financial statements 2014

3. Environmental information

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3.1 Environmental commitment

The BBVA Group prioritizes sustainable development. As a financial institution, the Group’s activities have a significant impact on the environment: be it through its consumption of natural resources, management of its properties, use of paper, travel, etc. (direct impacts), or through the consequences for the environment of the products and services it provides, particularly those related to financing, asset management and management of its chain of suppliers (indirect impacts).

3.2 Aims of the environmental policy

The objectives of the BBVA Group's environmental policy are as follows:

  • To comply with prevailing environmental legislation where the BBVA Group operates.
  • To continuously improve the identification and management of environmental risks in the Group’s financial and investment operations.
  • To integrate the environmental variables into the development of financial products and services.
  • To reach Eco-efficiency in the use of natural resources, setting and fulfilling objectives for improvement as set out in the Global Eco-efficiency Plan.
  • To manage direct impacts through an environmental management system based on ISO 14001 and other recognized environmental certifications.
  • To have a positive influence on the environmental behavior of stakeholders through communication and raising awareness of the importance of the environment as an additional input in business and human management practice.
  • To inform, raise awareness of, and train employees in environmental issues.
  • To provide support for sponsorship, voluntary work and environmental research.
  • To provide support for the main initiatives aimed at fighting and preventing climate change.

The main international environmental commitments undertaken by the BBVA Group are:

  • United Nations Global Compact (since 2002): www.globalcompact.org
  • UNEP- FI (since 1998): www.unepfi.org
  • Equator Principles (since 2004): www.equator-principles.com
  • Carbon Disclosure Project (since 2004): www.cdproject.net
  • Principles for Responsible Investment (since 2008) www.unpri.org

3.3 Environmental policy scope, governance and review

This environmental policy has worldwide scope and affects all the activities undertaken by the Group, i.e. the banks and subsidiaries in which BBVA has effective control. The Eco-efficiency and Responsible Procurement Committee is responsible for coordinating the Environmental Policy and ensuring compliance with it through an environmental management system. The members of the BBVA Group's Management Committee oversee correct compliance with this Policy. To this end, its members strive to develop and oversee the implementation of this Policy in the Group. This Policy will be reviewed and updated at least every two years.

3.4 Main environmental actions in 2014

The main environmental actions that the BBVA Group carried out in 2014 are as follows:

  • Global Eco-Efficiency Plan for 2013-2015, which establishes the following objectives:
    • 6% reduction in CO2 emissions (per employee).
    • 3% reduction in paper consumption (per employee).
    • 3% reduction in water consumption (per employee).
    • 3% reduction in energy consumption (per employee).
    • 33% of employees working in buildings awarded environmental certifications.
  • Improved environmental risk management systems in project finance through Equator Principles and in determining borrower credit profiles through the tool Ecorating.
  • Social and environmental risk training for the Group’s risk analysts.
  • Leadership in financing of renewable energy projects internationally.
  • Activity with multilateral institutions that contribute to regional development through the project finance and trading operations, mainly in the agricultural and energy efficiency sectors.
  • Support for major international initiatives to fight against climate change such as CDP, Global Investor Statement on Climate Change and the Green Bond Principles.
  • Development of ambitious environmental sponsorship programs, particularly through the BBVA Foundation. Worth noting are the BBVA Foundation Frontiers of Knowledge awards in the Ecology, Conservation Biology and Climate Change categories, each provided with €400,000, as well as the BBVA Foundation Award for Biodiversity Conservation which carry a total cash prize of €580,000
  • Environmental awareness-raising activities with the Group's employees.

As of December 31, 2014, there are no items in the BBVA Group’s consolidated Financial Statements that warranted inclusion in the separate environmental information document set out in the Ministry of Economy Order dated October 8, 2001.