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Supporting the green transition
Banco Santander is deeply concerned with the climate emergency. Our ambition is to be net-zero in carbon emissions group-wide by 2050 in support of the climate change objectives of the Paris Agreement. This applies to the group’s own operations, and to all emissions from customers of our lending, advisory and investment services.
Main lines of action
Aligning our portfolio with the Paris agreement goals
Santander aims to be net zero in carbon emissions by 2050. This applies to the Group’s operations and emissions from our lending, advisory and investment services. One of the key pillars of our climate strategy is aligning our portfolio with the Paris Agreement goals to help limit warming to a 1.5ºC rise above preindustrial levels; and set sector portfolio alignment targets in line with Net Zero Banking Alliance (NZBA) and with Net Zero Asset Managers initiative (NZAMi).
In our finance operations, our seven decarbonization targets from high emitting sectors are:
- To cut out to zero our thermal coal related power & mining by 2030;
- To reduce emissions intensity of power generation portfolio to 0,11tCO2e/MWh in 2030;
- To decrease the absolute emissions of energy (oil & gas) portfolio to reach 16.98 mtCO2e in 2030;
- To cut out the emissions intensity of the aviation portfolio to 61.71 gCO2e/RPK in 2030;
- To lower the emissions intensity of the steel portfolio to 1.07 tCO2e/ tS in 2030;
- To diminish to 103gCO2 vkm the emissions intensity of the auto manufacturing portfolio in 2030;
- To reduce emissions intensity of auto lending portfolio to 75 89 gCO2e/ vkm in 2030
Supporting our customers in the green transition
We’re supporting the transition of our corporate and investment banking, commercial banking and wealth management, private banking and insurance customers to a low-carbon economy. We also intend to continue fighting deforestation and its damage to the climate and biodiversity, especially in the Amazon.
Banco Santander finances more renewable energy projects than any other bank, according to the Dealogic League Tables. We are also a leader in advisory services and are actively financing projects that help the environment. We’re intent on becoming an international mainstay in sustainable finance through stronger ESG products and solutions that suit corporate banking and investment clients’ strategies for sustainable models.
Our internal green book, which classifies retail products under environmental criteria, contains mortgages, energy efficiency loans, leasing to install renewable energy, loans for clean modes of transport and low-carbon agriculture, and other green products we offer for retail customers, SMEs and companies. We also have lines of credit for energy efficiency and renewable energy projects with such multilateral bodies as the European Investment Bank (EIB), the CAF – Development Bank of Latin America and the European Bank for Reconstruction and Development (EBRD).
We promote socially responsible investment, and our asset manager is the only one in Spain to have an ESG team. We assign an ESG rating to most funds and offer a wide range of ESG products to all wealth management clients. Our private banking advisory service is adopting ESG criteria to complement its assortment of sustainable funds, green bonds and alternative products. We also manage the environmental and social risks of our customers' activities.
Reducing our environmental footprint
We are cutting down our operational the CO2 emissions while cutting and managing our waste responsibly to reduce our own carbon footprint. We spread awareness of environmental issues among our stakeholders. Because of our efforts, Banco Santander’s owns operations emissions have been reduced by 69% since 2011, through the use of renewable energy sources and our energy efficiency and sustainability initiatives. Additionally, we compensate the emissions from our own operations1 we’re unable to reduce by promoting carbon offset initiatives and projects certified under some of the industry's most well-known standards. In reducing single-use plastics in our buildings and offices and installing LED lighting, we continue to make progress on our objective of reducing our environmental footprint.
1 Scope 1 and 2 emissions from the operational control approach of GHG Protocol, where we have full authority to introduce and implement Group's operational policies.
Our progress
in green finance
Socially Responsible Investments (AuMs)
of our electricity from renewable sources
Reduction of unnecesarry single-use plastics in corporate buildings and branches
in green finance
Socially Responsible Investments (AuMs)
of our electricity from renewable sources
Reduction of unnecesarry single-use plastics in corporate buildings and branches
Santander Sustainable Bond issuances
Through Santander´s Sustainable Global Funding Framework, which draws on the Green Bond Principles and Social Bond Principles, we issue green, social and sustainable bonds to increase capital for sustainable projects aligned with our Responsible Banking Strategy and ambition.
This framework has been updated in 2023 and supersede the 2022 Global Sustainable Bond Framework. Sustainalitycs provided a Second Party Opinion.
Previous Frameworks
The Santander Global Sustainable Bond Framework provides a special explanation of each bond’s characteristics.
Issuance frameworks:
Green Bond Framework
We finance renewable energy projects that help the transition to a low-carbon economy.
Net proceeds from green bonds issued under the Green Bond Framework will finance and refinance renewable energy loans.
Vigeo Eiris provided a second party opinion on the Green Bond Framework.
Santander Green Bond Framework June 2020 (666 Kb)
Vigeo Eiris - Second Party Opinion - Santander Green Bond (473 Kb)
Banco Santander Green Bond Reports
Banco Santander Green Bond Report 2019 (534 Kb)
Banco Santander Green Bond Report 2020 (1.963 kb)
Banco Santander Green Bond Report 2021 (1.05 Mb)
