In a landmark achievement, BBVA has surpassed its €300 billion sustainable business target a full year ahead of its 2025 deadline. The bank channeled an impressive €99 billion into sustainable initiatives in 2024, bringing its total sustainable investments from 2018 to 2024 to €304 billion. This early success underscores BBVA’s growing role in the global push for sustainability, driven by climate action and social impact.
Strategic Focus on Climate Action and Social Good
A significant portion of the funds, 78%, went toward climate action and preserving natural capital, with a strong focus on decarbonization, water resources, and the circular economy. The remaining 22% was dedicated to social initiatives, including education, healthcare, financial inclusion, and supporting entrepreneurs.
A Sustainable Business Opportunity
Javier Rodríguez Soler, BBVA’s Global Head of Sustainability and Corporate Banking, expressed the bank’s commitment to sustainability as not only a corporate responsibility but a significant business opportunity. “Sustainability is a great business opportunity… an even bigger and more accelerated opportunity than we thought,” Soler said. He highlighted BBVA’s continued focus on decarbonization and new technologies as key priorities in its long-term strategy.
Key Investments and Strategic Initiatives in 2024
The bank also made notable strategic moves in 2024 to further its sustainability objectives:
- Houston Sustainability Hub: Expanding its presence in the U.S., the hub is focused on financing the energy transition and decarbonization.
- KKR Partnership: BBVA committed $200 million to KKR’s global climate strategy, which supports large-scale low-carbon solutions.
A Growing Commitment to Green Technology
BBVA’s accelerated investment in green technology and renewable energy is positioned as a response to rising energy demands and increasing profitability in the renewable sector. The bank has also become an active participant in leading climate-focused funds, aimed at scaling unproven technologies with the potential for significant emission reductions.
Why This Matters
BBVA’s early achievement of its €300 billion target highlights the growing role of the financial sector in driving sustainable transformation. The bank’s proactive stance in financing the global transition to a low-carbon economy further positions it as a key player in the ongoing fight against climate change.
| La Vela building, Madrid BBVA Picture by Alberto de Francisco CC BY 2.0 |
