To support the goals of the Paris Agreement on climate change, we are setting our ambition to achieve ‘net zero’ carbon emissions in our portfolio across the Group by 2050. The ambition applies to the group’s own operations, which are already net-zero, and all client emissions that result from any lending, advisory or investment services provided by Santander.
To achieve this and help facilitate the transition to a low-carbon economy, by 2030 the bank will align its power generation portfolio with the Paris Agreement, and has published its first decarbonization targets:
- By 2030, Santander will have stopped providing financial services to power generation clients with more than 10% of revenues dependent on thermal coal.
- By 2030 the bank will eliminate all exposure to thermal coal mining worldwide.
These are Santander’s first decarbonization targets for its financial activities and affect material carbon emitting sectors. The bank will provide further details of its roadmap to achieving its net zero emissions ambition in its Climate Finance report, which will be published later this year.
At Santander CIB we are determined to play our part. As a global Corporate and Investment Bank we have a responsibility and an opportunity to support the green transition and encourage and enable more people and businesses to do so as well.
Working together with customers to support them in their transition to reduce carbon emissions will be key to achieving the net zero ambition. The bank will actively engage with customers to help support and enable this transition. Santander has specialist environmental, social and governance (ESG) teams in Santander Corporate & Investment Banking (Santander CIB) and Wealth Management to support that process, is working with the Banking Environment Initiative to develop a framework for client engagement, and is a signatory to Climate Action 100+ to promote action on climate change among the world’s largest corporate greenhouse gas emitters.
“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. There is much, much more to be done, but today’s commitments are important steps on the journey.” – Our journey to ‘Net zero’, by Ana Botín, Executive chairman, Santander Group.
Our path to decarbonization: what it is and what we pledge to do? Find out more