BBVA Raises Sustainable Financing Target For 2018-25 Period To $291Bln

By Maitane Sardon

Banco Bilbao Vizcaya Argentaria SA has increased its target for sustainable financing by 50% as it sees accelerating interest in products such as bonds and loans tied to environmental, social and governance objectives.

The Spanish bank said it now aims to mobilize 300 billion euros ($291.07 billion) in sustainable financing between 2018 and 2025, up from its previous goal of EUR200 billion.

"Sustainability is a business opportunity because the amount of investment required is huge," BBVA Chief Executive Carlos Torres Vila said at the Institute for International Finance annual meeting in Washington on Wednesday.

Mr. Torres said the key trends redefining the world include digitization, the emergence of new transformative technologies, and decarbonization.

BBVA said it has reached EUR112 billion in sustainable financing between 2018 and June this year, with 77% of that amount in products tied to climate action.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

10-13-22 0451ET