Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 96

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 96
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 sector.

Annual report 2024 72

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

impact. Increased capital requirements would be counter-productive and could jeopardize the transition of the economy — especially in emerging countries and that of companies in carbon intensive sectors. Authorities should work together as much as possible on drawing up the regulatory framework that provides the right tools to finance the transition of the economy globally.

| For more details on our strategy for engagement with authorities, supervisors, NGOs, etc.  see1.2 'Stakeholder engagement'. |

Partnerships and sector working groups Partnerships with others in business and governments can help us share best practice and accelerate progress if we are to tackle climate change and protect biodiversity. Grupo Santander participates in different organizations, alliances and working groups: we engage with international and local stakeholders (sector associations, think tanks, universities, peers and others) to progress in global and company goals, in line with the SDG 17 (Sustainable Development Goal) on Partnerships for Goals. In addition to the initiatives outlined in section 1.2 ' Stakeholder Engagement ', we also engage with leading organisations to improve banks’ stewardship of climate change and nature. → World Economic Forum - International Business Council: Santander is participating in the "Transforming Energy Demand" project, which aims to identify ways in which companies can reduce energy demand intensity as a means of contributing to the global energy transition, as well as to the bottom-line. The IBC (International Business Council), currently chaired by the executive chair brings together 130 CEOs and company chairs across industries, from developed and emerging markets, on all continents. Member of this group are responsible for c.3% of global energy consumption. → World Economic Forum - Alliance of CEO Climate Leaders: Santander continues its engagement within the World Economic Forum Alliance of CEO Climate Leaders as key network to influence stakeholders, including policymakers, and drive change towards meeting net zero targets. We are also following the work at the “Financing the Transition to a Net-Zero Future” initiative. → Banking Environment Initiative (BEI): Coordinated by the Cambridge Institute for Sustainability Leadership (CISL), we continue to take part in the Bank 2030 initiative, which aims to create a roadmap for the banking sector to support broader society’s transition to a low-carbon economy. → Net Zero Banking Alliance (NZBA): We're a founding member of