23rd February 2021

By 2030, Santander will align its power generation portfolio with the Paris Agreemen

To support the goals of the Paris Agreement on climate change, Santander has announced its ambition to achieve net zero carbon emissions across the group by 2050. The ambition applies to the group’s own operations, which are net zero since 2020, 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 also published its first decarbonisation 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. The group will share decarbonization targets for other material sectors no later than September 2022, including oil & gas, transport, and mining & metals.

Ana Botín, Banco Santander executive chairman, comments "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.”

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