Around two and a half years ago, BBVA made an eco pledge that was based on a three-pronged strategy. Titled Pledge 2025, it included the "financing to contain climate change and assist with the fulfillment of the SDGs," "the management of environmental and social risks associated with the bank’s business activity," and the fostering of stakeholder engagement.
BBVA seeks to use its power in the industry to provide customers with sustainable loans and "superior advice on sustainable financing solutions." For example, the bank closed its first sustainable loan in Spain's steel industry in 2020. In addition, in May 2020, the bank became "the first private financial institution in Europe to issue a COVID-19 social bond."
Back in 2007, BBVA also set up a not-for-profit organization—the BBVA Microfinance Foundation—which "uses its financing instruments in Latin America to promote social and economic development that is also sustainable and inclusive of at-risk communities."
Image Credit: BBVA