Carlos Torres Vila, Chairman of the Board of BBVA, said: “We have decided to triple our 2018-2025 target and allocate €300 billion to the financing of sustainable activities”
Garanti BBVA’s main shareholder, BBVA, has once again increased its target for the climate crisis and sustainable development strategy to €300 billion.
According to the statement made by Garanti BBVA, BBVA increased the €100 billion it will provide to sustainable operations between 2018-2025 to €200 billion last year. Tripling its target with the last announced increase, BBVA provided €124 billion of financing until September 2022 within the scope of sustainable business investments. 78% of this financing was used for climate crisis and 22% for inclusive growth.
BBVA Chairman of the Board Carlos Torres Vila, whose views are included in the statement, emphasized that there is a need for an investment of $275 trillion worldwide until 2025 for the financing of sustainable activities.
Noting that sustainability has become a business opportunity, Vila said, “We started to provide sustainable finance very quickly. In September 2022, we exceeded our initial target of €100 billion financing for 2018-2025. For this reason, we have decided to triple our 2018-2025 target and allocate €300 billion to the financing of sustainable activities. Thus, we became the bank that set the most ambitious target for sustainable business in Europe. But more importantly, we show concretely how much we care about sustainability, which has become one of our strategic priorities. In the period we live in, more efforts are needed to support clean energy and to combat the climate crisis and inequality. World; is changing rapidly in the axis of digitalization, the presence of new transformative technologies and decarbonization. We have to adapt to these changes.”
Garanti BBVA will provide ₺150 billion for its sustainable finance
According to the statement, Garanti BBVA, part of the BBVA Group, contributes to this commitment with its pioneering practices in combating the climate crisis, transitioning to a low-carbon economy and inclusive growth. Continuing to support its customers in adopting more sustainable business models with innovative products and services, Garanti BBVA aims to provide a total of ₺150 billion for financing sustainable activities in 2018-2025 for the fight against the climate crisis and sustainable development.
As one of the leading banks of renewable energy financing in Turkiye, Garanti BBVA diversifies its portfolio with new products and projects, and most of the green projects financed in 2022 consists of renewable energy and clean transportation. In addition, it expands its sphere of influence by providing financing on waste management, green debt instruments, leasing, green products, clean production, green housing, sustainable agriculture, energy efficiency, green vehicles, water efficiency and infrastructure. On the other hand, in social financing, the financing provided to women entrepreneurs constitutes the largest area of influence. The bank, which carries out activities to encourage participation in the workforce with the aim of gender equality and women’s empowerment, offers special loan support to women entrepreneurs within the scope of the Women Entrepreneur Program.
Source: AA / Translated by Irem Yildiz