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BBVA earmarks € 150 bn for sustainable business from 2018 to 2023
BBVA has channeled 150 billion euros in sustainable business from 2018 to March 2023, half of the €300 billion target set for the 2018-2025 period.
Nearly 14 billion euros was mobilized in the year’s first quarter, an increase of almost 20 percent compared to the same period in 2022.
“Quarter after quarter we are making good progress towards achieving our sustainable business goal for 2025,” said Javier Rodríguez Soler, BBVA’s Global Head of Sustainability, commenting on these results.
“These quarterly growth rates are marked by the consolidation and extension of sustainable business to all segments. In this regard,operations with medium-sized companies are becoming increasingly important, especially in Spain, Mexico and Turkey,” said Javier Rodríguez Soler.
“In the case of large companies, we have specific action and transition plans for each client. We have set targets and decarbonization plans for six emission-intensive sectors. Incorporating sustainability into our business, in all sectors and throughout the economic structure, is the best way to make it possible at a global level,” he concluded.
About 79 percent of the 150 billion euros mobilized between 2018 and March 2023 has been earmarked to favor action against climate change, while 21 percent has been directed at promoting inclusive growth. Both are BBVA’s two strategic focuses to guide and assist its customers in their transition plans towards a more sustainable world.
In commercial banking, financing related to energy efficient buildings stands out, such as developer loans or energy efficiency measures where the amount channeled has risen 50 percent over the same quarter last year and for which Spain was fundamental, growing 57 percent in this line.
In corporate banking, momentum in the market for brokered bonds in which BBVA acts as bookrunner stands out. In this quarter, mobilization related to the brokerage of these bonds saw an increase of 102 percent over the same quarter last year, primarily driven by greater volume of green bonds, which stands out with anincrease of 103 percent compared to the same quarter last year.
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