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Commitment 10 Jul 2024

Carlos Torres Vila: "Mexico is one of the countries with the most potential in the world in wind and solar power"

BBVA Chair Carlos Torres Vila stated that in the fight against climate change, "Mexico is at an advantage as it is one of the countries with the most potential  in the world in wind and solar power." He also emphasized the Group's commitment to the country's energy transition.  “We must do more to support emerging markets. They have the most natural resources and are therefore a key part of the solution," he proclaimed at the opening of the 2nd BBVA Mexico Sustainability Summit held in Mexico City.

“For investment to materialize, public policies that ensure access to water and energy resources will be required. There must also be legal certainty to encourage foreign investment. I am confident that the new Administration will prioritize this," Carlos Torres Vila said in the presence of leading CEOs, the business community and representatives of the UN and scientific institutions.

The BBVA Chair also noted the positive impact that the U.S. Inflation Reduction Act (IRA) is having in Mexico thanks to 'nearshoring,' whereby large U.S. companies are relocating production to Mexico.

"In order for banks to be able to support the economy in decarbonization and sustainability, governments need to be ambitious in their goals and create an enabling environment. This means introducing policies, incentives and frameworks that encourage financial institutions, corporations and the public to invest in sustainability," he said.

In his view, "We are living in an era of unprecedented change. This calls for a profound transformation in all sectors of society." This process requires a major investment that "offers a great opportunity for long-term growth," he remarked.

Carlos Torres Vila detailed the figures for the investment required to achieve the goal of net zero emissions by 2050.  Specifically, decarbonization and climate change mitigation will require an investment of some $275 trillion by 2050, representing 8 percent of annual global GDP. To preserve and regenerate natural capital, $30 trillion will be required over the next decade.

"Just as we did in our digital transformation, sustainability cannot be viewed as separate from innovation. Decarbonization is a story of innovation. For this reason, BBVA is present as an investor in some of the most cutting-edge cleantech funds. These initiatives allow us to participate in pioneering projects and amass valuable knowledge, so that we can in turn better advise companies that can leverage these technological innovations," he explained.

The BBVA Chair recalled that the bank has channeled €240 billion in sustainable business between 2018 and May 2024, and “our objective is to reach €300 billion by 2025, which I am confident we can surpass if the current trend continues.”

At the 2nd BBVA Mexico Sustainability Summit, Carlos Torres Vila also announced that BBVA will become a ‘Corporate Champion’ in the International Sustainability Standards Board’s (ISSB) global initiative to define a new standard of reporting on sustainability. The new standard "will allow companies to report information in a consistent and comparable manner, thus improving decision-making in the financial sector."

“Sustainability is the path to a brighter and more prosperous future. But this transition will have its winners and losers. Public and private institutions have a duty to ensure that the opportunities from sustainability reach everyone. At BBVA, we are committed to leading this change and working together to build a more sustainable and inclusive world," the BBVA Chair concluded.

Eduardo Osuna, Vice President and CEO of BBVA Mexico.

Mexico makes resounding progress toward sustainability

Eduardo Osuna, Vice President and CEO of BBVA Mexico, also spoke at the summit: “Sustainability is far more than developing environmentally friendly products. Our vision is to create an ecosystem that allows our clients to make this transition, as we become their advisors and generate a broader impact,” he remarked.

“We are committed to inclusive growth, seeking to integrate all sectors of society in economic development, both for individuals and enterprises, ensuring that no one is left behind. To achieve this, we implement banking penetration strategies, promote digitization and encourage financial education,” the executive stated.

In Osuna’s view, progress in BBVA Mexico’s sustainability strategy “has been resounding. Between 2020 and 2024, we have mobilized over MXN 580 billion [approximately €30 billion]; and between January and May 2024 alone, we have channeled nearly MXN 100 billion  [around €5.1 billion] into climate change projects and MXN 33 billion [about €1.69 billion] into social projects. These achievements would not have been possible without the support of all of you and the companies you represent,” he concluded.

BBVA Mexico Sustainability Summit held its second edition. Also in attendance were the Head of BlackRock's Global Client Business, Mark Wiedman; the Chair of the International Sustainability Standards Board (ISSB), Emmanuel Faber; BBVA's Global Head of Sustainability and CIB, Javier Rodríguez Soler; and BBVA Mexico's Head of Sustainability, Sergio Torres Lebrija. In addition, around 300 of BBVA’s business clients in Mexico and the heads of the country's leading companies attended the event.