• BBVA channeled approximately $93 billion into sustainable business during the first half of 2026, up 38% year over year.
• Environmental activities received about $72 billion, while social initiatives accounted for nearly $22 billion.
• The bank has reached approximately $246 billion of its $796 billion sustainable business target for 2025 to 2029.

BBVA channeled approximately $93 billion into sustainable business during the first half of 2026 as demand increased across corporate, commercial and retail banking.

The total represents a 38% increase from the same period in 2025. It also brings the bank’s cumulative sustainable business volume to approximately $246 billion since the beginning of 2025.

BBVA aims to channel about $796 billion into sustainable business between 2025 and 2029. Its financing and advisory activity covers the energy transition, natural capital, efficient resource use and social challenges.

Spain generated approximately $30 billion of the first-half total, making it the bank’s largest sustainable finance market.

Environmental activities lead allocation

Environmental activities accounted for approximately $72 billion, or 76%, of the sustainable business channeled between January and June. These activities included climate-related projects and natural capital initiatives.

Social initiatives received about $22 billion, representing 24% of the total.

By geography, Spain accounted for 34% of sustainable business activity. Mexico followed with 16%, while Türkiye contributed 12%. South America represented 9%, and BBVA’s remaining markets accounted for 29%.

Financing and transactional banking generated 86% of the total volume. Capital markets contributed 10%, while project finance accounted for 4%.

The product mix reflects continued reliance on bank lending and transaction-based solutions to finance corporate transition plans. Capital markets and project finance provide additional routes for larger infrastructure and energy investments.

Corporate demand drives sustainable finance growth

BBVA’s Corporate and Investment Banking division channeled approximately $48 billion into sustainable business. This included about $43 billion for environmental activities and $4.5 billion for social initiatives.

The division’s total increased by 29% compared with the first half of 2025.

Activity included cleantech financing, sustainability-linked confirming and funding for renewable energy projects. Renewable energy project financing reached approximately $4.9 billion during the latest quarter, supported by transactions in Europe and the United States.

Commercial Banking recorded approximately $34 billion in sustainable business, an increase of 48% year over year. Environmental activities received about $25 billion, while social initiatives accounted for approximately $9.1 billion.

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Mexico and Türkiye delivered particularly strong growth. Sustainability advisory services also supported demand in agriculture, infrastructure and the circular economy.

Retail banking posted the fastest growth across BBVA’s three principal business segments. The division channeled approximately $11.4 billion during the first half, up 54% from a year earlier.

Social initiatives accounted for about $8 billion of the retail total. Environmental activities received approximately $3.4 billion.

Retail products supported areas including energy-efficient housing, home renovations and lower-emission vehicles. For corporate clients, the bank provided financing intended to support electrification, infrastructure development and more efficient resource management.

BBVA raises its sustainable business ambition

BBVA’s sustainability strategy focuses on climate, natural capital and social opportunities. The bank aims to use these areas to generate new business while helping clients manage transition-related investment needs.

Its approximately $796 billion target more than doubles its previous goal of about $341 billion between 2018 and 2025.

BBVA reached that earlier target in December 2024, one year ahead of schedule. The new commitment covers five years, compared with eight years for the previous objective.

The larger target places greater pressure on governance and reporting systems. Investors will need to assess how the bank classifies sustainable activities, measures transition outcomes and manages exposure to sectors with higher emissions.

BBVA calculates its sustainable business contribution using criteria set out in its Guide for the Channeling of Sustainable Business and Transition.

The bank has also expanded its role in international climate finance discussions. On July 27, BBVA announced that it would serve as a Global Banking Partner for COP31.

The United Nations climate conference will take place in Antalya, Türkiye, from November 9 to November 20. BBVA said it would work with the COP31 Presidency and the United Nations to promote energy transition financing and low-carbon solutions.

For executives and investors, the first-half figures show that sustainable finance remains a significant source of banking growth. They also highlight the expanding role of commercial and retail lending alongside major corporate transactions.

As governments seek more private capital for climate and social priorities, banks will face closer scrutiny over how financing volumes translate into credible environmental and economic outcomes.