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Supporting the green transition
Banco Santander is concerned with the climate emergency. We continue working towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to make headway with our three-pillar strategy.
To achieve our net-zero ambition, our main lever as a bank is supporting our customers in their efforts to transition to a low carbon economy. As a large financial institution, we have an opportunity to support our customers in their ambition to transition to low carbon business models.
Main lines of action
Supporting our customers in their transition goals
Working with customers to support their transition objectives and carbon reduction emissions goals is key to progressing towards a low-carbon economy. To do this we identify business opportunities for transition financing assessing key sectors, working closely with our clients and with the knowledge of our sustainability experts.
We have reached our goal of mobilizing EUR 120 billion in green finance (between 2019 and 2025) 18 months ahead of schedule, and are moving forward with the next target of EUR 220 billion by 2030. Santander Group is a leader in renewable energy financing, with more than 10 years of experience in the sector. In 2024, we were once again rank among the top banks globally in terms of number of transactions and business value according to Infralogic.
Sustainable activity is key to meeting our climate ambition. We continue to develop our criteria guidance (Sustainable Finance and Investment Classification System - SFICS), which we first published in February 2022 and have continued to update, drawing on the latest regulations and market practice.
Embedding ESG in risk management
Due to our ESG strategy, the scrutiny from stakeholders and the regulatory, reporting and disclosure requirements, we continue to work on embedding and monitoring ESG aspects in risk management. We consider ESG risk factors, especially climate related and environmental, cross-cutting and likely to have an impact on credit, market, liquidity, operational, reputational, strategic risks, among others.
Aligning our portfolio with the Paris agreement goals
We are working towards our ambition of zero net carbon emissions by 2050 by progressively defining concrete actions to support our clients in their climate goals and aligning our portfolios, focusing on those we consider most material from a climate perspective, and on our lending portfolio, as this is our most relevant financial activity.
- To phase-out to zero our thermal coal related power & mining by 2030;
- To reduce emissions intensity of power generation portfolio to 0.11 tCO2e/MWh in 2030;
- To decrease the absolute emissions of 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 103 gCO2/vkm the emissions intensity of the auto manufacturing portfolio in 2030;
- To reduce emissions intensity of auto lending portfolio to a range 75-89 gCO2e/vkm in 2030
Reducing our environmental footprint
As part of our climate ambition, our strategy to lessen the environmental impact of our operations involves: reducing our CO2e emissions; reducing and handling waste responsibly; and raising employees’ and other stakeholders’ awareness of environmental issues.
Since 2011, our energy efficiency and sustainability initiatives have helped us cut our scope 1 and 2 emissions by c.86%. In keeping with our commitment to efficiency, the target for 2030 is to reduce emissions from our own operations by 75% compared to 2020.
Our progress
in green finance
socially responsible investment (AuM)
renewable electricity in our top 10 countries of operation
Reduction of unnecesarry single-use plastics in corporate buildings and branches
in green finance
socially responsible investment (AuM)
renewable electricity in our top 10 countries of operation
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 Sustainability 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)
