BBVA Chairman Carlos Torres Vila stressed today that the energy transition poses a great opportunity because many existing activities will see enormous growth as new activities will emerge. “Spain has a competitive advantage in the energy transition,” he said. “We have the natural resource – the new oil, which is the sun and the wind,” he added during his presentation on the second day of Wake up Spain, the energy transition symposium organized by El Español, Invertia and D+I.
05 Mar 2021
BBVA will reduce to zero its exposure to coal-related activities, stopping the financing of companies in this business by 2030 in developed countries, and by 2040 in the rest of the countries of its footprint. This decision, which is included in the updated BBVA’s Environmental and Social Framework, is in line with the Intergovernmental Panel on Climate Change’s (IPCC) proposal. This aims to limit the rise in temperatures to a maximum of 1.5ºC and achieve the ambition of a carbon neutral economy in 2050.