Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 33

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 33
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 be revised upwards at least every five years, depending on data availability

Annual report 2024 34

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

2.2 Supporting our customers in their transition goals

In this section we cover how Santander manages the following IRO:

| I+ |     | Contribution to protecting the environment by driving an increase in the use of renewable energy and other low-carbon technologies |
| O  |     | Growth in the financing of renewable energy and other energy transition solutions                                                  |
| O  |     | Revenue growth by providing our customers with sustainable solutions in such sectors as construction, mobility or agriculture.     |

To achieve our net-zero ambition, our main lever as a bank is supporting our customers in their efforts to transition to a low-carbon economy. As a large financial institution, we have an opportunity to support our customers in their ambition to transition to low carbon business models. To this end, we continue enhancing our sustainable finance and advisory proposition, and financing in our global businesses. To achieve this, we are: 1. growing the green finance business, which entails drawing up a green finance strategy for the Group's businesses and delivering a strong value proposition for our customers; 2. building the infrastructure that support green finance across the Group. This means implementing the sustainable finance and investment classification system (SFICS); strengthening the controls to assess and manage greenwashing risk; and executing the data strategy to measure and monitor green finance results; and 3. deploying well-trained commercial teams to capture opportunity. In Corporate & Investment Banking (CIB), we have already reached EUR 139 billion in green finance raised and facilitated since 2019, achieving our EUR 120 billion target 18 months early and are working towards reaching EUR 220 billion by 2030. Climate opportunities Working with customers to support their transition objectives and carbon reduction emissions goals is key to progressing towards a low-carbon economy. To do this we identify business opportunities for transition financing assessing key sectors, working closely with our clients and with the knowledge of our sustainability experts. These opportunities inform our materiality assessment. In addition, the Group calculates the ratio of green assets aligned with the European Taxonomy. In 2024, it amounts to 3.28% (vs. 2.6% in 2023). The volume of assets as at December 2024 aligned with the European taxonomy for mortgages is