Once again it’s 14 February – World Energy Day. A day whose purpose is to raise awareness throughout society of the importance of responsible use of energy resources, giving priority to clean, renewable sources of energy. We once more mark the Day and reaffirm our commitment to contribute to this global fight, of such vital importance for the future of the planet.
For more than 25 years, Banco Sabadell has been the leading financial institution in the field of renewable energy, thanks to its intense investment in and financing of projects in wind energy, photovoltaics, thermal-solar energy, mini-water power, cogeneration and biogas. An intensity of action that has been sustained throughout the last year, marked by an increase in the number of wind and photovoltaic projects, fruit of the government’s ambitious decarbonisation plans and the support of the private sector in the context of market stabilisation following historic peaks. The Bank has remained firmly committed to financing renewable projects, and is one of the most active banks in Spain in the field. It has signed up to the Fit for 55 measures of the European Commission and the National Integrated Energy and Climate Plan.
Total financing by Banco Sabadell through project finance in renewable energy projects was €1.109 billion, 69.4% up on the previous year. It should be noted that of that amount, 89% is for financing of new plants that add clean generation capacity to the Spanish electricity system (known as greenfield projects). The high number of transactions was due both to the large volume of projects on the Iberian Peninsula consented in previous years (and in 2023 and 2023 many licences and permits were approved) and to the efforts of the Bank to capitalise on its experience in the sector, which allowed it to maximise financing opportunities. It should also be noted that there is a significant number of projects awaiting licences and permits that can be expected to come to market in the next two years.
Banco Sabadell does not just finance renewable energy projects, it is also committed to innovation in the industry. We believe that research and development for new technology are key to accelerating the transition towards a more sustainable energy model. That is why we are working with universities, research centres and tech firms to boost innovative project that take full advantage of the potential of renewable energy.
In summary, yet again over this last year we have confirmed our standing as one of the most active financial institutions in Spain in everything to do with investment in renewable energy. Both through the Bank’s subsidiary Sinia Renovables and through financing for this type of project. A leadership position that is more important in an environment like today’s in which the decarbonisation of economic structures so as to achieve net zero emissions by 2050 has become vital. To achieve that, we have to carry out radical reform not just of our most deeply rooted habits, but also of large part of our machinery and infrastructure. That implies having to make very significant investments and identify the technology required for that transformation, which will have to be financed through a number of mechanisms and government grants.
The financial system is now one of the key players to catalyse the energy transition.
Commitment to the reduction of our internal carbon footprint and net zero emissions
Beyond investing in renewable energy, Banco Sabadell is firmly committed to the reduction of its own carbon footprint and to supporting its clients in the challenges they face in the transition to a more sustainable economy.
Over 2024, we will continue to come closer to our target of reducing our carbon footprint to the minimum. At Banco Sabadell we realise that we cannot preach by example if we do not reduce our own carbon footprint. For that reason, we have taken a series of measures to reduce our energy consumption and CO2 emissions. Those measures include:
- Our commitment to use electricity from renewable sources.
- Our consumption reduction programme
- The installation in recent years of photovoltaic panels at our principal corporate offices.
- Our circular economy actions and waste management
- Offsetting of our emissions
We have continued to reduce our carbon footprint in line with the targets in our current Strategic Plan Sabadell Commitment to Sustainability.
Commitment to supporting our clients in their transition challenges
Banco Sabadell – like many institutions in the finance industry – also supports its clients – businesses and private individuals – in their own decarbonisation processes, enabling them to make the investments required to allow them to mitigate their CO2 emissions by adapting the structures and equipment in our environment. Consistent with that commitment, we have set climate targets in seven industries that are heavy emitters of CO2 (Electricity, Oil and Gas, Cement, Iron and Steel, Automotive and Aviation) and have mapped out actions, to strengthen our support through financing for transition by businesses (further information here).
Strategic Commitment: Sabadell Commitment to Sustainability
You can find further information about our commitment to the environment an dour sustainability strategy on our corporate website (here), with details of our environment, social and governance (ESG) commitments. That framework aligns our business objective with the UN’s Sustainable Development Goals (SDGs) which provide for actions around four strategic themes:
- Becoming a more sustainable bank
- Supporting clients in the transition towards a sustainable economy
- Providing investment opportunities that contribute to sustainability
- Working together for a sustainable and cohesive company
Commitment to advising in the process of obtaining government grants
We should also note the significant public grants put in place to assist in processes as important as the refurbishment of all kinds of old building to make them as energy-efficient as possible. To benefit from those grants, you have to know what grants are available and how to apply for them. Banco Sabadell has a team of specialists in the field who can help you to manage your application, making the whole process straightforward. Follow this link: Fondos de Recuperación Europeos – Banco Sabadell (bancsabadell.com)
