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Commitment Updated: 02 Apr 2024

BBVA sets an annual record in sustainable business, with €70 billion in 2023 (+39 percent)

BBVA set a record annual figure for sustainable business in 2023: €70 billion, up 39 percent on the figure reported in 2022, as sustainability now permeates all segments and because the bank serves a wide range of industries.

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“This is a record figure and it has grown faster than we had thought it would. It is twice the figure we had two years ago, more than five times what we had five years ago, and this upward trend is expected to continue. Sustainability has proven to be an immense growth opportunity,” remarked Carlos Torres Vila, Chair of BBVA.

In 2023 and by sector, the process of building sustainability into the corporates business has grown by 99 percent; in retail banking by 43 percent; and in CIB (Corporate & Investment Banking) by 20 percent. This impressive growth is down to the strength of the strategy implemented for each segment. In corporates, capillarity has been further enhanced by creating specialist teams and simple sustainable solutions, and embracing a cross-cutting approach. In retail banking, bespoke digital solutions have been launched for the mass consumer market, focused on savings. At CIB, the focus is on proactive advice tailored to the sector and on seizing the opportunities of the transition to sustainability.

BBVA has succeeded in mobilizing €206 billion in sustainable business from 2018 to 2023 and is therefore on track to reach the €300 billion target set for 2025.

BBVA sets an annual record in sustainable business, with €70 billion in 2023 (+39 percent)

Of the total sustainable business mobilized in 2023, 78 percent was allocated to climate action, while the remaining 22 percent went into promoting inclusive growth, which includes, among other endeavors, financing social mortgages and social infrastructure, such as hospitals and schools, along with support for vulnerable entrepreneurs, a pursuit that keeps the bank very busy across all of South America.

These are the two strategic focal points of BBVA as it supports and accompanies customers in their transition towards a more sustainable world.

In the fourth quarter of 2023, BBVA mobilized €21 billion in sustainable business. This figure marks a new quarterly record and reveals growth of around 75 percent compared with the same period of the previous year.

BBVA and its commitment to sustainability

To succeed, it has placed sustainability at the heart of its business and made it one of its six strategic priorities in tackling three key challenges: combating climate change, conserving natural capital and driving inclusive growth.

The bank has two main objectives:

  • Championing new businesses through sustainability, with the goal of channeling €300 billion by 2025, within the broader framework of its 2025 Objective.
  • Achieving net zero emissions by 2050. Aside from the decarbonization targets already set for 2030 in eight sectors (electricity, oil and gas, automotive, steel, cement, coal, aviation and shipping), BBVA is now looking to set targets in other sectors, such as aluminum, agriculture, commercial real estate and residential.

BBVA is also committed to generating a positive impact on society, most notably through education and support for entrepreneurship. Along these lines, it participates in various initiatives and alliances, and actively engages with all stakeholders to foster sustainability within the financial system.

BBVA has been recognized as the most sustainable bank in Europe for the fourth year running in 2023, according to the Dow Jones Sustainability Index, the global benchmark index for sustainability.