MADRID (Reuters) -Spain's BBVA (BME:BBVA) will set up a new global finance unit focused on clean technologies and innovation as part of its plans to expand into sustainable business, the lender's Chairman Carlos Torres said on Thursday.
He told a financial forum on sustainability that a team of around 20 bankers based in New York, London and Madrid would be created to offer loans and advice. He did not specify how much the bank would invest in the new team.
"At BBVA, we are big believers in innovation as a driver to achieve decarbonization," Torres said.
"Not only we invest in the funds, we are growing our structure finance team to advise and lend clients on clean tech," he said.
Growing public pressure for action on climate change has spurred promises by countries and companies worldwide to contribute to the effort.
In 2021, BBVA set intermediate targets to decarbonise its portfolio in several CO2-intensive industries and decided to stop financing companies engaging in coal-related activities by 2040.
It has also pledged to achieve net-zero emissions by 2050, both in direct emissions and indirect emission.
In 2022, BBVA raised its sustainable finance target to 300 billion euros through 2025 from a previous goal of 200 billion euros ($216.14 billion) following a global energy market crisis and mounting pressure on financial institutions to stop funding fossil fuel industries.
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