Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 177

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 177
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km in automotive (-40% vs. 2020). For own emission reduction reference data for 2030 is 104,400 ton (-42% vs. 2020).

86 From our total lending on the balance sheet, about 9% of our exposure comprises sectors for which Santander published emissions alignment targets for high-emitting sectors (Power generation, oil and gas, aviation, steel, auto manufacturing and auto lending. Excluding the thermal-coal phase out) and around 18% of total CIB lending. Using baselines exposures with different time horizons as per the above table, and balance sheet exposures as at December 2023. Our objectives and alignment targets have been externally assured only in the verification process of the present report.

87 PCAF: “Partnership for Carbon Accounting Financials” is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. Santander joined PCAF in 2021.

Annual report 2024 129

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

| 2. Financed emissions for alignmentA |     |        |     |                        |     |                 |     |                 |                             |     |                 |     |                    |                                                    |     |                     |
| Sector                               |     |  YearB |     | Exposure (drawn amount 
               EUR bn)C |     | Emissions scope |     |                 | Absolute emissions (mtCO2e) |     |                 |     | Physical emissions 
 intensity          | Financial emissions intensity (mtCO2e/EUR bn lent) |     | Overall PCAF scoreD |
| Power generation                     |     |   2020 |     |                  10.31 |     |               1 |     |                 |                        4.59 |     |  0.17 tCO2e/MWh |     |                    |                                               0.45 |     |                 2.5 |
| 2021                                 |     |  10.23 |     |                   4.24 |     |  0.19 tCO2e/MWh |     |                 |                        0.41 |     |             2.8 |     |                    |                                                    |     |                     |
| 2022