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• Record Growth: BBVA reached €71 billion in sustainable business by September 2024, marking a 44% increase from last year and accelerating its path to the €300 billion target by 2025.
• CIB and Corporate Leadership: The Corporate and Investment Banking (CIB) unit mobilized €37 billion, focusing on clean technologies and renewable projects, with the U.S. as a critical contributor.
• Sustainability Hub Expansion: BBVA launched a new sustainability hub in Houston, supporting U.S. energy transition goals and focusing on renewable and clean technologies.

BBVA has reached a remarkable milestone in sustainable finance, channeling €71 billion into sustainable business initiatives from January to September 2024. The bank’s significant growth represents a 44% year-over-year increase, positioning it closer to its €300 billion target for 2018–2025.

“We are ahead of our initial projections to reach the €300 billion target…if we keep up this pace, we will achieve our goal earlier than expected,” stated Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA, noting that €276 billion has already been mobilized since 2018.

Of the €276 billion, 77 percent correspond to the fight against climate change and conservation of natural capital, while the remaining 23 percent was allocated to inclusive growth.

CIB Increases Sustainable Business by 38%

BBVA’s Corporate and Investment Banking (CIB) unit has been instrumental, contributing €37 billion in the first nine months of 2024—a 38% increase from last year. In the third quarter alone, €13 billion was directed toward sustainability initiatives, including cleantech and renewable energy projects. Financing for renewable energy reached €690 million, with over half of this directed to U.S.-based projects.

Companies Show Highest Growth at 55%

The company banking unit led sustainable finance growth, with €24 billion channeled from January to September, reflecting a 55% year-over-year increase. Key areas included energy efficiency and natural capital financing, with notable allocations to agrobusiness, water, and the circular economy, which saw nearly €600 million in Q3 2024.

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Retail Demand for Hybrid and Electric Vehicles

BBVA’s retail segment reached €9 billion in sustainable financing, a 41% year-over-year increase, primarily driven by financing for hybrid and electric vehicles. The retail business recorded €192 million in vehicle financing in the third quarter alone—a 106% jump from the previous year.

Houston Hub for U.S. Energy Transition

BBVA expanded its sustainability operations with a new hub in Houston, aiming to lead U.S. energy transition financing. The Houston office joins BBVA’s other sustainability-focused teams in New York, London, and Madrid, supporting industries involved in clean technologies, energy efficiency, and the circular economy.

As BBVA accelerates its commitment to sustainable finance, the bank continues to provide financing solutions and advice for companies transitioning to sustainable models, reinforcing its role as a key player in global decarbonization efforts.