Spanish Banks Commit to Reduce Their Carbon Footprint
December 10 2019 - 5:59AM
Dow Jones News
By Maitane Sardon
Spanish banks including Banco Santander SA (SAN.MC), Banco
Bilbao Vizcaya Argentaria SA (BBVA.MC) and CaixaBank SA (CABK.MC)
said Monday that they commit to reducing the carbon footprint of
their credit portfolios, in line with the Paris Agreement.
During the United Nations Conference on Climate Change, the
banks said they will develop tools to measure the environmental
impact of their clients' activity and, within a certain time
period, take steps to reduce the carbon footprint in their credit
portfolios in a way that can be measured with internationally
approved criteria.
Within a maximum of three years, the banks will establish and
publish the specific objectives of the sector, based on scenarios
for alignment of their portfolios with the Paris Agreement. They
said they will initially focus on the most carbon intensive sectors
within their portfolios.
The banks said they will make the measures they take publicly
available and will report on their progress every year. The group
will report on its collective progress every two years.
Other signatories include Bankia SA (BKIA.MC), ING Bank NV,
Bankinter SA (BKT.MC) and BNP Paribas SA (BNP.FR).
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
December 10, 2019 05:44 ET (10:44 GMT)
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