BBVA sets intermediate targets to decarbonize its portfolio
Spain's BBVA on Wednesday said it had set intermediate targets to decarbonize its portfolio in four CO2-intensive industries as part of the lender's sustainability policy.
Growing public pressure for action on climate change has spurred promises by countries and companies worldwide to contribute to the effort, which is under reviewed at Glasgow COP26 summit, which runs from Oct. 31 to Nov. 12.
BBVA said on Wednesday that between 2020 and 2030 it will reduce carbon intensity in its loan portfolio by 52% in electricity generation; 46% in automobile manufacturing; 23% in steel production; and 17% in cement production.
These sectors, together with coal, account for 60% of global CO2 emissions, it said.
In 2021, the bank decided to stop financing companies engaging in coal-related activities by 2030 in developed countries, and by 2040 across the remainder of its footprint.
It has also pledged to achieve net-zero emissions by 2050, both in direct emissions and indirect emission, and expects to channel 200 B euros between 2018 and 2025 in sustainable financing.
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