Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 146

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 146
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 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 the green transition

Supporting our customers in the 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 in advance, we’re making headway with our next milestone of achieving EUR 220 bn by 2030. We are offering our customers guidance, advice and specific business solutions; and offering them the opportunity to invest in a wide range of products according to their sustainability preferences, with the target of reaching EUR 100 bn AUM in Socially Responsible Investments (SRI) by 2025.

2 Embedding climate in risk management

Embedding climate and environmental aspects in risk management implies adopting a risk-based approach to those factors, focusing on the most material sectors. We consider the risks stemming from climate and environmental factors in the overall risk management cycle, including a materiality assessment that informs the double materiality assessment and our sustainability strategy.

3 Aiming to align our activity with the Paris Agreement Goals

Aiming to align our portfolio with the Paris Agreement Goals to help limit global warming. We are setting sector portfolio alignment targets for 2030 in high-emissions portfolios. The progress on these targets is expected to reflect the progress of the economies we serve. We currently have seven targets in five sectors and alignment targets for our asset management activity. Meanwhile, we continue to reduce our impact on the environment by implementing efficiency measures in our own operations and sourcing all our electricity from renewable sources by 2025.

224 2024 Pillar 3 Disclosures Report

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

We are making progress in integrating environmental risks into financial planning through the Group's strategic exercises, starting with the materiality assessment and its incorporation into the qualitative assessment of customers in the credit risk management framework. In addition, the evolution of environmental risks over time is indirectly considered in the climate scenarios used in the Group's strategic exercises (e.g. ICAAP). These scenarios consider the evolution of the policy framework and changing