Banco Santander has announced its ambitions to become carbon neutral next year by offsetting all the emissions generated by its own operations.

With over 200,000 employees worldwide in 10 core market in Europe and the Americas, the bank has cut its emissions by 27% between 2011 and 2018; electricity fell by 15% in the same period. 

Ana Botín, Group Executive Chairman of Banco Santander, said: “Santander is one of the leading providers of renewable energy finance in the world and we are committed to playing our part in tackling climate change.”

The group already utilises renewable energy, with 43% of electricity purchased in 2018 coming from renewable sources.

Furthermore, 100% of its buildings around the world will have the ISO 14001 certification by 2025 –  the core set of standards used by organisations for designing and implementing effective environmental management system.

With these and other actions, the bank said it expects to cut total emissions by a further 46% from 2019 to 2025. 

“The commitment we have announced today is an important step. We can address the challenge of climate change only by working together and by increasing our ambition and pace,” concluded Botín.

Santander said its aims to cut emissions represents further proof of the group’s determination to ‘help the transition to the green economy.’

The bank has committed to raise and distribute €120 billion in green finance from 2019 to 2025 and €220 billion to 2030. It has also committed to the Collective Commitment on Climate, promoted by the United Nations Environment Programme Finance Initiative (UNEP FI).