(Reuters) - Spain's BBVA (BME:BBVA) on Wednesday said it would work with oil and gas clients in its credit portfolio with the aim to reduce their global carbon emissions by 30% by 2030.
The Spanish lender said it would align its exposure to the oil and gas sector in accordance with a 2050 net zero emissions target.
That will mean reducing emissions from companies in its credit portfolio involved in oil and gas exploration, drilling and extraction activities by 30% between December 2021 and December 2030, helping them draw up transition plans and set reduction targets.
BBVA is also committed withholding financing directly related to oil and gas exploration, drilling and extraction projects, it said.
The bank in 2021 set out targets in four other carbon-intensive sectors including a decision to eliminate its exposure to coal customers by 2040.