The role of businesses in the new economy’, being held in Santander. “At BBVA, we support and accompany our clients, and not only multinational firms, but also those companies that need more specific advice to help them continue to grow,” he said.

BBVA will issue a total amount of $50 million and the resources will be used to  finance projects focusing on reforestation, the regeneration of natural forests on degraded land, mangrove conservation or restoration, climate-smart agriculture, and wildlife habitat restoration, among others.

BBVA has received the 'Alcance 3.0' award for the 'Best Comprehensive Scope 3 Emissions Reduction Strategy'. This award, presented by the CPOnet Group, recognizes the efforts of organizations that help reduce emissions in their value chain: suppliers, customers, employees, partners, shareholders and society.

Antoni Ballabriga, Global Head of Sustainability Intelligence & Advocacy at BBVA and member of the EU High-Level Expert Group (HLEG) on Scaling Up Sustainable Finance in Low and Middle-income Countries, explains the key findings and recommendations that the HLEG will submit to the European Commission.

Garanti BBVA International, a Garanti BBVA subsidiary known for its ongoing sustainable financing initiatives, has reached an agreement with Kordsa Teknik Tekstil A.Ş. (Kordsa) for a $50 million sustainable loan.

BBVA mobilized €20 billion in sustainable business in the first quarter of 2024, up 41 percent on the same period last year. The bank is now ahead of the curve in achieving its goal of mobilizing €300 billion between 2018 and 2025, having already reached €226 billion. Of this figure, 77 percent will go toward combating climate change and 23 percent to promoting inclusive growth.

Once again, BBVA has been busy promoting sustainability training among 418 of its suppliers and SME customers across 13 countries in which it operates. A total of 552 people will soon be taking part in the UN Global Compact Sustainable Suppliers Training Programme, of whom 59% (326) are women.

In 2023, 96 percent of power consumption at BBVA Group facilities came from renewable sources, well above the 70 percent target set for 2025. In Spain, Portugal, Colombia, Uruguay, Mexico, Peru and Türkiye, 100 percent of the bank’s power usage comes from clean energy sources.

For the fourth consecutive year, on the occasion of its Annual General Meeting (AGM), the bank will donate €300,000 to social non-profits active in four areas related to the environment and inclusive growth. Asociación Talismán, Fundación Emet, Asociación Puente de Esperanza Madrid and Fundación Madre Coraje were the chosen candidates 2024.

BBVA closed 2023 reporting good progress in decarbonizing its credit portfolio. Improvements in plan delivery reached 24 percent in key sectors —such as oil and gas— for which 2030 targets were set. As of December 2023, 80% of the finance portfolio in high-emission sectors relates to clients actively managing their transition, according to the latest TCFD report published by the bank.

Garanti BBVA CEO Recep Baştuğ has secured the top spot among finance executives and seventh place overall in the latest annual "Türkiye’s Sustainability Leaders" ranking, published by the Turkish franchise of leading business magazine Fast Company.

BBVA has been recognized yet another year in the latest edition of S&P Global’s Sustainability Yearbook. BBVA is among the top 5 percent of the world’s most sustainable banks, according to this ranking published today. The yearbook distinguishes leading sustainability companies in 62 sectors.

COP28 has ended and following intense debates and difficult consensus, we have seen considerable progress in the development of sustainable cooling. Refrigeration is not only necessary for the life of numerous households - it is essential for sectors such as food, logistics, digital technology and tourism.

BBVA set a record annual figure for sustainable business in 2023: €70 billion, up 39 percent on the figure reported in 2022, as sustainability now permeates all segments and because the bank serves a wide range of industries.

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As part of its strategic commitment to sustainability and inclusive growth, Garanti BBVA continues to host its series of events around the theme 'Sustainable Future in Exports.' The fourth installment of the series—previously held in Istanbul, Gaziantep, and İzmir—unfolded this year in Bursa.

The two institutions will provide finance to boost the country's foreign trade through an expansion of the facilities at Uruguay's premier port. The total outlay comes to $340 million.

As part of its efforts to further increase financing for renewable energy projects, Garanti BBVA recently announced an agreement to provide €36.1 million in financing to Galatya Energy Production Inc. for the Işıklar Wind Power Plant.