Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 90

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 90
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AM (Latin American) countries, emissions calculated and reported by Corporates and particularly by SMEs, etc…). We remain engaged to reduce these data gaps to measure financed emissions in a way that can be useful towards steering the alignment of other climate relevant portfolios and be able to try to implement alignment levers to broad scope of our financed portfolios. 2.4.4 Santander Asset Management’s (SAM) alignment strategy and approach In March 2021, we joined the Net Zero Asset Managers (NZAM) initiative with the ambition to align the Santander Asset Management portfolio by 2050 to help limit global warming to 1.5°C. As part of joining this initiative, SAM set a target to halve net emissions for 50% of its AuM in scope (some 27% of the total) by 2030, as well as certain engagement objectives. SAM maintains its ambition to continue aligning its activity, promote greater transparency, and strengthen cooperation between investors and issuers in the net-zero transition. We conduct internal reviews on the way we measure and disclose our progress, in parallel with the NZAM review. We plan to take a more qualitative approach to our reporting next year. To analyse each issuer’s net zero efforts and progress, we classified assets according to the Net Zero Investment Framework (NZIF). This maturity scale on the degree of issuers’ alignment with net zero emissions targets provides us with a framework to check the progress that issuers are making in their transition and identify areas that require further effort in terms of engagement. It considers these factors: 1. A long-term ambition consistent with the goal of achieving net-zero by 2050. 2. Short- and medium-term targets to reduce GHG emissions. 3. Disclosure of scope 1, 2 and 3 emissions.

4. Emissions performance against targets. 5. Alignment strategy. In 2024, we worked on developing our Net Zero engagement strategy, which aims to use dialogue and voting policies to encourage issuers to commit to alignment plans and transparency and disclose accurate and credible information to be able to monitor performance. It also motivates issuers to set ambitious targets that are consistent with the Paris Agreement goals. SAM is part of the Climate Action 100+ collaborative engagement initiative and conducts regular analysis of Net Zero projects to look into their possible adherence to it. In 2023, SAM joined the IIGCC (Institutional Investors Group on Climate Change) Net Zero Engagement Initiative (launched in January of the