Santander has announced plans to be net zero by 2050 after setting its first decarbonisation targets.

The bank said by 2030, it will have aligned its power generation portfolio with the goals set out in the Paris Climate Agreement.

The group said as part of this strategy it would stop providing financial services to power generation clients with more than 10 per cent of revenues dependent on thermal coal and that it would eliminate all exposure to thermal coal mining worldwide.

It said that it would either raise or facilitate the mobilisation of €120 billion in green finance by 2025.

The bank predicted this figure will increase to €220 billion by 2030 and includes, among others, project finance, syndicated loans, green bonds, capital and export finance and advisory.

Santander is to give further details of how it will achieve its net zero target in its Climate Finance report, published later this year.

It will share decarbonisation targets for other material sectors by September 2022, including oil & gas, transport, and mining & metals.

“Climate change is a global emergency. As one of the world’s largest banks, with 148 million customers, we have a responsibility and an opportunity to support the green transition, and encourage more people and businesses to go green,” said Ana Botín, Banco Santander executive chairman. “There is much, much more to be done, but today’s commitments are important steps on the journey.”

Share Story: