Spanish bank BBVA announced a significant increase in its sustainable finance activity in the first quarter of 2026, channeling €36 billion into sustainable business in the quarter, up by 33% over the same period last year.

The results indicate continued momentum for the Spanish bank’s sustainable finance business, with BBVA reporting earlier this year that it channeled a record €134 billion in sustainable business in 2025, marking an increase of more than 40% over 2024.

BBVA’s strong sustainable finance results follows an announcement last year by the bank of a new goal to channel €700 billion in sustainable finance between 2025 – 2029, more than twice the bank’s previous goal of €300 billion from 2018 – 2025, and over a significantly shorter period, after beating the target at the end of 2024, a year ahead of schedule.

In its update, BBVA said that it has now reached a total of €170 billion toward its €700 billion target.

In its Q1 report, BBVA said that 76% of its sustainable business was allocated to climate change and natural capital, with the remaining 24% to social issues, which could include initiatives such as social, educational and health infrastructure, support for entrepreneurs and fledgling companies, and the financial inclusion of the most underprivileged segments of society.

By customer segment, retail banking continued to be the fastest growing segment, with BBVA channeling €5 billion into sustainable business in the quarter, up 68% over the same period last year. The bank said that SME business stood out, increasing nearly 200% to €2.29 billion in the quarter. Other segments also saw strong growth, with wholesale banking sustainable business increasing 31% to €18 billion, and Commercial & Institutional Client Solutions up 24% to €13 billion, with highlighted growth drivers including sustainability advisory and specialist support for agribusiness, the circular economy and infrastructure.

BBVA said:

“Sustainable business origination enables BBVA clients to finance projects related to energy efficiency, electrification, housing renovation or infrastructure, as well as access to solutions that integrate environmental and social criteria. For businesses, it allows them, among other things, to adapt their business models to decarbonization and resource management processes. For individual customers, it promotes decision-making around actions such as purchasing an efficient home or vehicles with lower emissions.”