Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 148

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 148
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 to a low-carbon economy.                
 B.The figures displayed are the latest available given limited data availability from customers to assess financed emissions. We used Banco Santander's internal calculation methodology, which is based on the Partnership for Carbon Accounting Financials (PCAF). 
 C.Consumer lending for the purchase of passenger cars in Europe.                                                                                                                                                                                                     
 D.In countries where we can verify electricity from renewable sources at Banco Santander properties. It considers the 10 core markets where we operate.                                                                                                              |     |    |       |     |    |       |     |    |       |     |    |       |     |       |     |       |       |     |      |     |                          |

2024 Pillar 3 Disclosures Report 225

| Index |     | Introduction |     | Capital |     | Risks |     | Risk taker's remunerations |     | Appendices |

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 customers 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 EUR 28.1 bn and auto is EUR 8.8 bn.

Also, from investment through our assets management business SAM, the top three climate-related opportunities embedded in our analysis model are:

• new climate solutions involving products and services that boost diversification, competitive advantage and revenue;

• lower-emission energy sources that benefit from less exposure to GHG emissions, lower costs, policy incentives; and

• efficient production and distribution of resources to lower operational costs and raise both production capacity and the value of fixed assets.

Our ambition

We continue working towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to make headway with our three-pillar strategy.

Incentive policies and frameworks are key to driving the energy transition. The challenge goes beyond increasing the flow of capital from the regulated financial sector to funding the energy transition. We need to scale transition activity and the demand for solutions, which will require better risk-profitability profiles. Achieving climate objectives depends largely on the macro