Spain’s BBVA ups sustainable finance target 50% to 300 bln euros

MADRID, Oct 12 (Reuters) – Spain’s BBVA (BBVA.MC) has raised its sustainable finance goal to 300 billion euros ($291 billion) for the interval between 2018 and 2025 from a present purpose of 200 billion euros, the lender’s chairman, Carlos Torres, mentioned on Wednesday.

The choice comes throughout a world vitality market disaster and mounting stress on monetary establishments to cease funding fossil gasoline industries. Final week, BBVA mentioned it will work with oil and gasoline shoppers in its credit score portfolio with the goal to scale back their world carbon emissions by 30% by 2030.

“The present second requires us all to extend our efforts to help clear vitality and struggle local weather change and inequality,” Torres mentioned on the sidelines of an annual assembly of the Institute of Worldwide Finance in Washington.

In 2018, BBVA, one of many largest introduced its first sustainable financing goal of 100 billion euros, which was doubled three years later to 200 billion euros.

Between January 2018 and June 2022, BBVA reached a complete of 112 billion euros in such financing, with 77% associated to local weather motion and 23% to inclusive progress, it mentioned.

By segments, 65% comes from company and funding banking operations for big shoppers, adopted by corporations and retail financing.

($1 = 1.0305 euros)

Reporting by Jesús Aguado; Modifying by Andrei Khalip and Josie Kao

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