Banco Santander

Banco Santander, a financial intermediation services company headquartered in Spain, reported total emissions of approximately 1.18 billion kg CO2e in 2024. This figure includes Scope 1 emissions of about 35.5 million kg CO2e, Scope 2 market-based emissions of roughly 24.35 million kg CO2e (or 194.28 million kg CO2e location-based), and Scope 3 emissions of approximately 1.12 billion kg CO2e. Key categories contributing to Scope 3 include purchased goods and services (about 698.77 million kg CO2e), capital goods (approximately 216.39 million kg CO2e), business travel (around 52.15 million kg CO2e), employee commute (about 82.57 million kg CO2e), and upstream transportation and distribution (roughly 52.84 million kg CO2e).

Looking back, in 2023, Banco Santander's total emissions were approximately 172.71 million kg CO2e, with Scope 1 at about 25.76 million kg CO2e, Scope 2 market-based at around 21.52 million kg CO2e (or 205.29 million kg CO2e location-based), and Scope 3 at roughly 125.44 million kg CO2e. For 2022, total emissions stood at about 134.42 million kg CO2e, including Scope 1 emissions of roughly 21.97 million kg CO2e and Scope 2 market-based emissions of approximately 30.92 million kg CO2e (or 217.91 million kg CO2e location-based).

Banco Santander has several climate commitments. The company aims to remain carbon neutral and source electricity from renewable energy by 2025. It also intends to completely reduce its exposure to thermal coal producers by 2030. Furthermore, the Santander Group has set a long-term goal of achieving net-zero emissions across the entire group by 2050, aligning with the Paris Agreement. Banco Santander Asset Management joined the Net Zero Asset Managers (NZAM) initiative in March 2021, with the ambition to align its portfolio to achieve net-zero greenhouse gas emissions by 2050 to limit global warming to 1.5°C. The company also reported an absolute target of 100% renewable electricity for Scope 1 and Scope 2 by 2025, with an interim goal of 60% by 2022. Additionally, a near-term intensity target for Scope 1 aims for a 46% reduction in tCO₂e/MWh from 2019 to 2030.