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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 company headquartered in Spain, reported total emissions of approximately 1.18 billion kg CO2e in 2024. This included Scope 1 emissions of 35.5 million kg CO2e, Scope 2 market-based emissions of 24.35 million kg CO2e, and Scope 3 emissions of approximately 1.12 billion kg CO2e. Key contributors to Scope 3 emissions in 2024 were purchased goods and services (698.77 million kg CO2e), capital goods (216.39 million kg CO2e), and employee commuting (82.57 million kg CO2e).
Looking back, Banco Santander's total emissions fluctuated, with 2023 seeing approximately 172.71 million kg CO2e, including Scope 1 emissions of 25.76 million kg CO2e, Scope 2 market-based emissions of 21.52 million kg CO2e, and Scope 3 emissions of 125.44 million kg CO2e. In 2022, total emissions were about 134.42 million kg CO2e, with Scope 1 at 21.97 million kg CO2e, Scope 2 market-based at 30.92 million kg CO2e, and Scope 3 at 81.54 million kg CO2e. For 2021, total emissions were approximately 114 million kg CO2e, comprising Scope 1 emissions of 27,430 kg CO2e, Scope 2 market-based emissions of 52.9 million kg CO2e, and Scope 3 emissions (business travel and employee commute) totalling about 35.42 million kg CO2e.
Banco Santander has set ambitious climate commitments, aiming for net-zero emissions across the entire group by 2050, aligning with the Paris Agreement goals. This commitment is supported by their participation in the Net Zero Asset Managers (NZAM) initiative, with an ambition to align the Santander Asset Management portfolio by 2050 to limit global warming to 1.5°C. The company also plans to completely reduce its exposure to thermal coal producers by 2030. Near-term targets include remaining carbon neutral and sourcing electricity from renewable energy by 2025 for Scope 1 and Scope 2 emissions. Additionally, a 46% intensity reduction target for Scope 1 emissions (tCO2e/MWh) is set between 2019 and 2030. Between 2019 and 2025, Banco Santander is committed to using 100% renewable energy for its electricity consumption, building on an earlier target of 60% by 2022.
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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
7 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 Santander10 months ago
55
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