BBVA Asset Management
BBVA is a customer-centric global financial services group founded in 1857. BBVA Asset Management joined the Net Zero Asset Managers Initiative in November 2021 and made its Initial Target Disclosure in November 2022.
Percentage of assets covered by the Net Zero Asset Managers Commitment Statement
22% of total AUM (USD $30.35 billion)
Information on interim target(s) covering the proportion of assets to be managed in line with net zero
Portfolio coverage baseline
26% net zero aligned or aligning
Portfolio decarbonisation reference baseline
Corporates: 173 CO2/Mills Eur sales. Sovereign debt: CCPI score. 56.5 CCPI weighted score EU sovereign debt
Portfolio coverage target
60% net zero aligned or aligning.
Portfolio decarbonisation reference target
Corporates: 2030: 50% WACI reduction.
2050: Achieve net zero
Sovereign 2030: CPPI annual improve vs baseline
2050: Achieve Net Zero
GHG scopes included:
-Scope 1 and 2 emissions have been prioritised for the decarbonisation reference target.
-Scope 3 emissions exclusion is due to low quality and low coverage of emissions, but we are monitoring Scope 3 emissions and these will be included over time as data improvement allows for robust target setting.
Net Zero Investment Framework
Corporates: IEA Net Zero 2050
Proportion of AUM committed:
Data constraints and the lack of methodologies prevents us to set credible targets in certain asset classes:
-Third-party funds and sovereign agencies excluded due to lack of data and methodological guidance
-Cash and derivatives excluded due to low methodological guidance
-Mexico & Rest of world sovereigns not included due to lack of data generating uncertainty on potential evolution of the countries.
-Real Estate will be included after review of available data and methodology
-Other regions’ portfolios (Peru, Colombia, Argentina and Turkey) to be included as data become available. All combined they represent less than 10% total AUM.
The plan is to increase coverage as data availability and methodological constraints in the asset classes and portfolios not included are overcome.
Policy on coal and other fossil fuel investments:
Yes. We have a policy of excluding companies involved in certain activities that we consider that have a very negative impact on the environment.
We don’t invest in companies that:
– Derive more than 25% of their revenues from Thermal coal
-Derive more than 10% of its revenues from Arctic exploration, production and transport of oil and gas
-Derive more than 10% of its revenues from exploration, production and transport of tar sands
The scope of the policy is global for all the BBVA Asset Management business. It’s already in place for the vehicles and portfolios that we manage in Europe and we are working to extend it to the rest of the geographies where we have asset management activities.