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Sustainability and Responsible Banking

Sustainability and Responsible Banking

As part of its ongoing commitment to financial education, BBVA USA hosted its third annual Financial Education Forum, a virtual event designed to provide insight on the state of financial health in the U.S. This year’s event featured a presentation of Financial Health Pulse 2020 U.S. Trends, which provides an ongoing snapshot of the financial lives of people in America.

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BBVA has invested €91.4 million in financial education programs that have benefited 29.2 million people (almost the equivalent of the population of Peru) since 2008, the year in which it launched its Global Financial Education Plan. On the occasion of the European Money Week and Global Money Week celebrations, BBVA also announced that in 2020 it devoted a total of €2.7 million to fund these initiatives that contribute to promoting financial health among communities.

Sandra Ceballos is a single mother who besides tending to the needs of her four children, also takes care of the environment through her recycling business. Jessica Quipainao, also the primary breadwinner in her household, preserves her Mapuche heritage by making jewelry. Johana Jurado sells garments to leave a legacy for her daughter, and therefore strives to keep this small business afloat. They are just three of the 1.5 million women entrepreneurs across five Latin American countries that are thriving with help from the BBVA Microfinance Foundation (BBVAMF). Thanks to this work and its development finance initiatives, the Foundation is the top contributor to gender equality, according to the latest report by the Organisation for Economic Cooperation and Development (OECD).

BBVA increased its investment in social programs and initiatives by 25 percent, from €113.8 million in 2019 to €142.2 million in 2020, directly benefiting 12.2 million people. Additionally, the institution has promoted access to various training platforms to more than 15.6 million people. In 2020, BBVA's social initiatives reached a total of 27.8 million people in countries where the Group is present.

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Placing the core values of its corporate culture at the heart of its banking activities, Garanti BBVA issued its Integrated Annual Report 2020 with the concept "The Meaning We Attach to Words". Integrating the real life reflections of its commitments to the society alongside economic indicators in its legal annual reporting, Garanti BBVA also describes the sustainability principles it has implemented in the process.

BBVA will reduce to zero its exposure to coal-related activities, stopping the financing of companies in this business by 2030 in developed countries, and by 2040 in the rest of the countries of its footprint. This decision, which is included in the updated BBVA's Environmental and Social Framework, is in line with the Intergovernmental Panel on Climate Change’s (IPCC) proposal. This aims to limit the rise in temperatures to a maximum of 1.5ºC and achieve the ambition of a carbon neutral economy in 2050.