BBVA Mobilizes €7 Billion in Funding for Sustainable Business Solutions in Q1 2021
In the first quarter of the year, BBVA was successful in mobilizing €7 billion in funding for its Businesses line. The focus during this time was on advising business customers on sustainable solutions that would lead to economic savings, with a specific emphasis on energy efficiency, vehicle fleet renewal, and water consumption. Over €700 million was allocated to agribusiness, water, and circular economy projects, representing a substantial increase of 258% compared to the previous year.
BBVA’s retail business sector also did well during the first quarter, with €2.6 billion in funding. The bank continued to introduce digital solutions tailored for the mass consumer market, educating retail customers on the benefits of embracing energy-saving practices at home and on the go. An allocation of €124 million was dedicated to financing the purchase of hybrid or electric vehicles, representing a significant growth of 136% compared to the same period in the previous year.
The Corporate and Investment Banking (CIB) at BBVA channeled approximately €10.4 billion during the first quarter of the year. All products within this sector performed well, including long- and short-term financing, as well as the brokerage of green, social, and sustainable bonds linked to environmental and social factors. The bank also continued to promote cleantech financing in the wholesale segment and support renewable energy projects while engaging in reverse factoring linked to sustainability efforts. Notably, financing for renewable energy projects saw a substantial increase during this period, contributing around €800 million towards sustainability goals.
In summary, BBVA’s Businesses line successfully mobilized €7 billion in funding during Q1 2021 by advising business customers on sustainable solutions that led to economic savings while promoting cleantech financing in various sectors such as CIB’s wholesale segment and supporting renewable energy projects through reverse factoring linked to sustainability efforts.
