{"id":9543,"date":"2021-03-10T12:27:56","date_gmt":"2021-03-10T11:27:56","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=9543"},"modified":"2023-02-28T17:17:38","modified_gmt":"2023-02-28T16:17:38","slug":"bbva-is-getting-closer-to-a-robust-coal-policy","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/03\/10\/bbva-is-getting-closer-to-a-robust-coal-policy\/","title":{"rendered":"BBVA is getting closer to a robust coal policy"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;--awb-margin-bottom:0px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p style=\"text-align: justify;\"><b style=\"color: #8ac56b;\"><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">BBVA<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">, <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">the second Spanish <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">bank<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> by volume of assets<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">, <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">published <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">in <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">March<\/span><\/span> <span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">2<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">021 its new<\/span><\/span> <a class=\"Hyperlink BCX0 SCXW107101932\" href=\"https:\/\/shareholdersandinvestors.bbva.com\/wp-content\/uploads\/2021\/03\/Environmental-and-Social-Framework-_-March-2021.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun BCX0 SCXW107101932\" data-ccp-charstyle=\"Hyperlink\"><u><span style=\"color: #8ac56b;\">Environmental and Social Framework<\/span><\/u><\/span><\/span><span class=\"TextRun Underlined BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun BCX0 SCXW107101932\" data-ccp-charstyle=\"Hyperlink\">,<\/span><\/span><\/a><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> which updates the <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">2020<\/span><\/span> <span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2 BCX0 SCXW107101932\">version.<\/span><\/span> <span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">On the plus side<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">: <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">BBVA<\/span><\/span> <span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">commits to a <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">thermal <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">coal phase-<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">out by<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> 2030 in developed countries and by 2040 <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">worldwide. However, <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">this coal policy remains insufficient because of the large number of exceptions it allows<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> and the absence of a <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">strong <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">c<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">ommitment to<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> immediately<\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\"> exclude <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">all <\/span><\/span><span class=\"TextRun BCX0 SCXW107101932\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun BCX0 SCXW107101932\">coal developers.<\/span><\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><b style=\"color: var(--body_typography-color); font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing);\"><span style=\"color: #59bc6d;\">1. <\/span><span style=\"color: #e5e3e3;\"><strong><span style=\"color: #59bc6d;\">What&rsquo;s new<\/span><\/strong><\/span><\/b><\/p>\n<ul>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"25\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">In the previous update of its coal policy in December 2020, BBVA had lowered its exclusion thresholds from 40% to 25% of revenues <\/span><span data-contrast=\"auto\">from coal <\/span><span data-contrast=\"auto\">for mining companies and from 35% to 25% <\/span><span data-contrast=\"auto\">of <\/span><span data-contrast=\"auto\">power generation<\/span> <span data-contrast=\"auto\">for coal power companies.<\/span><span data-contrast=\"auto\"> But companies with a diversification strategy are not affected by these exclusions<\/span><span data-contrast=\"auto\">.<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"25\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Regarding the exclusions at the project level, <\/span><span data-contrast=\"auto\">BBVA has also revised the scope of possible <\/span><span data-contrast=\"auto\">exceptions<\/span><span data-contrast=\"auto\">.<\/span> <span data-contrast=\"auto\">W<\/span><span data-contrast=\"auto\">here exceptions <\/span><span data-contrast=\"auto\">were <\/span><span data-contrast=\"auto\">made for <\/span><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">new c<\/span><span data-contrast=\"auto\">oal mines<\/span><span data-contrast=\"auto\"> and new coal power plants\u00a0\u00bb<\/span><span data-contrast=\"auto\"> before<\/span><span data-contrast=\"auto\">, <\/span><span data-contrast=\"auto\">only<\/span> <span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">existing mines or expansion of mines using MTR methods<\/span><span data-contrast=\"auto\"> and existing and under-construction coal plants<\/span><span data-contrast=\"auto\">\u201d are now possible<\/span><span data-contrast=\"auto\">.<\/span><\/li>\n<li style=\"text-align: justify;\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"25\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">This time, the Bilbao-based bank goes even further by announcing that \u201c<\/span><b><span data-contrast=\"auto\">BBVA targets zero exposure to coal clients by 2030 in the developed countries and by 2040 globally<\/span><\/b><span data-contrast=\"auto\">,<\/span> <span data-contrast=\"auto\">through engaging with them and actively monitoring its portfolio\u00a0\u00bb<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\"> BBVA<\/span> <span data-contrast=\"auto\">define<\/span><span data-contrast=\"auto\">s<\/span> <span data-contrast=\"auto\">its <\/span><span data-contrast=\"auto\">coal <\/span><span data-contrast=\"auto\">clients as<\/span> <span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"auto\">companies with greater than 5 percent of revenues from thermal coal mining for power generation and thermal coal-fired power generation.\u201d<\/span><\/li>\n<\/ul>\n<div>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #59bc6d;\">2. <\/span><span class=\"TextRun SCXW224577788 BCX0\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224577788 BCX0\" style=\"color: #59bc6d;\"><span class=\"TextRun MacChromeBold SCXW242744655 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW242744655 BCX0\">Our analysis &#8211; <span class=\"TextRun SCXW197782314 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW197782314 BCX0\">some progress but not enough<\/span><\/span><\/span><\/span><\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">BBVA\u2019s coal policy, which applies to <\/span><span data-contrast=\"auto\">CIB <\/span><span data-contrast=\"auto\">activities<\/span><span data-contrast=\"auto\"> in all entities of the BBVA Group, <\/span><span data-contrast=\"auto\">seems<\/span><span data-contrast=\"auto\"> relatively advanced, with exclusions of both new coal projects and companies involved in the thermal coal value chain<\/span><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">However, it <\/span><span data-contrast=\"auto\">has major<\/span><span data-contrast=\"auto\"> limitations<\/span> <span data-contrast=\"auto\">and exceptions which could significantly <\/span><span data-contrast=\"auto\">reduce its effecti<\/span><span data-contrast=\"auto\">veness<\/span><span data-contrast=\"auto\"> in reducing BBVA\u2019s support to the coal sector. According to recent <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/coalexit.org\/investments-bank-ct?name=Banco+Bilbao+Vizcaya+Argentaria+%28BBVA%29\" target=\"_blank\" rel=\"noopener noreferrer\">financial research<\/a><\/u><\/span><span data-contrast=\"auto\">, BBVA has provided<\/span><b><span data-contrast=\"auto\"> more than $3<\/span><\/b><b><span data-contrast=\"auto\">.<\/span><\/b><b><span data-contrast=\"auto\">3bn <\/span><\/b><b><span data-contrast=\"auto\">to the coal industry between October 2018 and October 2020.<\/span><\/b><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">At <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">project level, BBVA <\/span><span data-contrast=\"auto\">commits<\/span><span data-contrast=\"auto\"> not to support the financing of new coal <\/span><span data-contrast=\"auto\">plants and new coal <\/span><span data-contrast=\"auto\">mines<\/span><span data-contrast=\"auto\">, <\/span><span data-contrast=\"auto\">including <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">expansion of existing <\/span><span data-contrast=\"auto\">plants or <\/span><span data-contrast=\"auto\">mines<\/span><span data-contrast=\"auto\">.<\/span> <span data-contrast=\"auto\">However, BBVA <\/span><span data-contrast=\"auto\">allows<\/span> <span data-contrast=\"auto\">som<\/span><span data-contrast=\"auto\">e<\/span><span data-contrast=\"auto\"> exceptions<\/span><span data-contrast=\"auto\"> in \u201cc<\/span><span data-contrast=\"auto\">ountries with a high level of energy dependency (over 65% of energy imports) or no viable alternatives<\/span><span data-contrast=\"auto\">\u201d<\/span><span data-contrast=\"auto\"> (see below)<\/span><span data-contrast=\"auto\">.<\/span> <span data-contrast=\"auto\">It <\/span><span data-contrast=\"auto\">remains unclear <\/span><span data-contrast=\"auto\">which countries <\/span><span data-contrast=\"auto\">are covered and how many projects could still be allowed under this policy, but each of them will be a stumbling block for the achievement of the Paris Agreement climate targets. <\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">At <\/span><span data-contrast=\"auto\">the <\/span><span data-contrast=\"auto\">corporate level, <\/span><span data-contrast=\"auto\">the reduction of the relative exclusion threshold, from 40 or 35% to 25% of coal share of activities, is more than welcome considering that best practices<\/span> <span data-contrast=\"auto\">are between 5<\/span><span data-contrast=\"auto\">%<\/span><span data-contrast=\"auto\"> and 20%. However, BBVA\u2019s overall approach remains the same and is highly problematic. Indeed, BBVA<\/span><span data-contrast=\"auto\"> only exclude<\/span><span data-contrast=\"auto\">s<\/span> <span data-contrast=\"none\">companies in which coal constitutes over 25% of activities and who have no diversification strategy<\/span><span data-contrast=\"auto\">.<\/span> <span data-contrast=\"auto\">This approach does not necessarily lead BBVA to exclude coal plant developers. I<\/span><span data-contrast=\"auto\">n<\/span><span data-contrast=\"auto\">deed, a company could diversify <\/span><span data-contrast=\"auto\">as <\/span><span data-contrast=\"auto\">long as<\/span><span data-contrast=\"auto\"> its activities outside the coal sector grow faster than its activities i<\/span><span data-contrast=\"auto\">n the coal sector<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><b><span data-contrast=\"auto\">Moreover, t<\/span><\/b><b><span data-contrast=\"auto\">he bank\u2019s policy also states that BBVA encourages power companies to adopt GHG emissions reduction targets<\/span><\/b><span data-contrast=\"auto\">, to<\/span> <span data-contrast=\"auto\">increase their investment in renewable energies and low carbon energy sources and<\/span><span data-contrast=\"auto\"> not to increase their coal power capacity<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\"> Whil<\/span><span data-contrast=\"auto\">st there are encouraging signs<\/span><span data-contrast=\"auto\">, <\/span><span data-contrast=\"auto\">this <\/span><span data-contrast=\"auto\">leave<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\"> enough space for a company to build new coal plants <\/span><span data-contrast=\"auto\">as long as<\/span><span data-contrast=\"auto\"> it<\/span> <span data-contrast=\"auto\">close<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\"> the <\/span><span data-contrast=\"auto\">equivalent <\/span><span data-contrast=\"auto\">amount of <\/span><span data-contrast=\"auto\">coal power capacity. This additional <\/span><span data-contrast=\"auto\">assessment<\/span><span data-contrast=\"auto\"> criteria confirms that BBVA fails <\/span><span data-contrast=\"auto\">to consider<\/span><span data-contrast=\"auto\"> the absolute<\/span><span data-contrast=\"auto\"> activity and climate impact of a company in the coal sector. To really support the exit of the coal sector, BBVA should <\/span><span data-contrast=\"auto\">explicitly<\/span><span data-contrast=\"auto\"> exclude all coal developers, as defined by the GCEL, and exclude the biggest coal mining and power companies, even when they fall below the 25% threshold.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">To consider the real impact on climate and health of coal companies, <\/span><b><span data-contrast=\"auto\">BBVA should immediately exclude companies that produce more than 10 Mt of coal per year or have more than 5 GW of coal capacity<\/span><\/b><span data-contrast=\"auto\"> and commit to lowering these thresholds to zero.<\/span> <span data-contrast=\"auto\">With the current policy, <\/span><span data-contrast=\"auto\">BBVA will be able<\/span><span data-contrast=\"auto\">, for example,<\/span><span data-contrast=\"auto\"> to continue to support<\/span><span data-contrast=\"auto\"> Enel. The <\/span><span data-contrast=\"auto\">Italian<\/span><span data-contrast=\"auto\"> power company <\/span><span data-contrast=\"auto\">has an installed coal power <\/span><span data-contrast=\"auto\">capacity<\/span><span data-contrast=\"auto\"> of 9.<\/span><span data-contrast=\"auto\">6G<\/span><span data-contrast=\"auto\">W but a <\/span><span data-contrast=\"auto\">c<\/span><span data-contrast=\"auto\">oal <\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">hare of <\/span><span data-contrast=\"auto\">p<\/span><span data-contrast=\"auto\">ower <\/span><span data-contrast=\"auto\">p<\/span><span data-contrast=\"auto\">roduction<\/span><span data-contrast=\"auto\"> (CSPP) of 16%, <\/span><span data-contrast=\"auto\">which allows it to be below the exclusion threshold<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">In addition<\/span><span data-contrast=\"auto\">, BBVA allows exceptions for <\/span><span data-contrast=\"auto\">clients in countries with a high level of energy dependency <\/span><span data-contrast=\"auto\">&#8211; <\/span><span data-contrast=\"auto\">over 65% of energy imports) or no viable alternatives.<\/span> <span data-contrast=\"auto\">BBVA fails <\/span><span data-contrast=\"auto\">to specify <\/span><span data-contrast=\"auto\">what countries are covered and what criteria are used in its assessment of alternative. Without more information, one could assu<\/span><span data-contrast=\"auto\">m<\/span><span data-contrast=\"auto\">e<\/span><span data-contrast=\"auto\"> that<\/span><span data-contrast=\"auto\"> these<\/span> <span data-contrast=\"auto\">exceptions <\/span><span data-contrast=\"auto\">are<\/span><span data-contrast=\"auto\"> very broad and concern many companies. <\/span><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">he case of Turkey is interesting. <\/span><span data-contrast=\"auto\">Garanti<\/span><span data-contrast=\"auto\"> BBVA, <\/span><span data-contrast=\"auto\">Turkey\u2019s<\/span><span data-contrast=\"auto\"> second largest private bank, has BBVA as its majority shareholder with 49.85% share. As Turkey imports about <\/span><span data-contrast=\"none\"><u><a href=\"https:\/\/data.worldbank.org\/indicator\/EG.IMP.CONS.ZS?locations=TR\" target=\"_blank\" rel=\"noopener noreferrer\">75% of its energy<\/a><\/u><\/span><span data-contrast=\"auto\">, <\/span><span data-contrast=\"auto\">Garanti<\/span> <span data-contrast=\"auto\">BBVA <\/span><span data-contrast=\"auto\">will <\/span><span data-contrast=\"auto\">still <\/span><span data-contrast=\"auto\">be able to support the power company Enerjisa <\/span><span data-contrast=\"auto\">Uretim<\/span> <span data-contrast=\"auto\">Santralleri<\/span><span data-contrast=\"auto\"> \u2013 in line with<\/span><span data-contrast=\"auto\"> the<\/span> <span data-contrast=\"none\"><u><a href=\"https:\/\/coalexit.org\/investments-bank-ct?name=Garanti+Bank\" target=\"_blank\" rel=\"noopener noreferrer\">$129m loans<\/a><\/u><\/span> <span data-contrast=\"auto\">granted by <\/span><span data-contrast=\"auto\">Garanti<\/span> <span data-contrast=\"auto\">between Octobe<\/span><span data-contrast=\"auto\">r<\/span><span data-contrast=\"auto\"> 2018 and Octobe<\/span><span data-contrast=\"auto\">r<\/span><span data-contrast=\"auto\"> 2020.<\/span> <b><span data-contrast=\"auto\">B<\/span><\/b><b><span data-contrast=\"auto\">B<\/span><\/b><b><span data-contrast=\"auto\">VA<\/span><\/b><b> <\/b><b><span data-contrast=\"auto\">must<\/span><\/b><b> <\/b><b><span data-contrast=\"auto\">specify<\/span><\/b><b> <\/b><b><span data-contrast=\"auto\">in <\/span><\/b><b><span data-contrast=\"auto\">its policy<\/span><\/b><b><span data-contrast=\"auto\"> the number of companies that are <\/span><\/b><b><span data-contrast=\"auto\">covered <\/span><\/b><b><span data-contrast=\"auto\">by these exceptions<\/span><\/b><span data-contrast=\"auto\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">Finally<\/span><span data-contrast=\"auto\">,<\/span> <span data-contrast=\"auto\">we call for consistency. <\/span><span data-contrast=\"auto\">BBVA should immediately <\/span><b><span data-contrast=\"auto\">exclude all coal developers<\/span><\/b><span data-contrast=\"auto\">, without exception, and commit to <\/span><b><span data-contrast=\"auto\">progressively strengthen <\/span><\/b><b><span data-contrast=\"auto\">its<\/span><\/b><b><span data-contrast=\"auto\"> criteria<\/span><\/b><span data-contrast=\"auto\"> for excluding companies active in the coal sector.<\/span><span data-contrast=\"auto\"> Beyond a diversification plan, BBVA must require companies in the coal sector to have an <\/span><b><span data-contrast=\"auto\">exit plan<\/span><\/b><span data-contrast=\"auto\"> asset by asset. <\/span><\/p>\n<p style=\"text-align: center;\"><span data-contrast=\"auto\"><b>BBVA\u2019s Scores in the Coal Policy Tool <\/b><br \/>\n<\/span><\/p>\n<\/div>\n<div><\/div>\n<\/div><div class=\"fusion-image-element fusion-image-align-center in-legacy-container\" style=\"text-align:center;--awb-max-width:800px;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><div class=\"imageframe-align-center\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><a class=\"fusion-no-lightbox\" href=\"http:\/\/coalpolicytool.org\" target=\"_blank\" aria-label=\"Scores_ENG_BBVA (2)\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"900\" height=\"400\" src=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2.png\" alt class=\"img-responsive wp-image-9548\" srcset=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2-200x89.png 200w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2-400x178.png 400w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2-600x267.png 600w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2-800x356.png 800w, https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2021\/03\/Scores_ENG_BBVA-2.png 900w\" sizes=\"(max-width: 800px) 100vw, 900px\" \/><\/a><\/span><\/div><\/div><div class=\"fusion-text fusion-text-2\"><p style=\"text-align: center;\"><i>This table presents the coal scores of BBVA based on five criteria of the Coal Policy Tool <\/i><\/p>\n<\/div><div class=\"fusion-text fusion-text-3\"><p style=\"text-align: justify;\"><b><span style=\"color: #59bc6d;\">3. Our c<\/span><\/b><strong><span style=\"color: #59bc6d;\">onclusion<\/span> <\/strong><\/p>\n<p><b style=\"font-family: var(--body_typography-font-family); font-size: var(--body_typography-font-size); font-style: var(--body_typography-font-style,normal); letter-spacing: var(--body_typography-letter-spacing); color: #8ac56b;\"><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">Year after year, BBVA is getting closer to a robust coal policy. This new commitment to phase-out from coal by 2030 in developed countries and by 2040 globally is a real step forward. Nevertheless, <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun AdvancedProofingIssueV2 SCXW224792028 BCX0\">as long as<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\"> the bank does not decide to <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">stop all coal projects without exceptions <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">and <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">end<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\"> its support to companies <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">developing coal projects <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">o<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">r<\/span><\/span> <span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">highly exposed to <\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">coal<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">,<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\"> it will remain far from the best practices in the sector. The bank should by inspired by BNP Paribas and Cr<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">\u00e9<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">dit Agricole<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">\u2019s exclusion policy<\/span><\/span> <span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\">and<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\"> call on its remaining<\/span><\/span><span class=\"TextRun SCXW224792028 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW224792028 BCX0\"> clients to adopt an asset-based coal phase-out plan.<\/span><\/span> <\/b><\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-padding-top:10px;--awb-padding-right:10px;--awb-padding-left:10px;--awb-overflow:hidden;--awb-bg-size:cover;--awb-border-color:#59bc6d;--awb-border-top:1px;--awb-border-right:1px;--awb-border-bottom:1px;--awb-border-left:1px;--awb-border-style:solid;--awb-border-radius:10px 10px 10px 10px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-4\"><div style=\"text-align: justify;\">\n<p><b style=\"color: #59bc6d;\">Find out more:<\/b><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span class=\"TextRun SCXW65652988 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW65652988 BCX0\">Link to <\/span><\/span><u><a href=\"https:\/\/shareholdersandinvestors.bbva.com\/wp-content\/uploads\/2021\/03\/Environmental-and-Social-Framework-_-March-2021.pdf\"><span class=\"TextRun Underlined SCXW65652988 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW65652988 BCX0\" data-ccp-charstyle=\"Hyperlink\">BBVA\u2019s <\/span><\/span><span class=\"TextRun Underlined SCXW65652988 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW65652988 BCX0\" data-ccp-charstyle=\"Hyperlink\">Environmental and Social Framework<\/span><\/span><\/a><\/u><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/reclaimfinance.org\/site\/en\/coal_policy_tool\/\" target=\"_blank\" rel=\"noopener noreferrer\"><u>The Coal Policy Tool<\/u><\/a><\/li>\n<\/ul>\n<\/div>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":28,"featured_media":9545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[222],"tags":[257,439],"acteurs_financiers":[2442],"thematique":[2421,2423],"webinar_type":[],"programme":[],"class_list":["post-9543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog_en","tag-coal-exit-plan","tag-coal-policy-tool-en","acteurs_financiers-banks","thematique-coal","thematique-fossil-fuels"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - 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