Close panel

Close panel

Close panel

Close panel

Commitment 03 Jun 2024

BBVA wins CPOnet award for best Scope 3 emissions reduction strategy

BBVA has received the 'Alcance 3.0' award for the 'Best Comprehensive Scope 3 Emissions Reduction Strategy'. This award, presented by the CPOnet Group, recognizes the efforts of organizations that help reduce emissions in their value chain: suppliers, customers, employees, partners, shareholders and society.

Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA, emphasized that "this award is recognition of our firm commitment to the transition to a net-zero emissions economy by 2050. Banks are key intermediaries in financing the decarbonization of the economy and helping to achieve an orderly, just and inclusive transition.”

The jury, made up of top executives from companies, the media and business schools, praised BBVA for the design and successful implementation of its emissions reduction strategy, specifically in Scope 3. This is the first edition of these awards, which honor the work of companies that are taking a leading role in this challenge and celebrate business leadership in building a more sustainable future.

Sustainability is one of BBVA's strategic priorities. In addition to fostering new businesses, BBVA aims to achieve net zero emissions by 2050, including emissions originating in its own value chain. Scope 3 issues are the most significant as a financial institution, especially those directly related to the bank's lending activity with customers.

BBVA is a member of the Net-Zero Banking Alliance (NZBA). Adherence to this alliance implies the implementation of a strategy of portfolio alignment and management of its clients' emissions.

To date, BBVA has set intermediate 2030 alignment targets for oil and gas, power generation, autos, steel, cement, aviation, shipping, aluminum, real estate and a phase-out of thermal coal financing by 2030 in developed countries, and 2040 globally.¹

Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA, has received the award given by the CPOnet Group.

BBVA's strategy for the emissions-intensive industries in its portfolio aims to guide selective growth by financing and supporting clients in their climate transition, and monitoring the progress of the intermediate reduction targets set for 2030 for each of the sectors. As of December 2023, 80 percent of BBVA's loan portfolio corresponds to customers actively managing their transition.

In addition, the reduction of Scope 3 emissions requires strengthening supplier relationships to improve them. A major share of the responsibility for protecting the planet falls on companies, both large and small, since the business community must be the driving force behind the change towards a more sustainable world with fewer polluting emissions.

In 2023, BBVA implemented a sustainability module in the supplier evaluation process, which includes, among others, the management and measurement of their environmental impacts. In addition, the bank has implemented the following initiatives to reduce Scope 3 CO2 emissions:

  • Waste: By implementing certifications such as ISO 14.001:2015 and Zero Waste.
  • Employee travel: BBVA provides 348 recharging points for 100 percent electric and plug-in hybrid vehicles in the Group's buildings for its professionals.
  • Business travel: the bank has begun to deploy an awareness-raising initiative to inform different areas of BBVA of their monthly footprint generated for this reason and to identify levers and alternatives to reduce emissions, thus promoting awareness when planning business trips.

BBVA achieved the best score in the category of banks in Europe for the fourth consecutive year, according to the Dow Jones Sustainability Index in 2023, the world's benchmark index for sustainability, and third globally.

About CPOnet Group

The CPOnet Group is a platform of Spanish-speaking companies focused on improving the Procurement function. The group currently brings together 20,000 professionals, has several media outlets, organizes events and offers specialized courses and programs. Its goal is to offer its customers solutions to create value in buyer-supplier relationships.

¹Under the terms of its Environmental and Social Framework published on its corporate website. For further information on intermediate decarbonization targets, please refer to the sectoral plans to guide portfolio alignment.