BBVA Achieves €70B Record in Sustainable Business

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by KnowESG,

BBVA, S.A.

KnowESG_BBVA Achieves €70B Record in Sustainable Business
Image courtesy of BBVA

BBVA achieved a milestone in 2023, reaching a record annual sustainable business figure of €70 billion.

This marked a substantial increase of 39 per cent compared to 2022, reflecting the pervasive integration of sustainability across all sectors it serves.

Carlos Torres Vila, Chair of BBVA, said that the figure had doubled from two years prior and increased more than fivefold from five years ago. He also said that the ongoing upward trajectory of sustainability is a growth opportunity for the bank.

The growth in sustainability integration varied across sectors in 2023: 99 per cent in corporates, 43 per cent in retail banking, and 20 per cent in Corporate & Investment Banking (CIB).

BBVA attributed this impressive growth to the strategies implemented in each segment. For corporates, this involved enhancing capillarity through specialised teams and sustainable solutions. In retail banking, the focus was on launching tailored digital solutions for mass consumers, particularly in savings. Meanwhile, CIB prioritised proactive sector-specific advice and capitalising on sustainability transition opportunities.

BBVA's success in driving sustainable business is evident in its mobilisation of €206 billion from 2018 to 2023, putting it on track to achieve its €300 billion target by 2025.

In 2023, 78 per cent of BBVA's sustainable business was allocated to climate action, with the remaining 22 per cent dedicated to fostering inclusive growth. This entails initiatives such as financing social mortgages, supporting social infrastructure projects like hospitals and schools, and assisting vulnerable entrepreneurs, particularly in South America.

BBVA's strategic focus revolves around supporting customers in their transition to a more sustainable world, with a particular emphasis on combating climate change, conserving natural capital, and promoting inclusive growth.

The bank's commitment to sustainability is reflected in its strategic priorities, which include channelling €300 billion into new sustainable businesses by 2025 and achieving net zero emissions by 2050. BBVA has set decarbonisation targets for various sectors and actively engages with stakeholders to drive sustainability within the financial system.

In recognition of its efforts, BBVA was named the most sustainable bank in Europe for the fourth consecutive year in 2023 by the Dow Jones Sustainability Index, a leading global benchmark for sustainability.

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Source: BBVA

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