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Coronavirus 11 Jun 2020

BBVA co-signs a letter to promote renewable energy in the European recovery

BBVA is the only Spanish bank to have signed a declaration calling for the need to include investing in renewable energy in the economic reconstruction plan proposed by the European Commission. It is one of the private sector’s latest calls to action to governments that are “committed to a green recovery, once the worst of the COVID-19 crisis is over.”

The manifesto, which has been signed by 43 of Europe’s largest consumers of renewable energy and 12 major suppliers, was sent today to the European Commission and the member states of the European Union. It appeals to the ‘Next Generation’ plan recently announced by the European Commission to “guarantee a sustainable, uniform, inclusive and fair recovery for Member States.” It is a “unique opportunity to maintain momentum and accelerate the renewable energy deployment to spur the recovery.”

The letter is promoted by the European Platform for Corporate Renewable Energy Sourcing (Re-Source) and includes both energy consumers and suppliers. RE100, an alliance the world’s largest companies committed to 100 percent renewable energy, and CDP, an organization that measures the environmental impact of emissions, are also part of this platform, among others.

“At BBVA, as a RE100 committed bank, we are firmly convinced that corporate sourcing of renewables must be a key driver for Europe’s green economic recovery,” said Antoni Ballabriga, BBVA’s Global Director of Responsible Business.

“The banking industry is ready to provide the financial solutions to promote this change at scale together with the concrete actions to take under the umbrella of the Next Generation EU plan proposed by the European Commission,” he explained.

Antoni Ballabriga: “Corporate sourcing of renewables must be a key driver for Europe’s green economic recovery”

On June 19th, the €750 billion COVID-19 economic stimulus package proposed by the European Commission will be debated among European leaders. Signatory institutions view it as a “once-in-a-lifetime opportunity for the EU to comply with the Green New Deal and position Europe as a global leader in the renewable energy industry.”

The manifesto calls for policies that promote investment in renewable energy sources. It also recalls that measures of this kind “will generate millions of jobs” and help the EU fulfill its sustainable development goals. Specifically, it states that it helps “support the competitive decarbonization of the EU and contributes to achieving the EU’s target of reaching 32 percent renewable energy by 2030.” This is included in the directive from December 11, 2018 regarding the promotion of the renewable energy and reaching “net zero emissions for 2050” – the goal established in European Green Deal.

BBVA and renewable energy

BBVA joined the RE100 initiative in 2018, through which it has committed to obtain 100 percent of the energy it consumes around the world from renewable sources by 2030 (70 percent in 2025).

These goals are part of the bank’s Pledge 2025, which aims to help achieve the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.

In Spain, BBVA has acquired renewable energy through the guarantee of origin modality since 2015. In 2018, it signed a long-term power purchase agreement (PPA) with Endesa to obtain its renewable energy from a wind farm. The wind farm began producing energy in January 2020, is located in Villamayor de Gállego (Zaragoza), and supplies 30 percent of the energy BBVA consumes in Spain – both in corporate buildings and in the bank’s network of branches. Endesa provide the remaining 70 percent through a traditional supply model based on certified green energy.

The signing of long-term renewable energy purchase agreements is a supply modality that enhances commitment to sustainability while allowing for economic savings.

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