Santander US Releases ESG Report
Banco Santander, S.A.
Santander Holdings USA, Inc. announced the release of its Environmental, Social, and Governance (ESG) report for the year 2021. The report highlights Santander's commitment to generating prosperity through strategic work in three pillars: empowering people and businesses, fostering inclusive communities, and supporting the green economy.
Santander US is committed to increasing its business and operational efforts that address major global concerns in terms of openness and voluntary disclosure.
The 2021 ESG Report highlights Santander's contributions in key areas that are essential to employees, customers, and communities, as well as its environmental and sustainability practices and public obligations as a global and U.S. financial institution.
Santander US CEO, Tim Wennes, said:
"Santander US continues to demonstrate our focus on developing financially sustainable and equitable practices to build pathways of prosperity for the future. Over the last year, Santander has worked diligently to improve people’s lives, livelihoods, and communities, as we continue to support the green transition. As part of Santander Group, we are working hard to fulfil our public ESG commitments and look forward to continued progress in the future.”
The report includes Santander's first Inclusive Communities Plan. The 2017 Inclusive Communities Plan committed $11 billion to community development lending, charitable donations, and volunteering.
Santander's investment over the programme's lifetime totalled $14 billion, including $12.1 billion in lending and $1.9 billion in investments to underrepresented communities, $57 million in grants, and more than 65,000 volunteer hours by Santander US colleagues.
Banco Santander is a global leader in renewable project finance, including wind and solar, with offshore wind experience. Santander has sponsored $24 billion in new debt transactions in the US since 2018, including project finance and fund finance ESG arrangements.
Santander US financed the first 800 MW offshore wind farm off Massachusetts in 2021. Vineyard Wind I will create renewable electricity for more than 400,000 households and businesses and reduce carbon emissions by 1.6 million tonnes per year.
The report also highlights Santander US's Cultivate Small Business initiative for business incubators. Cultivate helps early-stage food entrepreneurs, notably women, minorities, and immigrants. The immersive programme includes industry-specific education, mentoring, professional networks, and capital seed grants.
In 2021, the programme expanded to two New Jersey locations and graduated more than 90 students. In 2022, the programme will expand to Boston, NJ, NYC, Philadelphia, Dallas, and Miami.
The Santander US ESG Report, formerly the firm's CSR Report, was compiled using GRI's core option. Santander uses different reporting standards, concepts, and systems.