Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 62

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 62
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 the Forest Stewardship Council (FSC). • Palm oil processors that are not members of the Roundtable on Sustainable Palm Oil (RSPO). • Developments in forested peatlands in 'High Risk Geographies'. 15 The assessment of the client's ESCC risks in the applicable sectors 16 is first completed by the financial manager before a team of analysts conducts an overall assessment. The ESCC risk and compliance departments delve deeper into cases that uncover red flags. We usually conduct this extended due diligence exercise with the client to deepen our understanding of the risk profile and determine the existence (or not) of corrective or remediation measures. As our global ESCC risk management policy dictates, we consider environmental, social and climate change risks and also conduct annual reviews of our customers and pay particular attention to potential deforestation risk with agribusiness customers in the Amazon biome.

| For more details on our ESCC risk management policy, see section 3.2.3'Environmental, social and climate change risk management'. |

| Nature-based solutions are key to carbon storage and climate resilience. Santander supports several initiatives that foster these solutions:                                                                                                                                                                     
 •Biomas, an ecosystem restoration enterprise that seeks to plant two billion native trees to reforest and protect two million hectares of degraded lands in Brazil over the next 20 years, removing 900 million tonnes of CO2e from the atmosphere.                                                              
 •Santander España — through Motor Verde — will finance three new forests of over 300 hectares to absorb 82,000 tonnes of CO2e. Two of them have already been registered with the Spanish Office of Climate Change and the third is in the initial phase.                                                         
 •Santander UK continues to form part of the Net Zero With Nature UK national parks initiative by helping develop a platform to secure private financing for nature-based solutions. We’re also supporting the restoration of peatlands in the Cairngorms and the improvement of water quality at Lake Windemere. 
 •Since 2021, Santander México — through “LikeU” — has been helping customers contribute to reforestation in collaboration with Reforestamos México, which has been operating for 19 years.                                                                                                                       |

Santander and the Brazilian biomes Santander promotes the protection and sustainable development of Brazil’s biomes, which is critical to tackling climate change and conserving biodiversity. We need economic growth, but it must be sustainable. Brazil accounts for approximately 3% of the world’s greenhouse gas (GHG) emissions