BBVA continues in its quest to fight climate change. The financial institution, chaired by Carlos Torres, announced this Thursday at the IFF Annual Membership Meeting, which is being held in Washington, that it is tripling its initial goal of financing sustainable projects to 300,000 million by 2025. In 2018, the bank set as a goal to finance 100,000 million. In July of last year it raised that figure to 200,000 million and now it goes up one more step and places it at 300,000 million.
The reason? That from 2018 to July of this year it has already granted financing for non-polluting projects worth 112,000 million. 77% of that funding has been dedicated to climate action and 23% to inclusive growth.
By segments, 65% went to investment and corporate banking operations for large clients; 18% for smaller companies and 17% for retail financing. By products, 72% was granted through loans, 19% bonds, 5% project finance and 4% SRI investment funds.
BBVA has already announced that it will stop financing oil, gas and coal companies for their polluting projects. The objective is for this type of company to transform its strategy towards non-polluting projects and advance in the energy transition.
