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- Record Growth: €26B in sustainable business in Q2 2024, a new quarterly record.
- Strong Momentum: Triple-digit growth in project finance, driven by renewable energy and cleantech.
- Continued Commitment: Total of €252B mobilized in sustainable business since 2018.
BBVA achieved a new milestone in sustainable business, channeling €26 billion in the second quarter of 2024. This marks a record for the Group, contributing to a total of €46 billion mobilized in the first half of 2024—an increase of 37% compared to the same period in 2023.
“An important catalyst of this record figure was the significant momentum in project finance, which saw triple digit growth (+149 percent in the first six months of the year over the same period in the previous year). This was driven by financing for renewable energy and cleantech,” said Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA.
From January 2018 to June 2024, BBVA has mobilized €252 billion in sustainable business, progressing steadily towards its goal of €300 billion by 2025. Of this, 77% is dedicated to combating climate change and preserving natural capital, while 23% supports inclusive growth.
The corporate banking unit channeled €15.8 billion from January to June 2024, a 57% increase from the previous year. In Q2 alone, €9 billion was mobilized, focusing on solutions for energy efficiency, vehicle fleet renovation, and water footprint reduction. Notably, financing for agribusiness, water, and the circular economy rose to €655 million, a 74% increase.
Corporate and Investment Banking (CIB) directed €25 billion in the first half of 2024, growing 32% from the same period in 2023. In Q2, the channeling amounted to €13.8 billion. The segment emphasized financing for clean technologies and renewable energy, contributing €402 million in Q2, more than double from last year.
The retail business saw €5.3 billion channeled between January and June 2024, up 12% year-over-year. In Q2, it mobilized €2.8 billion. BBVA promoted personalized digital solutions for energy savings, highlighting hybrid and electric vehicle purchases, totaling approximately €164 million, a 130% increase.
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In May, BBVA added the real estate sector in Spain and the global aluminum industry to its 2030 emission reduction targets, joining eight other sectors with set targets.
Additionally, BBVA Colombia, in collaboration with the International Finance Corporation (IFC), announced the issuance of the finance sector’s first biodiversity bond, expected to raise up to $70 million. The funds will support projects in reforestation, mangrove conservation, climate-smart agriculture, and habitat restoration.