Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 191

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 191
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 plan ' we disclose the financed emissions of portfolio alignment with reasonable quality of data, with the aim of managing our portfolios with alignment purposes. In this section, we prioritize the completeness of the sustainability information disclosed. This means that the calculations where primarily supported by emissions factors, proxies or approximations, instead of actual reported emissions, to extend the calculation of financed emissions as reasonable as possible. This calculation helps us reach the figures we disclose, although we will continue to work on improving the available data and calculations in the future.

For all these reasons, we could expect some volatility in the financed emissions disclosed as better information becomes available over time or as some of the proxies/factors provided by external parties are updated.

| 4. GHG mitigation projects financed through carbon credits             |     |          |    |        |
| Carbon credits cancelled and used for scopes 1+2 compensation          |     | N (2024) |    |        |
| Total (tCO2e)A                                                         |     |          |    | 59,858 |
| Share from removal projectsB(%)                                        |     |          | 15 |      % |
| Share from reduction projects  (%)                                     |     |          | 85 |      % |
| Share of projects validated by Verra’s VCS                             |     |          | 13 |      % |
| Share of projects validated by Climate Action Reserve                  |     |          | 15 |      % |
| Share of projects validated by Gold Standard                           |     |          | 72 |      % |
| Share from projects within the EU (%)                                  |     |          |  — |      % |
| Share of carbon credits that qualify as corresponding adjustments (%)C |     |          |  — |      % |

A. Since emissions offsetting is done by country, the upward rounding of tCO 2 e means that the total amount of credits is slightly higher than the total sum of emissions.

B. In 2024, all GHG phase-out mitigation projects are nature-based (biogenic) solutions projects. Santander cancels all credits after purchase in the year. In 2024, 71,300 new credits were acquired and cancelled: 16.5% validated by Climate Action Reserve (removal projects) and 83.5% validated by Gold Standard (reduction projects). The existing contractual agreements Santander has in different countries will enable us to obtain 70.259 carbon credits between from now to 2073 year. Cancellation of such credits will