BBVA published its Green Bonds Report 2025 on Tuesday, showing that projects financed by its green bonds avoided an estimated 2.9 million tons of CO2 emissions during the year, up 51% from 2024.
The bank had 20 green bonds outstanding at year-end 2025, with an equivalent value of €5.666 billion, the report showed, reflecting continued growth in BBVA's green bond issuance in recent years.
RENEWABLE ENERGY DOMINATES ALLOCATIONS
Renewable energy accounted for 64% of allocations, equivalent to €3.652 billion, spread across 287 loans linked to 58 projects in nine countries. The report estimated that financed projects generated nearly 11.5 million MWh of renewable energy in 2025, an amount BBVA said was equivalent to the annual consumption of about 3.2 million European households.
BBVA also allocated €815 million to energy efficiency projects, representing 14% of the portfolio, and close to €605 million to low-emission buildings, representing 11% of the portfolio. A UK carbon capture, utilisation and storage project received close to €50 million, with an estimated impact of more than 181,000 tons of CO2 avoided per year.
REPORT TRACKS MULTI-YEAR PORTFOLIO GROWTH
The Green Bonds Report 2025 provides BBVA's annual accounting of how proceeds from its green bond programme have been deployed, alongside estimates of the environmental impact generated. The 51% year-on-year increase in avoided emissions points to growing scale in the underlying projects being financed as the bank's green bond portfolio has expanded.
BBVA has positioned its green bond issuance as part of a broader sustainability strategy spanning renewable energy, energy efficiency and low-emission buildings, with the latest report offering investors a detailed breakdown of how funds raised through the programme were allocated across project types and geographies during 2025.
The 287 loans linked to 58 projects span nine countries, illustrating the international reach of BBVA's green bond-funded lending beyond its core Spanish market. The €5.666 billion equivalent value of the 20 outstanding green bonds at year-end 2025 gives a sense of the overall scale of the funding base supporting this project portfolio.
The report's treatment of the UK carbon capture, utilisation and storage project as a standalone example, with close to €50 million allocated and an estimated 181,000 tons of CO2 avoided annually, illustrates how BBVA is using individual project case studies to demonstrate the tangible environmental outcomes generated by specific allocations within its broader green bond portfolio.
The combined €815 million allocated to energy efficiency and close to €605 million to low-emission buildings, representing 14% and 11% of the portfolio respectively, show that BBVA's green bond proceeds extend well beyond renewable energy generation into a wider set of decarbonisation categories, giving the bank a diversified allocation base to report against each year.
The nine-country geographic spread of the 58 projects underlying BBVA's green bond portfolio demonstrates that the bank's sustainable financing activity extends across its international footprint rather than being concentrated solely in its home market of Spain, giving the annual Green Bonds Report a broad base of projects to draw on when calculating aggregate environmental impact figures.
BBVA's decision to publish detailed annual figures on avoided emissions, loan counts and outstanding bond values gives investors a consistent framework for tracking the environmental performance of its green bond programme year over year, supporting comparisons between the 2025 report and prior years' disclosures.