BBVA has announced it will channel €200 billion (£172bn) into sustainable funding by 2025, doubling its original target from February 2018.

Since 2018 it has made €59 billion (£50bn) available for sustainable projects, with 77% of these funds allocated to climate action and the remaining 23% devoted to inclusive growth projects.

The new commitment follows its decision to stop financing coal-related activities by 2030 and its pledge to become carbon-neutral by 2050.

Carlos Torres Vila, BBVA Chairman, said: “We want to contribute to the global collective effort against climate change and promote inclusive growth, leaving no one behind. Two pillars that guide our pledge and purpose that is to bring the age of opportunity to everyone.

“Helping our clients in their transition to a more sustainable future also represents a huge opportunity. That is why we believe we must, and we can, be more ambitious, doubling our sustainability pledge to go further.”