BBVA launches carbon markets business

The division will help customers understand their carbon and track their climate ambitions

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BBVA is launching a carbon markets business, offering customers products to help them manage their carbon and achieve their climate targets.

The division will sit within its Global Markets unit in Madrid and be led by Ingo Ramming, taking up the role of Head of Carbon Market Products.

The bank will offer its clients access to European Union emission allowance certificates and help establish financing capacity.

BBVA had already pledged to mobilise €100 billion (£83.6bn) in green finance by 2025, raising this target to €200 billion (£167.2bn) this year.

Head of Equity, Roberto Vila, said: “Being involved in offering market products that will help our customers combat the effects of climate change is a business necessity and at the same time an opportunity.

“I am delighted that this strategic development is being led by a professional with such experience as Ingo Ramming.”