Santander pledges to reach carbon neutrality by the year 2020
Santander, a leading global financial institution, has made significant strides in its efforts to combat climate change. In 2018, the bank sourced 43% of its electricity from renewable sources, a clear demonstration of its commitment to clean energy.
Ana Botín, Group Executive Chairman of Santander, has stated that the bank is determined to play a significant role in tackling climate change. This resolve is evident in Santander's decision to sign the Collective Commitment on Climate, promoted by the United Nations Environment Programme Finance Initiative (UNEP FI). This commitment requires signatories to set and publish sector-specific, scenario-based targets to align lending portfolios with the Paris Agreement on climate change.
Santander has also committed to achieving carbon neutrality by 2020. While specific plans and targets for becoming carbon neutral by 2025, as announced at COP25 in Madrid, are not detailed in the provided information, Santander's commitment to net zero carbon emissions has been widely reported. The bank's focus at COP25 has been on sustainable financing, reducing operational emissions, and supporting clients’ transitions to low-carbon activities.
In line with its commitment to renewable energy, Santander aims to source all its electricity from renewable sources, where possible, by 2025. The bank has already made considerable progress in this area, with its website having reduced emissions by 27% between 2011 and 2018. Moreover, Santander's electricity consumption fell by 15% during the same period.
Santander's initiatives extend beyond its own operations. The bank has launched its first green bond in October and has committed to raising and mobilizing €120 billion in green finance from 2019 to 2025 and €220 billion to 2030. These funds will be used to support the transition to the green economy.
Santander is also working towards improving its environmental management systems. By 2025, 100% of Santander's buildings will have the ISO 14001 certification, a standard for designing and implementing effective environmental management systems.
In addition to these efforts, Santander expects to cut total emissions by an additional 46% from 2019 to 2025. This ambitious target underscores the bank's commitment to reducing its carbon footprint and contributing to a more sustainable future.
As the UN Climate Change Conference (COP25) takes place in Madrid, Santander's participation in the event underscores its sustainability and environmental commitment. The bank, as a leading provider of renewable energy finance worldwide, is well-positioned to make a significant impact in the fight against climate change.
Science plays a crucial role in guiding Santander's environmental-science approach to climate change, with the bank's commitment to achieving carbon neutrality by 2025 demonstrating its alignment with the Paris Agreement on climate change. The bank's business strategy, as showcased at COP25 in Madrid, emphasizes sustainable financing, reducing operational emissions, and supporting clients' transitions to low-carbon activities, all of which are driven by a focus on science and the environment.
