BBVA’s Sustainable Business Grows by Nearly 60% Year-On-Year Between July and September
BBVA channeled a total of €124 billion in sustainable business between 2018 and September 2022, of which €13 billion corresponds to the third quarter of 2022, a 60% increase over the same period in 2021.
Of the €124 billion channeled by BBVA since 2018, 78% has been allocated to climate change and 22% to inclusive growth.
By product, 79% of the total channeled at the end of September 2022 was for loans and project finance, 17% for bonds and 4% for insurance, mutual funds and pension funds, among others.
By segment, 65% was channeled to the Group’s wholesale businesses (CIB); 19% to companies, 11% to retailers; and the BBVA Microfinance Foundation channeled 5%.
New sustainable business target
On October 12, BBVA announced its new sustainable business target for 2025, which it has increased to €300 billion. This figure places BBVA as one of the most ambitious European banks in terms of its sustainable business target and is an example of the bank’s commitment to sustainability, one of its strategic priorities. This new target represents a 50% increase on the goal announced in July 2021, when BBVA updated its sustainable finance roadmap. It also triples the initial ambition announced in February 2018.