Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) has included letters of credit (L/Cs) in its newly expanded environmentally friendly framework for sustainable transactional products.

The expanded framework was announced on 2 December, when the United Nations (UN) Conference on Climate Change (COP25) began in Madrid, where the bank has one of its headquarters.

Product range

The range of products included in the framework has been expanded to include the bank's original offerings of L/Cs, buyer credit, factoring, guarantees, renting and leasing, reverse factoring, supplier credit, loans to exporters and working capital loans.

New products are short-term deposits, structured deposits and supply chain finance.

The bank says the new framework reaffirms its commitment to responsible banking and the fight against climate change and that BBVA seeks to make different sustainable financial solutions available to a greater number of clients.

Pioneering spirit

The bank sees itself as a pioneer in sustainable finance, BBVA is committed to the UN Global Compact Principles, with the objectives established in the Paris Agreement (COP21) and to achieving the UN Sustainable Development Goals.

According to BBVA, the framework for sustainable transactional products refers to market standards like the Green Bond Principles, Social Bond Principles, the Sustainability Bond Guidelines and the Green Loan Principles.

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