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Santander US Releases Environmental, Social and Governance Report

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Santander US Releases Environmental, Social and Governance Report

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Report highlights Santander’s commitment to helping clients and communities prosper, supporting the green economy, and the impact of Santander’s five-year, $14 billion Inclusive Communities Plan

Santander Holdings USA, Inc. today announced that it is has released its 2021 Environmental, Social and Governance (“ESG”) report. The report highlight’s Santander’s commitment to building paths to prosperity through strategic work in three pillars: empowering people and businesses, fostering inclusive communities and supporting the green economy.

Santander US is committed to increasing transparency and voluntary disclosure about its business and operational activities that address critical global issues. The 2021 ESG Report outlines the impact Santander is making across key areas that are important to employees, customers and communities, its practices related to the environment and sustainability, and public commitments as a global and US financial institution.

“Santander US continues to demonstrate our focus on developing financially sustainable and equitable practices to build pathways of prosperity for the future,” said Santander US CEO Tim Wennes. “Over the last year, Santander has worked diligently to improve people’s lives, livelihoods and communities, as we continue to support the green transition. As part of Santander Group, we are working hard to fulfill our public ESG commitments and look forward to continued progress in the future.”

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Key 2021 Highlights from Santander’s strategic ESG pillars include:

  • Empowering People and Businesses – 46,000 individuals received financial education, $100 million investment in digital transformation for consumer banking, 167,000 financially empowered people, and filling 50 percent of Santander jobs with internal candidates
  • Fostering Inclusive Communities – 400+ partner organizations supported, 100,000 people helped, 25,000+ volunteer hours and $18 million in charitable giving
  • Supporting the Green Economy – 100 percent carbon neutral operations, $3.1 billion in renewable finance exposure supporting $7.8 billion in total deal size, participant in sustainability linked transactions totaling $79.2 billion, 47.7 percent electricity from renewable sources, $697 million of hybrid electric vehicle finance and 100 percent elimination of single-use plastics where feasible

The report includes the results of the first Santander US Inclusive Communities Plan. Launched in 2017, the Inclusive Communities Plan was a five-year, $11 billion commitment to community development lending and investments, charitable grants and volunteering. Santander’s investment exceeded the commitment and totaled $14 billion during the program’s tenure, including $12.1 billion in lending and $1.9 billion in investments to underserved communities, as well as $57 million in grants and more than 65,000 volunteer hours by Santander US colleagues.

Banco Santander is a global leader in renewable project finance, including financing of wind and solar projects, with a specific, global expertise in offshore wind. In the US Santander has supported more than $24 billion of debt in new transactions since 2018, including Project Finance ESG and Fund Finance ESG deals. In 2021 Santander US provided construction and term financing of the first large-scale (800 MW) offshore wind farm off the coast of Massachusetts. Vineyard Wind I is expected to generate renewable energy for more than 400,000 homes and businesses, while reducing carbon emissions by more than 1.6 million tons per year.

The success of Cultivate Small Business, a Santander US signature community development program for business incubators, is also featured in the report. Launched in 2017, Cultivate helps early-stage food-based entrepreneurs, especially women, individuals of color and immigrant-owned businesses. The immersive program provides industry-specific education, coaching and mentorship, professional networks and capital seed grants. In 2021, the program expanded from Boston to two additional locations in New Jersey, and tripled the number of graduates to more than 90. In 2022, the program will expand to six key markets across Santander US’ footprint, including Boston, New Jersey, New York City, Philadelphia, Dallas and Miami.

The Santander US ESG Report, formerly the firm’s Corporate Social Responsibility Report, was prepared in accordance with the Global Reporting Initiative (GRI) Standards: core option. Santander also uses several other standards, principles and frameworks to inform its reporting.

Source: Santander US

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