BBVA will buy back shares for 10% according to “market conditions”

The president of the entity announces BBVA’s commitment to reduce direct and indirect carbon emissions to zero by 2050.

BBVA will buy back shares for 10% after closing the US sale and according to market conditions

BBVA has reiterated this Tuesday its intention to buy back shares for 10% of its capital as soon as the sale of its US subsidiary closes and subject “to the share price and market conditions”. In addition, you must wait to do so to obtain the corresponding regulatory authorizations.

The entity today held its general shareholders’ meeting by telematic means due to the health situation and in it the board has proposed the approval of the necessary agreements to implement the share buy-back plan.

Carlos Torres, Chairman of BBVA, has reiterated during the meeting that the bank’s intention is to pay a dividend with a payout between 35% and 40% charged to fiscal year 2021. Compared to last year, the bank has already announced its intention to pay 0.059 euros per share.

Zero indirect emissions in 2050

On the other hand, the entity undertakes to reduce your direct carbon emissions to zero (those of their own activity) and indirect (those derived from the activity of its clients) in 2050 within the framework of the plan Net Zero 2050.

Carlos Torres takes part in the BBVA shareholders’ meeting.

Torres recalled that the entity is already carbon neutral in direct emissions, that is, those derived from its own activity. “We want to be so also in indirect emissions, that is, taking into account the impact on emissions that our customers have,” announced the president of the entity.

For Torres, this commitment is “a very relevant milestone” that means that the bank aligns itself “with the most ambitious scenario of the Paris AgreementIn other words, limiting the increase in temperatures to 1.5ºC compared to the levels prior to the industrial revolution ”.

“With this, we advance by 20 years the base scenario of the Paris Agreement of 2ºC. We will have to do a lot of our part and we also depend on our clients in all sectors, whom we will accompany in their transition towards a more sustainable future, with concrete plans and objectives ”, he added.

The bank recently announced that it will reduce to zero its exposure to activities related to coal, which is the fossil fuel that contributes the most to global CO2 emissions, with 40% of the total, ceasing to finance companies in these activities before 2030 in developed countries and before 2040 in the rest of the countries.