Energy Efficiency, GHG Emissions, Sourcing Renewables - February 24, 2021
Santander Group sets ambition to be net-zero by 2050
Spanish financial services company Santander announced on Feb. 22 that it plans to achieve net-zero carbon emissions across the global group by 2050. The ambition applies to the group’s own operations, which have been net-zero since 2020, and all client emissions that result from any lending, advisory, or investment services provided by Santander.
This ambition supports the goals of the Paris Agreement to combat climate change. To achieve this and help facilitate the transition to a low-carbon economy, by 2030, the bank will have stopped providing financial services to power generation clients with more than 10% of revenues dependent on thermal coal and will eliminate all exposure to thermal coal mining worldwide.
“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,” Ana Botín, Banco Santander executive chairman, said in a statement.
Santander has achieved carbon neutrality in its own operations by using renewable energy and other efficiency initiatives and offsetting any remaining emissions. At the end of 2020, 57% of the bank’s electricity use was from renewable sources. The bank is also progressing toward other targets including using 100% electricity from renewable sources in all countries in which it operates (where it is possible to certify the source of the electricity) by 2025. The group will share decarbonization targets for other material sectors in 2022 including oil & gas, transport, and mining & metals.