BBVA will reduce its exposure to coal-related businesses to zero, serving to companies in these activities by 2030 in developed countries and by 2040 in the other countries in which it is present. In 2018, BBVA committed to aligning its credit portfolio with the goals of the Paris Agreement, and supports the need to achieve zero net carbon dioxide emissions by 2050.
“At BBVA, sustainability is an essential part of our strategy, including the fight against climate change, which is one of the biggest disruptions facing humanity. Since 2018, the bank has mobilized more than 50 billion euros in sustainable financing, so, according to its objectives, it is well ahead of mobilizing 100 billion by 2025,” said Carlos Torres Vila, president of BBVA.
“Today we have taken another very important step, committing ourselves to reducing our exposure to coal-related activities to zero. We will actively accompany our clients on this path, supporting them with funding and advice in their transition to sustainable models,” he added.
According to the commitment, companies that base more than 5 per cent of their income on coal-based activities will no longer be financed. Companies that exceed this threshold will only be able to receive funding for renewable and sustainable energy projects. The definition of the threshold is in line with the science-based target initiative, an initiative that proposes a methodological approach to setting science-based decarbonization goals.