Santander has committed to become carbon neutral in 2020 by offsetting all the emissions generated by its own operations.
To date, the bank has cut its emissions by 27% between 2011 and 2018, while electricity decreased by 15%. In addition, 43% of electricity generated by Santander in 2018 came from renewable sources.
Ana Botín, Group Executive Chairman of Banco Santander, said: “Santander is one of the leading providers of renewable energy finance in the world and we are committed to playing our part in tackling climate change.
“The commitment we have announced today is an important step. We can address the challenge of climate change only by working together and by increasing our ambition and pace.”
Investing in renewables
Santander has committed to source all of its electricity from renewable sources by 2025. Furthermore, 100% of its buildings around the world will have the ISO 14001 certification by the same time. This is the core set of standards used by organisations for designing and implementing effective environmental management system.
The Spanish bank also expects to cut total emissions by a further 46% from 2019 to 2025.
In October, Santander launched its first green bond. It also committed to raise and mobilise €120bn in green finance from 2019 to 2025 and €220bn to 2030.
Additionally, the bank will undergo the Collective Committment on Climate, promoted by the United Nations Environment Programme Finance Initiative. It requires signatories to set and publish sector-specific, scenario-based targets to align lending portfolios to the Paris Agreement on climate change.
Santander has a history of supporting environmentally-friendly initiatives. For instance, Santander was named the most sustainable bank in Spain for nine consecutive years from the Dow Jones Sustainability Index. And, in 2019, has identified as the most sustainable bank in the world.