Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 76

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 76
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 regional differences in the climate tiering (with Europe being the leader), while many emerging market entities are still developing and disclosing their transition plans.

Power Generation portfolio distribution A

A. Based on September 2024 drawn exposure, according to portfolio alignment methodology, and including corporates and project finance, both in operation and under construction.

Portfolio evolution: Since 2022, we observe a downward trend in the physical emission intensity of our portfolio, going from 0.19 tCO 2 e/MWh in 2021 to 0.16 in 2022 and 0.15 in 2023. One of the main drivers is an overall improvement in the average emissions intensities of our corporate portfolio customers during this period. Supporting our clients in their alignment journey implies investing in both renewable technologies and transition technologies, which may still lead to temporary increases in physical emission intensity in the future.

Annual report 2024 63

| Contents |     | Business model and strategy |     | Sustainability statement |     | Corporate governance |     | Economic and financial review |     | Riskmanagement and compliance |

| Sector           |     |  Year |     | Exposure (drawn amount EUR bn)A |     | Absolute emissions (MtCO2e) |     | Physical emissions intensity 
                 (MtCO2e/MWh) |     | Financial emissions intensity 
         (MtCO2e/ EUR bn lent) |     |     |     | PCAF score | 2030 target |
| Power generation |     |  2019 |     |                           10.66 |     |                        5.41 |     |                         0.21 |     |                          0.51 |     | 2.7 |     |            | 0.11 tCO2e/ 
 MWh         |
| 2020             |     | 10.31 |     |                            4.59 |     |                        0.17 |     |                         0.45 |     |                           2.5 |     |     |     |            |             |
| 2021             |     | 10.23 |     |                            4.24 |     |                        0.19 |     |                         0.41 |     |                           2.8 |     |     |     |            |             |
| 2022             |     | 11.88 |     |                            3.82 |     |                        0.16 |     |