On March 5, 2021 BBVA announced its decision to stop financing coal-related activities by 2030 in developed economies and by 2040 in emerging economies. BBVA will continue to support the financing of renewable and sustainable energy projects for these companies, in order to help them tackle their energy transition process.
In addition, the bank committed to achieving carbon neutrality by 2050, in terms of both its own emissions (which it has already achieved) and of its customers’ and clients’ emissions. BBVA is Europe’s most sustainable bank and the world’s second, according to the Dow Jones Sustainability Index.
Throughout 2021 BBVA will continue unveiling its plans and targets to support the decarbonization efforts of its clients in carbon-intensive sectors: oil, gas, automotive, steelworks, cement and transport. Together with coal, these sectors account for two thirds of all global emissions. In short, to work on plans that will contribute to delivering on its 2050 net zero emissions goal, in line with the goals of the Paris Agreement.
Sustainability criteria
Regarding the criteria to determine which activities qualify as sustainable, BBVA follows the EU guidelines specified in the European taxonomy for sustainable finance. The current taxonomy establishes a list of environmentally sustainable economic activities in relation to climate change adaptation and mitigation objectives. Therefore, for an economic activity to be aligned with the taxonomy, it has to be proven to contribute to these environmental objectives. For example, power generation activities using solid fossil fuels are not deemed environmentally sustainable and therefore cannot be incorporated into the taxonomy.
The EU taxonomy is a work in progress and continues evolving to cover new concepts, such as social and biodiversity related objectives. As for transactions outside the current EU taxonomy, BBVA follows the principles of said taxonomy and international market standards.
BBVA will continue expanding the information regarding its sustainable financing activities in its public reports, which will be drawn up in line with best international practices.
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