Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 29

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 29
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 tool to identify, manage and resolve potential human rights-related incidents or violations to protect our customers, employees, suppliers and the communities we serve.

| For more details, see section4.3'Ethical channels' |

In 2024, we conducted a comprehensive human rights due diligence exercise to: (i) assess the effectiveness of current due diligence policies; (ii) identify and assess actual and potential adverse impacts based on their severity and probability; and (iii) assess the suitability of our communications channels and control measures to prevent, mitigate and remedy adverse impacts. This exercise followed international frameworks and directives and best market practice 3 and covered all of our global businesses’ units and activities. The findings of the human rights due diligence exercise are embedded into the strategy and governance, informing the double materiality assessment. Additionally, we engaged stakeholders as part of our analysis of these findings.

| For further detail regarding the 'Materiality assessment methodology', seeSustainability Note3 |

For more details on our human rights due diligence, visit the website santander.com/en/our-approach/policies

3 For instance: the Universal Declaration of Human Rights, the International Labour Organisation Declaration on Fundamental Principles and Rights at Work, the United Nations Guiding Principles on Business and Human Rights, the OECD (Organization for Economic Cooperation and Development) Due Diligence Guidance for Responsible Business Conduct, and others.

Annual report 2024 31

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

2. OUR CLIMATE TRANSITION PLAN (Environmental information)

#### 2.1 Strategy
2.1.1 Our approach

Santander considers climate a material topic, having identified impacts, risks and opportunities in the double materiality assessment. Per legal requirements, below we disclose our transition plan, based on three pillars. The purpose of each pillar is to support our customers and the communities we serve in their transition objectives; assess our customers’ climate-related risks to manage the impact on their business and on our operations; and make progress with the alignment of our portfolios:

1 Supporting our customers in their transition goals

Supporting our customers in pursuing their transition to a sustainable economy. Having achieved our target of raising or facilitating EUR 120 bn in green finance between 2019 and 2025 18 months early, we’re making headway with our next milestone of achieving EUR 220 bn by 2030. We are offering our customers guidance,