Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 32

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 32
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 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.

For more details of the scope of targets, see section 2.1.4.

Annual report 2024 33

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

2.1.4 Key milestones

We continue to work towards our ambition of net zero carbon emissions by 2050 by progressively setting specific actions to align our portfolios:

| Net zero ambition and first alignmenttargets (thermal coal, power generation and Santander Asset Management-SAM) |     |                                         Alignment targets disclosed for oil & gas, steel and aviation |     | In 2024 we achieved our 2025 target to raise or facilitate EUR 120 billion in green finance 18 months early 
                              Alignment targets disclosed for automotive sectors (manufacturing and lending) |     | Financed emissions disclosed for residential mortgages (Spain) and commercial real estate (Spain and UK) 
                                Use 100% of electricity from renewable sourcesAin all Santander buildings |     |                                              SAM target to halve net emissions for 50% of in-scope AuMB 
 Alignment targets for power generation, oil & gas, steel, aviation, auto manufacturing and auto lending |
| 2021                                                                                                             |     |                                                                                                  2022 |     |                                                                                                        2024 |     |                                                                                                     2025 |     |                                                                                                    2030 |
| Cut unnecessary single-use plastics                                                                              |     | Development of first Sustainable Finance Classification System, including transition finance criteria |     |                        Financed emissions disclosed for residential Mortgages (UK) and Agriculture (Brazil) |     |                                                   EUR 100 billion in Socially Responsible Investment AuM |     |                                          Raise or facilitate EUR 220 billion in green finance from 2019 
                                                           Thermal coal-related power & mining phase out |

A. In countries where we can verify electricity from renewable sources at Banco Santander properties. Target considers the 10 core markets in which we operate.

B. Assets in scope are 54% of SAM’s total assets, which currently have a set Net Zero methodology. This objective might