The bank has reached €560 million ($630 million) in committed investments in funds specializing in decarbonization. The bank now invests in eleven climate funds managed by some of the world’s leading international investment platforms, thus helping to finance projects and companies that champion the transition to a low-carbon economy.
BBVA’s recent €15 million ($17 million) investment in an EQT fund brings the bank’s total investment in funds specializing in decarbonization to €560 million ($630 million). BBVA’s climate fund strategy goes beyond financial returns. Through these funds, the bank gains access to technologies and projects with growth potential, while also building closer ties with leading international asset managers and creating new financing opportunities for the energy transition.
Following an initial phase focused on learning and establishing a foothold in the climate ecosystem, BBVA is now prioritizing more mature and scalable platforms with a greater capacity to promote bankable projects and accelerate business growth.
According to Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA: “The energy transition requires mobilizing large volumes of capital and working alongside the leading investors driving this transformation. Our climate fund investment strategy allows us to identify opportunities early, expand our capacity to finance decarbonization projects and strengthen our role as a leading financial partner in the transition to a low-carbon economy.”
Over the past two years, BBVA has stepped up the implementation of this strategy by quadrupling its investment in this type of decarbonization fund. As part of this process, the bank has forged closer ties with some of the leading international energy transition investment managers through strategic partnerships.
In September 2024, BBVA committed €175 million ($200 million) to KKR, whose funds support the deployment of established climate solutions, the development of new decarbonization technologies, and the transformation of emissions-intensive industrial sectors. In early 2026, the bank announced a strategic partnership with Alterra, one of the world’s largest private climate finance investment vehicles, involving an investment commitment of €220 million ($250 million).
Meanwhile, the bank is continuing to expand its portfolio of specialized climate funds. Its latest investment was €15 million ($17 million) in an EQT fund focused on scaling businesses that support the energy transition and the development of a more resource-efficient, circular economy. In 2025, the bank invested €18 million ($20 million) in Apollo Global, whose fund targets the ‘missing middle’—mature, cash-flow-generating mid-market businesses that require capital to scale their environmental impact or transition their operations from ‘gray’ to ‘green’—, and a further €9 million ($10 million) in NIO Capital, a fund focused on scaling early- and growth-stage companies driving the megatrends of digitalization, decarbonization, and artificial intelligence innovation. In 2024, it invested €22 million ($25 million) in TPG Rise Climate II, which invests across clean electrons, clean molecules&materials, and adaptive solutions.
The investments made between 2022 and 2023 laid the foundations for this strategy, with the addition of funds specializing in green hydrogen, carbon capture, nuclear fusion, real estate decarbonization, hard-to-abate industries, biogas and the circular economy, as well as companies dedicated to scaling climate solutions at an industrial level. These include Lowercarbon, with €40 million ($45 million); Decarbonization Partners, with €22 million ($25 million); Just Climate, with €18 million ($20 million); Hy24, with €10 million ($11 million); Fifth Wall Climate, with €9 million ($10 million); and Suma Capital, with €4 million ($5 million).
With these new investments, BBVA continues to build on a strategy that combines access to leading international climate investment platforms with the creation of financing opportunities to support companies and projects in their decarbonization processes. This initiative forms part of the bank’s firm commitment to mobilizing capital for the energy transition and helping to forge a more sustainable economy.
Sustainability is one of BBVA’s strategic priorities and a driver of growth for the bank. BBVA channeled €134 billion into sustainable business in 2025 alone, a record annual figure up 44% on the previous year. In the second quarter of 2026, it reached €82 billion in sustainable business and, from 2025 through the end of that quarter, amassed a total of €216 billion toward its target of investing €700 billion over the 2025–2029 horizon.
On July 27, BBVA announced its participation as Global Banking Partner of the United Nations Climate Change Conference (COP31), which will run from November 9 to 20 in Antalya, Türkiye. Through this partnership, the bank will work alongside the COP presidency and the United Nations to continue championing financing for the energy transition and scale up the implementation of solutions supporting the transition to a low-carbon economy.
*** June 2026 closing exchange rate: EUR/USD: 1.1394