The effects of climate change are already being felt: more droughts, more forest fires, increasingly intense precipitation, extreme weather events and rising sea levels. The climate scenarios prepared by the State Meteorological Agency (AEMET) show a 15% decrease in total precipitation over the Iberian Peninsula by the year 2100. A forecast that is in line with the calculations of the Intergovernmental Group of Experts on Change Climate (IPCC), which point to a 5% increase in the duration of dry periods and 15% fewer rainy days. Given this scenario, institutions, citizens and companies are called to stop global warming in the fields of energy, industry and transport, to reduce the effects of greenhouse gases before it is too late.
There is no turning back. Climate change has become an emergency and is already the greatest challenge facing humanity. One that has challenged the way we do things. Only by changing our habits can we mitigate some effects that are already being felt in our day to day. The key is to raise awareness and act to ensure a future in which sustainability is not an objective, but a reality. And so it has been claimed, this Monday, June 5, World Environment Day.
To keep global warming below 1.5°C this century, we must halve annual greenhouse gas emissions by 2030. If we don't act now, exposure to polluted air will increase by 50% in this decade , while plastic waste flowing into aquatic ecosystems could triple by 2040. These will not be the only consequences. Time is running out and nature is in an emergency situation.
As one of the largest banks in the world, Banco Santander is committed to moving towards a low carbon economy. To this end, it has financial products and services designed to support all its clients on their path towards sustainability: mortgages with energy certificates, financing of solar panels, smart meters, infrastructure and clean transport or sustainable, protected agricultural activities and projects. for the conservation and preservation of land and forests, among other solutions.
In addition, Santander is an example of leadership in the financing of renewable energies. The entity closed 2022 as one of the two main world leaders in renewable energy financing, with a total amount of more than 5,100 million euros in 78 operations. Of all the projects financed or advised, those that were new prevented the emission of 152 million tons of CO2 into the atmosphere.
Santander's commitment to reducing its environmental footprint begins with its own operations. The entity reduces and offsets CO2 emissions, continues to minimize its waste and works to raise awareness among its employees regarding the problems and needs of the planet. As a result, since 2011, it has reduced electricity consumption by 33%, CO2 emissions by 71% and the use of paper by 80%, through the different energy efficiency and sustainability initiatives implemented.
All these actions are included within the ambitious plan in which the bank has been immersed since 2021 with a single purpose: to reach zero net carbon emissions in 2050 to support the objectives of the Paris Agreement on climate change. This plan affects both the group's own activity and all the issues of its clients derived from any of the financing, advisory or investment services offered by the entity.
Among the main milestones of this great commitment are having managed to be carbon neutral in its own activity since 2020, the elimination of 100% unnecessary single-use plastic in all its buildings in 2021; and that in markets such as Spain, 100% of the electricity used by the entity already comes from renewable energies, with 88% at the Group's global level, with the aim of reaching 100% by 2025.
This in terms of what has already been achieved, because with respect to what remains to be done, in 2030, the entity will have stopped providing financial services to clients of electricity generation whose income depends on more than 10% of coal thermal. In addition, it will completely eliminate your exposure to thermal coal mining around the world. Also in 2030, the entity will have increased green financing to 220,000 million euros since 2019. In this way, and while it continues to make progress on its intermediate objectives for the rest of the sectors, Banco Santander seeks to have achieved zero carbon emissions throughout the group to support the goals of the Paris Agreement.
In addition to all this work, Santander contributes to the green transition by promoting a large number of entrepreneurship initiatives linked to sustainability and focused on promoting the development of projects that aim to contribute to building a more sustainable future. This is the case of the 'Santander X Global Environmental Challenge', to support entrepreneurs committed to the environment and with innovative ideas; ‘Santander X Global Challenge | Food for the Future', an initiative to locate startups and scaleups from different countries that contribute innovation in food technology to generate a lasting socioeconomic impact for millions of people around the world; or 'Santander X Global Challenge', among others, for startups and scaleups that promote the race to achieve zero carbon emissions in various areas of the automotive sector.
