BBVA (BME:BBVA) in Colombia has significantly increased its sustainable lending initiatives this year, with a reported 66% rise in funds allocated for inclusive growth and climate action. The bank has disbursed a total of 3.8 billion pesos from January to August, with $2.4 billion supporting inclusive growth and $1.4 billion aimed at climate action initiatives. This substantial growth is part of BBVA's broader strategy to expand its sustainable financing by 40%, targeting $4.7 billion by the year's end.
The bank's commitment to sustainability is evident in its diverse range of funded projects. Funding exceeding $873 billion has been directed mainly towards public energy companies, focusing on reducing greenhouse gas emissions. This move aligns with BBVA's obligations under the UN Principles for Responsible Banking and its goal to mobilize €300 billion by 2025.
In the housing sector, BBVA has financed over 31 low-income housing developments. These projects are set to provide homes for approximately 25,000 individuals, making a significant impact on Colombia's housing needs.
The bank has also shown a strong commitment to supporting women in business. Loans granted to women-led SMEs have reached $72 billion, representing more than half of BBVA's sustainable SME portfolio. Additionally, companies with international certifications for societal impact have received investments totaling $156 billion.
Infrastructure development has not been left behind, with financing for large-scale projects like the Via 40 highway growing by 55%. This project is set to benefit millions of Colombians across municipalities and improve the daily commute for millions of road users annually.
BBVA's increased financial support for the import of hybrid vehicles and energy sector initiatives underscores its dedication to fostering a more sustainable and inclusive economic environment in Colombia.
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