BBVA

BBVA reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2022 at 53 Kt (-40 /-43.2% y-o-y). Also positively, carbon intensity decreased to 2.3 t (-2.1 /-47.7% y-o-y).

BBVA's Scope 3 emissions rose to 37 Kt (+33/+770% y-o-y). The time series has been volatile over the last few periods.

The company is committed to achieving net zero for Scope 1 + 2 by 2050, which translates into the estimated reduction of -1.9 Kt per annum over the period of FY2023 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

BBVA achieved carbon neutrality across its operations (Scope 1 + 2) in 2020. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.