Banco Santander

Banco Santander, headquartered in ES and operating in financial intermediation services, is committed to climate action. For the reporting year 2024, the bank reported total emissions of approximately 1.18 billion kg CO2e. This figure comprises Scope 1 emissions of about 35.5 million kg CO2e, Scope 2 emissions (market-based) of approximately 24.35 million kg CO2e, and Scope 3 emissions totalling around 1.12 billion kg CO2e. Scope 3 emissions were notably driven by purchased goods and services (approximately 698.77 million kg CO2e), followed by capital goods (about 216.39 million kg CO2e), and employee commute (around 82.57 million kg CO2e).

In 2023, Banco Santander reported total emissions of approximately 172.71 million kg CO2e, with Scope 1 emissions at about 25.76 million kg CO2e and Scope 2 market-based emissions at around 21.52 million kg CO2e. Scope 3 emissions for 2023 were approximately 125.44 million kg CO2e, primarily from employee commute (about 75.38 million kg CO2e) and business travel (approximately 50.06 million kg CO2e).

Banco Santander is actively pursuing climate targets, including achieving carbon neutrality and sourcing electricity from renewable energy by 2025 for Scope 1 and 2 emissions. They also aim for a 46% reduction in Scope 1 intensity (tCO2e/MWh) by 2030, having already achieved a reduction from 0.21 to 0.11 since 2019. Furthermore, Santander Asset Management has joined the global Net Zero Asset Managers initiative with the ambition to align its portfolio to limit global warming to 1.5°C by 2050. The bank also has a commitment to completely reduce its exposure to thermal coal producers by 2030.