Sustainable Banking – BBVA expands its Sustainable Transaction Banking Framework supported by Vigeo Eiris
Vigeo Eiris is pleased to have supported BBVA in the expansion of its Sustainable Transaction Banking Framework providing an overall favourable opinion on the initiative.
The expanded framework, including a wider range of products will allow BBVA to support clients’ and sectors that, despite not having projects directly linked to the SDGs, establish strategies to stop climate change and promote sustainable development with new sustainability linked products.
For deposits and structured deposits, funds from clients will be invested in a portfolio of securities from companies that have been publicly recognised for their sustainable performance. In terms of supply chain finance solutions, BBVA will classify their suppliers in terms of sustainability in order to offer a pricing advantage to those that are assessed as more sustainable.
VE was commissioned by BBVA to provide an independent opinion on the sustainability credentials of these three new transactional banking products. Our opinion was established in line with our Environmental, Social and Governance assessment methodology and was built by reviewing the following components.
- The Sustainability Objectives of the products
- The Evaluation and Selection process of the issuers included in the portfolio and the suppliers benefitting from the supply chain facility
- The Eligibility of the criteria of the concerned issuers and suppliers
- The Processes put in place to allocate the proceeds
- The Reporting Commitments on the sustainability performance of the products.
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Keywords : ESG, Sustainability