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Banco Santander, officially known as Banco Santander, S.A., is a leading global financial institution headquartered in Spain (ES). Established in 1857, the bank has evolved into a prominent player in the financial intermediation services sector, excluding insurance and pension funding services. With a strong presence across Europe, Latin America, and the United States, Santander offers a diverse range of services, including retail banking, corporate banking, and wealth management.
Renowned for its customer-centric approach, Banco Santander provides innovative products such as digital banking solutions and personalised financial services, setting it apart in a competitive market. The bank has achieved significant milestones, including its expansion into key international markets and a robust digital transformation strategy. As one of the largest banks in Europe by market capitalisation, Santander continues to solidify its position through strategic growth and a commitment to sustainability.
55
DitchCarbon score
+18 vs industry average
Banco Santander’s score of 55 is higher than 69% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Very Low
Financial Intermediation is among the least carbon-intensive industries
Industry performance
0.096
20182025
The Financial Intermediation industry has reduced its overall emissions by 33% since 2018
Emissions trajectory 2020 – 2027
20202021202220232024202520262027
Reported emissions
Scope 1
•••kg CO₂e
Scope 2
•••kg CO₂e
Scope 3
•••kg CO₂e
Total reported
•••kg CO₂e
Scope 3 accounts for ••• of total emissions.
Banco Santander's reported carbon emissions
Banco Santander, a financial intermediation services provider headquartered in Spain, reported total emissions of approximately 1.17 billion kg CO2e for 2024. This includes about 35.5 million kg CO2e from Scope 1, approximately 24.35 million kg CO2e from Scope 2 (market-based), and about 1.11 billion kg CO2e from Scope 3.
In 2023, the company's total emissions were approximately 172.71 million kg CO2e, with Scope 1 emissions at about 25.76 million kg CO2e, Scope 2 (market-based) at approximately 21.52 million kg CO2e, and Scope 3 at about 125.44 million kg CO2e. This represents a significant increase in reported Scope 3 emissions in 2024 compared to 2023, primarily due to the inclusion of 'capital goods,' 'purchased goods and services,' and 'upstream transportation and distribution' categories.
Looking back, Banco Santander's total emissions were approximately 134.42 million kg CO2e in 2022, approximately 114 million kg CO2e in 2021, and approximately 332.39 million kg CO2e in 2019. In 2018, total emissions were about 379.99 million kg CO2e, and in 2017, they were approximately 381.85 million kg CO2e. The earliest available data from 2010 shows total emissions of about 635.41 million kg CO2e.
Banco Santander has set several climate commitments:
- Net-Zero Target: The Santander Group aims to achieve net-zero emissions across the entire group by 2050, aligning with the Paris Agreement goals. Santander Asset Management (SAM) also aims for net-zero greenhouse gas emissions in its assets under management by 2050 and joined the Net Zero Asset Managers (NZAM) initiative in March 2021 to align its portfolio with a 1.5°C warming limit.
- Carbon Neutrality and Renewable Energy: Banco Santander intends to remain carbon neutral and source electricity from renewable energy by 2025 for both Scope 1 and Scope 2 emissions.
- Emissions Reduction: The company has a near-term intensity reduction target for Scope 1 emissions, aiming for a 46% reduction in tCO₂e/MWh between 2019 and 2030. They also committed to sourcing 60% of electricity from renewable energy by 2022 and 100% by 2025 (Scope 1 and 2).
- Coal Exposure Reduction: Banco Santander plans to completely reduce its exposure to thermal coal producers by 2030.
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Banco Santander’s Climate Goals (2030 & 2050)
2025
Near-zero scope 1 & 2
Target to achieve near-zero emissions for direct operations and purchased energy
On track94%
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
At risk48%
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
Behind target22%
Showing SBTi-validated targets only. Sign up or sign in to see all disclosed climate targets.
Scope 3 top emissions categories
6 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
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Not active
Carbon Disclosure Project
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Active
The Climate Pledge
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Not active
UN Global Compact Climate Champions initiative
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Not active
RE 100
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Not active
Climate Action 100
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Not active
Emissions comparison with industry peers
View similar organisationsCompanyCountryIndustryLast updatedScoreDetails
Banco Santander9 months ago
55
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