We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, BBVA is a member of the Spanish Banking Association, which is a member of the EBF. Additionally, according to its 2022 CDP response, BBVA chairs the EBF sustainable finance working group.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Antoni Ballabriga is the Chair of the EBF Sustainable Finance Working Group
Antoni Ballabriga (Global Head of Responsible Business)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, BBVA is a member of the Spanish Banking Association, which is a member of the EBF. Additionally, according to its 2022 CDP response, BBVA chairs the EBF sustainable finance working group.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Antoni Ballabriga is the Chair of the EBF Sustainable Finance Working Group
Antoni Ballabriga (Global Head of Responsible Business)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, Carlos Torres Vila is on the board of the IIF
Carlos Torres Vila (Chairman)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, Carlos Torres Vila is on the board of the IIF
Carlos Torres Vila (Chairman)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, Juan Blasco is on the board of AFME
Juan Blasco (Head of Global Syndicate & Leveraged Finance EMEA)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Ricardo Laiseca is on the board of AFME
Ricardo Laiseca (Head of Global Innovation & Analytics, BBVA)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of January 2023, Juan Blasco is on the board of AFME
Juan Blasco (Head of Global Syndicate & Leveraged Finance EMEA)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Ricardo Laiseca is on the board of AFME
Ricardo Laiseca (Head of Global Innovation & Analytics, BBVA)
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Open PDF file of Data Source
Sustainable Finance Lobbying Overview: BBVA appears to be broadly supportive of sustainable finance policy, but appears cautious on potential changes to prudential regulation.
Top-line Messaging on Sustainable Finance Policy: BBVA has stated support for a role for the financial sector in achieving the goals of the Paris Agreement and in 2021 and 2022 its CEO, Carlos Torres Villa, advocated for action to meet net-zero by 2050. This was reinforced in global investor statements in 2021 and 2022. BBVA also appears to support reform to make the financial system more sustainable and, more specifically, to address short-termism in markets. BBVA stated broad support for sustainable finance policies in its CDP responses. However, as reported by the media in 2022, BBVA CEO Onur Genç criticized the level of regulation and obligations for banks around sustainability, stating that the 'business opportunity' will drive investments towards more sustainable and transition models so 'why force it with rules'.
Position on Taxonomies: During 2021, BBVA stated support for the taxonomy in website articles. However, a website blog from 2020 suggests the group did not initially support a stringent version of the policy, arguing for the "most flexible and inclusive taxonomy possible". In feedback to the Commission’s consultation on the Renewed Sustainable Finance Strategy in 2020, BBVA appeared to support the expansion of the taxonomy to cover environmentally harmful activities, however, it suggested including only 'extreme fossil fuels' to account for in-transition activities and sectors.
Position on Regulated Corporate ESG Disclosure: In 2020, BBVA supported an ambitious review of the EU Non-Financial Reporting Directive (NFRD) in a Commission consultation and in 2021 it advocated for a more ambitious scope in feedback to the Commission’s Corporate Sustainability Reporting Directive (CSRD) proposal. However, in 2022 it argued against certain elements proposed by European Financial Reporting Advisory Group (EFRAG) in the draft European Sustainability Disclosure Standards, such as the non-materiality justification and suggested a more flexible approach to supply chain disclosure requirements. Also in 2021, the World Economic Forum submitted a statement to the SEC on behalf of its corporate partners, BBVA included, supporting the need for policy to improve corporate ESG disclosure. In response to the International Sustainability Standards Board (ISSB) on its Climate Exposure Draft in 2022, BBVA stated support but emphasized the need for flexibility and liability protection. In addition, BBVA has supported collaborative efforts to improve disclosure, such as through investor statements in 2021 and 2022 calling for 1.5 pathway-aligned transition plans and mandatory TCFD or in a joint letter to G20 leaders in 2021.
Position on ESG Standards, Labels & Benchmarks & Integrating ESG into Investor Duties: In feedback to the European Commission's consultation on the Renewed Sustainable Finance Strategy in 2020, BBVA supported stronger verification mechanisms for EU Green Bonds and a ESG benchmark, however it did not support some of the Commission’s suggestions for new ESG labels, such as labels for investment funds, and it did not appear to support updating fiduciary duty to incorporate adverse impacts on sustainability.
Position on the integration of ESG factors into prudential regulation and risk management: In a 2020 website article, BBVA supported using risk-based prudential regulation to incentivize a low-carbon transition. It further supported this position in response to the Commission in 2020. However, in a 2022 article, it stressed the challenges with climate stress testing and emphasized it should not have consequences for supervisory assessments or internal management. In its 2021-2022 CDP responses, it also argued that the Green Asset Ratio (GAR) should not be used in prudential regulation. In response to the European Banking Authority in 2021, it cautioned against a number of technical standards under the proposal of Pillar 3 ESG disclosures, such as the disclosure of scope 3 emissions or exposure to carbon-intensive firms. It also advocated for a less ambitious approach to the Basel Committee consultation on management and supervision of climate related financial risks.
Lobbying Transparency: BBVA has described some positions on sustainable finance policy in broad terms, without referencing specific policies or describing engagement activities. It has also disclosed some information on indirect policy engagement and memberships, including activities around sustainable finance policy.