The chairman of the entity, Carlos Torres, believes that it is necessary at this time to “double the efforts in favor of clean energy”
BBVA announced on Wednesday that it will increase its sustainability target and channel 300,000 million euros in sustainable finance between 2018 and 2025. This means that the target announced in July last year will be increased by 50% and the original target will be tripled. “Sustainability is a growth engine for BBVA, and this has been demonstrated with sustainable financing records in recent quarters,” they point out.
This figure places BBVA as one of the leading European banks in the ambition of sustainable mobilization measured in relation to the total assets of the entity. While participating in a conversation with Tim Adams, president and CEO of the IIF in Washington, President Carlos Torres emphasized that the present moment requires that “we all redouble our efforts in favor of clean energy and against climate change and inequality”.
In his speech, the BBVA chairman also addressed the key global economic challenges at a time of unprecedented uncertainty, such as inflation and monetary policy, the energy crisis or supply chain problems. He also referred to the three trends that he believes are redefining the world: digitalisation, the emergence of new transformative technologies and decarbonisation.
In that sense, he assured that BBVA is very well positioned to meet these challenges. In terms of decarbonisation, major investments are needed in all sectors (energy, transport, aviation…). Some estimates put it at more than 8% of global GDP every year until 2050. That is why BBVA announces its commitment to “contribute to the global collective effort for more sustainable and inclusive growth, leaving no one behind”.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
