BBVA has achieved a significant milestone in sustainable finance by channeling €71 billion into sustainable business initiatives in the first nine months of 2024. This figure represents a remarkable 44% increase compared to the same period last year, propelling the bank closer to its ambitious target of €300 billion set for 2018 to 2025. According to Javier Rodríguez Soler, the Global Head of Sustainability and Corporate and Investment Banking at BBVA, the bank is on track to exceed its initial projections for this target. Since 2018, €276 billion has been mobilized, with 77% allocated towards combating climate change and conserving natural resources, while 23% focuses on promoting inclusive growth.
The contributions from BBVA’s Corporate and Investment Banking (CIB) unit have been particularly noteworthy, providing €37 billion in sustainable funding—an increase of 38% from the previous year. In just the third quarter of 2024, €13 billion was directed towards sustainability initiatives, including a substantial €690 million earmarked for renewable energy projects, with a significant share going to U.S. efforts.
Additionally, BBVA’s company banking unit has emerged as a leader in sustainable finance, channeling €24 billion in the same nine-month timeframe, reflecting a robust 55% year-over-year growth. The focus areas include energy efficiency, natural capital financing, and significant investments in agriculture, water, and circular economy initiatives.
The retail segment also saw promising growth, achieving €9 billion in sustainable financing—up 41% from last year—largely driven by financing for hybrid and electric vehicles. Notably, vehicle financing surged by 106% in the third quarter.
In a strategic move to further its sustainability agenda, BBVA launched a new sustainability hub in Houston, designed to support U.S. energy transition goals and to enhance its offerings in clean technologies and renewable energy. This hub adds to BBVA’s existing teams in key financial centers like New York, London, and Madrid, reinforcing its commitment to assist businesses in their transitions toward more sustainable practices.
As BBVA continues to advance its sustainable finance initiatives, it plays a pivotal role in fostering global decarbonization efforts and supporting the transition to sustainable business models.