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HomeLatest NewsBBVA mobilizes 30% more capital in sustainable businesses up to 19,000 million

BBVA mobilizes 30% more capital in sustainable businesses up to 19,000 million

Date: October 2, 2023 Time: 08:15:28

The green commitment of companies continues to increase. Banking is not far behind and has begun to raise its strategy to decarbonize its portfolio and scope emissions for the 1st, 2nd and 3rd quarter of this year. This amount represents an increase of 30% compared to what was recorded in the same period last year.

The entity has detailed through a press release that, in total, since 2018 it has mobilized 169,000 million euros in sustainable business, which is why it already exceeds half of the objective of 300,000 million for the period 2018-2025. BBVA’s global head of sustainability, Javier Rodríguez Soler, explained that since 2018 “77% of our sustainable business has been allocated to climate action, while 23% has been aimed at promoting inclusive growth”, being ” the two strategic focuses to accompany our clients in their transition plans towards a more sustainable world”.

By customer, in the accumulated history, 63% is channeled through the ‘corporate investment banking’ (CIB) area; 21% through business banking; 12% retail and 4% through the BBVA Microfinance Foundation. By product, 74% of the sustainable business corresponds to corporate financing; 18% to bonds from third-party intermediaries where BBVA acts as ‘bookrunner’; 4% to project financing and 4% to investment products managed, intermediated or marketed by the company itself.

Throughout the second quarter of the year, the corporate business has channeled around 10,800 million euros (57% of the total), with special relevance of corporate bonds, which have experienced an increase of 91%, reaching 2,634 million.

For its part, the business of companies has mobilized around 6,500 million euros (34% of the total), a section in which the financing aimed at promoting or improving energy efficiency has stood out with 1,246 million, which more than doubles the figure from last year. Ultimately, the retail business has mobilized around 1,300 million euros (9% of the total).

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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