BBVA channels nearly €100 billion into sustainable business in emerging economies since 2025
BBVA Chairman Carlos Torres Vila and CEO Onur Genç have participated in several events during COP31, taking place in Antalya, Türkiye. In their remarks, they highlighted that the bank has channeled €250 billion into sustainable business since January 2025, of which nearly €100 billion¹ has been directed towards emerging economies, primarily Mexico, Türkiye and South America, and nearly €60 billion towards electrification. During the summit, both executives emphasized the importance of mobilizing private investment to accelerate the energy transition and turn climate commitments into concrete projects. “The challenge is to turn climate commitments into real investments, and BBVA wants to continue playing a key role in making that happen,” said Carlos Torres Vila.
¹The sustainable business figure for emerging economies excludes Asia.
"I want to convey a clear message: we have a major opportunity. Many sustainable solutions are already the most economically attractive, strengthen energy autonomy and help reduce emissions. The challenge is to turn climate commitments into real investments. And BBVA wants to continue playing a key role in making this happen," he emphasized at the United Nations Climate Change Conference (COP31).
"In emerging markets, such as Türkiye, Mexico and South America, we have channeled nearly €100 billion. These markets offer enormous growth opportunities, but also have significant financing needs," added Carlos Torres Vila. These markets accounted for 37% of the sustainable business channeled by the bank globally over the same period. Transactions cover areas such as renewable energy, energy efficiency, infrastructure, agriculture, water management, the circular economy and financial inclusion.
He also highlighted the importance of public-private collaboration: "Working together is essential: businesses, institutions and financial institutions must collaborate to turn these opportunities into viable, bankable projects."
One of the COP31 Presidency's priorities is to accelerate electrification, with the ambition of increasing electricity's share of final energy demand from 23% to 35% by 2035. In this regard, BBVA's Chair recalled that BBVA has channeled nearly €60 billion in sustainable business activity linked to electrification since January 2025, covering everything from clean energy generation to power grids, storage and the transformation of energy consumption in industry, transport and buildings.
Onur Genç emphasized the importance of accelerating electrification as one of the most relevant energy sources during a discussion organized by BloombergHT, alongside Fatih Birol, Executive Director of the International Energy Agency (IEA), and Ben Backwell, Chair of the Global Renewables Alliance and CEO of the Global Wind Energy Council (GWEC).
"Today, thousands of gigawatts of solar generation capacity are waiting to be connected to the power grid. If they cannot connect, that electricity cannot reach the end consumer, and therefore we cannot make progress in electrifying energy consumption," he explained. "That is why we need to ensure that the entire value chain works properly. And that is precisely our focus: financing not only electricity production or generation, but the entire value chain."
Meanwhile, Carlos Torres Vila participated in a panel discussion on industrial transformation and green growth. The discussion focused on how to facilitate private investment in industrial decarbonization projects.
BBVA's Chair addressed how to turn climate commitments into concrete investments, particularly in emerging economies. During the panel, he highlighted the importance of collaboration between commercial banks and multilateral institutions, as well as predictable and stable regulation and market rules, to mobilize capital toward projects that contribute to the transition.
Onur Genç highlights the role of private capital in climate finance
Also at the Climate Change Conference, BBVA CEO Onur Genç participated in a discussion on the role of private investment in climate finance for developing countries. According to the Independent High-Level Expert Group on Climate Finance, these countries will need $1.3 trillion annually in external climate finance by 2035.
In his view, the main challenges in financing investment opportunities in emerging markets are the ability to forecast the revenues a project will generate, regulatory and legal uncertainty, and foreign exchange risk.
"That said, we are positive. Our clients are asking us to support them in these projects, and we see this as a business opportunity for growth. Since 2025, we have channeled €250 billion in sustainable business. Relative to our size, this is one of the most significant figures in the market. Of that amount, approximately €100 billion corresponds to sustainable business in emerging markets," said Onur Genç.
The panel also brought together representatives from financial institutions, multilateral organizations and institutional investors, including Nicholas Stern, Co-Chair of the Independent High-Level Expert Group on Climate Finance; Paschal Donohoe, Managing Director of the World Bank Group; and Majid Al Suwaidi, CEO of Alterra.
COP31, the United Nations Climate Change Conference, taking place from November 9 to 20 in Antalya, brings together representatives from governments, international organizations and businesses to address the global response to climate change. BBVA is the global bank of this year's conference, where mobilizing public and private finance to advance the sustainable transition is a central focus of discussions.