Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 77

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 77
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                         0.32 |     |                           3.0 |     |     |     |            |             |
| 2023             |     | 10.75 |     |                            3.14 |     |                        0.15 |     |                         0.29 |     |                           3.2 |     |     |     |            |             |

A. It includes Corporates and Project Finance in operation.

#### Oil & gas
Sector boundaries: For the oil & gas sector, we assess upstream companies, as well as integrated companies undertaking their own upstream production in oil and gas.

Industry dynamics: Oil & gas companies can reduce their emissions by reducing operational emissions (e.g. by reducing flaring and leakages), by shifting their production to less GHG intensive fuels (e.g., from oil to gas), by investing into CCUS (Carbon Capture, Utilisation and Storage) or by diversifying from fossil-fuel combustion related business (e.g., into renewable energy).

2024 saw a number of elections held in major economies. It remains to be seen how the outcome of these elections will affect

energy supply and demand. As ever, energy security remains a critical theme for the sector.

Portfolio composition: To differentiate between oil & gas entities on a sector specific basis, we apply a physical emissions intensity comparison and a 2050-time horizon for our climate tiering analysis in this sector only.

Portfolio evolution: The absolute financed emissions of our portfolio decreased significantly in the years 2022 and 2023, going from 27.43 MtCO 2 e in 2021 to 20.94 and 20.27 in 2022 and 2023 respectively. This was primarily led by the decrease in the exposure to some low-tiered carbon-intensive clients.

| Sector    |     | Year |     |       |     | Exposure (drawn amount EUR bn) | Absolute emissions (MtCO2e) |     | Physical emissions intensity 
                   (tCO2e/TJ) |     | Financial emissions intensity 
         (MtCO2e/ EUR bn lent) |     |     |     | PCAF score | 2030 target |
| Oil & gas |     | 2019 |     |  7.68 |     |                                |                       23.84 |     |                        73.80 |     |                          3.10 |     | 3.4 |     |            | 16.98       
 mtCO2