BBVA mobilizes €20 billion in sustainable business in the first quarter of 2024 (+41 percent)

Between January and March, the Businessesline was successful in mobilizing a total of €7 billion. During this period, BBVA continued to advise its business customers on sustainable solutions that will allow for potential economic savings, focusing on energy efficiency, renewal of vehicle fleets and water consumption. Notably, roughly €700 million in funding was channeled into agribusiness, water and circular economy, up 258 percent year on year. Mexico made an immense contribution in this regard, accounting for around half of this figure.

Meanwhile, the retailbusiness mobilized €2.6 billion. During the quarter, BBVA continued to promote bespoke digital solutions aimed at the mass consumer market, offering retail customers a vision of the potential savings they can obtain by embracing energy-saving measures at home and while out and about. Of particular note was the €124 million set aside to help finance the acquisition of hybrid or electric vehicles, representing growth of 136 percent compared to the same period of the previous year.

Corporate and Investment Banking (CIB) channeled around €10.4 billion over the first quarter of 2024. All products performed well, including both long- and short-term financing and the brokerage of green, social and sustainable bonds and bonds linked to environmental and/or social indicators, in which BBVA acts as bookrunner. During the quarter, the bank continued to promote cleantech financing in the wholesale segment, as well as renewable energy projects and reverse factoring linked to sustainability, among other strategic pursuits. A further highlight was the financing of renewable energy projects, which contributed around €800 million during the first quarter, more than double the figure reported in the same period of 2023.