BBVA to launch new global finance unit for clean technologies
![BBVA to launch new global finance unit for clean technologies](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/03/Depositphotos_566940920_S.jpg)
BBVA of Spain will establish a new global finance unit focusing on clean technologies and innovation to grow its sustainable business, announced Chairman Carlos Torres on Thursday.
He mentioned at a sustainability forum that the bank plans to form a team of approximately 20 bankers in New York, London, and Madrid to provide loans and guidance.
“At BBVA, we are big believers in innovation as a driver to achieve decarbonization. Not only we invest in the funds, we are growing our structure finance team to advise and lend clients on clean tech,” Torres said.
Also read: Morgan Stanley Joins PCAF committee to standardize carbon accounting in financial sector
In 2022, BBVA increased its sustainable finance goal to 300 billion euros by 2025, up from its earlier target of 200 billion euros ($216.14 billion).
This decision came after a worldwide energy market crisis and growing pressure on financial institutions to cease funding fossil fuel industries.
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