The Importance of Carbon Capture and Storage

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BBVA in October 2022 announced a goal to reduce emissions from its oil and gas portfolio by 30% by 2030. In 1990, fossil fuels were 80% of the total energy supply; today they're at 80%. Carlos: "It's very natural because this is such a massive shift from a fossil fuel-based economy" He says there could be other positive surprises coming -- like nuclear fusion.

The low-carbon transition will require some major innovations, a rapid buildout of existing technologies, and significantly more financing, the recently released synthesis report of the Intergovernmental Panel on Climate Change (IPCC) states.

In this episode of the ESG Insider podcast, we sit down for an interview with BBVA Chair Carlos Torres Vila to learn how one of the largest banks in Spain and Mexico is approaching the transition.

Carlos talks about steps BBVA is taking to lower the carbon profile of its portfolio in sectors high in emissions intensity. He explains how the bank is mobilizing capital for the low-carbon transition. And he tells us that the right economic incentives will help unlock the innovation needed to advance the transition.

Listen to our episode about S&P Global CERAWeek here: https://www.spglobal.com/esg/podcasts/on-the-ground-at-ceraweek-where-the-energy-world-stands-on-the-low-carbon-transition

Photo source: BBVA

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