Carlos Torres Vila: “BBVA has channeled nearly €60 billion into sustainable electrification since 2025”
BBVA Chair Carlos Torres Vila announced at COP31, taking place in Antalya (Türkiye), that the bank “has channeled nearly €60 billion in sustainable business activity linked to electrification from January 2025 to September 2026.” This figure represents around 24% of the €254 billion channeled by BBVA in sustainable business over the same period, he noted during a panel discussion with Fatih Birol, Executive Director of the International Energy Agency (IEA), and Lei Zhang, founder and CEO of Envision.
One of the major challenges being discussed at COP31 is how to turn climate targets into real investments. Private finance has a fundamental role to play in making this happen. BBVA’s Chair emphasized the enormous opportunities arising from this transition. “At BBVA, we are contributing in every way we can, not only by providing financing, but also by offering advice and supporting our customers,” he said.
Seizing the opportunities presented by the energy transition requires a transformation of the real economy that goes beyond increasing renewable power generation capacity. It also requires investment in power grids, storage, industrial electrification and digital infrastructure, as well as modernizing business operations and adopting new technologies such as artificial intelligence.
In this context, banks play a fundamental role that goes beyond providing capital: they help companies identify viable opportunities, assess technologies, manage risks and structure financing solutions tailored to their needs. BBVA combines financing, specialized advice and sector expertise to support its customers through this transformation, with the aim of contributing to a more productive, competitive and resilient economy.
During his remarks, Carlos Torres Vila also explained that electrifying the economy is not just about generating clean energy and decarbonization. It is also about competitiveness and growth, as well as resilience, security and autonomy.
For his part, IEA Executive Director Fatih Birol acknowledged BBVA's work in sustainability in recent years, particularly at a time when the climate agenda has lost momentum. Birol highlighted the potential of artificial intelligence to improve the efficiency of electricity systems by enabling greater coordination between renewable power generation and electricity demand. In his view, these technologies can help make better use of available energy and overcome some of the barriers to electrification.
Carlos Torres Vila also highlighted BBVA’s long-standing relationship of trust and collaboration with Envision, speaking alongside the company’s founder and CEO. He emphasized the work both companies are doing together to seize the opportunities presented by the transformation of the energy sector.
The 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) brings together representatives from governments, international organizations and businesses in Antalya to advance the global response to climate change.
Among the proposals put forward by the COP Presidency is the ambition to increase electricity’s share of global final energy consumption to 35% by 2035, from approximately 23% today, according to the IEA. BBVA is the global bank of COP31, at a summit where mobilizing capital to turn climate targets into investments is a central focus of discussions.
BBVA channels sustainable business across the entire electricity value chain
The nearly €60 billion in sustainable business channeled by BBVA since January 2025 covers transactions linked to electricity generation and supply, as well as power grids, energy storage and the electrification of transport, industry and buildings. This activity is distributed relatively evenly between electricity supply and the electrification of demand.
Of the total, approximately €24 billion corresponds to transactions linked to renewable generation and electricity supply, including technologies such as solar photovoltaic and wind power. A further €7 billion is linked to power grids, energy storage and batteries, while nearly €27.5 billion corresponds to transactions related to the electrification of demand, mainly in transport, industry and buildings.
Notable transactions linked to generation and storage include two projects in Türkiye: €187 million in financing for Tosyali to develop two solar power plants, and a $124 million financing deal for an Aksa Enerji project combining wind power generation with battery energy storage. In Colombia, BBVA granted a 500 billion Colombian peso loan to Grupo Energía Bogotá to support its investment plan, which includes electricity transmission projects.
In the mobility sector, BBVA channeled more than €2 billion in sustainable business during 2025 linked to the purchase of electric and hybrid vehicles. The bank also participated in an €800 million financing deal for Ricarica to develop electric vehicle charging infrastructure in Italy.
Electrification, key to the energy transition
On Tuesday, Javier Rodríguez Soler, BBVA's Global Head of Sustainability and Corporate & Investment Banking (CIB), participated in another panel discussion entitled “From Clean Electricity to an Electrified Economy: How to Reach 35% by 2035,” alongside Sam Peacock from SSE, Esther Finidori from Schneider Electric and Luiza Demôro from BloombergNEF.
The discussion focused on how to unlock the investment needed in electricity generation, power grids, storage and technologies to electrify industry, transport and buildings. “Many of the technologies needed to electrify the economy are already available. The challenge now is to turn that technological potential into bankable projects that can be developed at scale. At BBVA, we work with companies to structure financing solutions tailored to their needs and help bring these investments to fruition,” said Javier Rodríguez Soler.