BBVA Mobilizes €7 Billion for Sustainable Solutions in Q1 2024, Focusing on Efficient Business Practices and Green Initiatives

In the first quarter of 2024, BBVA’s Businesses line successfully mobilized €7 billion, focusing on sustainable solutions that could lead to potential economic savings. The bank advised business customers on initiatives in energy efficiency, renewal of vehicle fleets, and water consumption. Funding of around €700 million was directed towards agribusiness, water, and circular economy projects, a significant increase of 258 percent compared to the previous year. Mexico played a major role in contributing to this amount, accounting for roughly half of the total figure.

On the other hand, BBVA’s retail business mobilized €2.6 billion during the same quarter. The bank continued to promote digital solutions tailored for the mass consumer market, highlighting potential savings that customers could achieve by adopting energy-saving measures at home and while on the go. An impressive €124 million was specifically allocated to finance the acquisition of hybrid or electric vehicles, representing a growth of 136 percent from the previous year.

BBVA’s Corporate and Investment Banking (CIB) channeled approximately €10.4 billion in the first quarter of 2024. All products within this segment performed well, including both long- and short-term financing options, as well as the brokerage of green, social, and sustainable bonds linked to environmental and social indicators. The bank continued to promote cleantech financing for wholesale clients, as well as support for renewable energy projects and reverse factoring initiatives tied to sustainability goals. A significant highlight was the financing of renewable energy projects, which amounted to around €800 million in the first quarter, more than double the amount reported in the same period of 2023.

In conclusion, BBVA’s focus on sustainable solutions led to a successful mobilization of funds in various sectors during Q1 2024. The bank’s commitment towards promoting sustainable practices is evident through its allocation towards green initiatives such as hybrid/electric vehicle financing and renewable energy projects.

As a journalist I rearranged some paragraphs order but kept original content intact with slight changes in wordings here and there for better readability