BBVA Mexico awarded a green credit a Toyota Financial Services for 4,500 million pesos for a term of up to five years, which will allow it to finance about 8,600 hybrid cars, which would imply an approximate annual reduction of 9,266 tons of CO2 into the atmosphere.
The bank explained that this is the largest green operation that its transactional business has done so far.
From 2021 to August 2022, BBVA, through its transactional banking, has granted 16,250 million pesos in operations labeled as sustainable in various sectors of the country. The main ones have been: industrial, energy, financial, transport, pharmaceutical and food, among others.
These correspond to different types of operations such as: credits, letters of credit, and pure and financial leasing.
“This operation is, to date, the largest that we have carried out through our transactional banking in the automotive sector to finance hybrid cars, and we are seeing increasing interest from companies in other sectors to align their strategies and investments with its sustainable objectives”, commented Álvaro Vaqueiro, general director of corporate and investment banking at BBVA Mexico.
Meanwhile, Ernesto Guzmán, finance director of Toyota Financial Services, highlighted that with the credit granted by BBVA, its operations will continue to grow to make it easier for customers to purchase vehicles that contribute to the conservation of the environment.
To the date, Toyota Financial Services Mexico has financed more than 38,670 hybrid vehicles, making its portfolio the largest of its kind.
BBVA highlighted that this operation is classified as green, within the framework of sustainable transactional products, and has a direct impact on two Sustainable Development Goals (SDG) of the United Nations Organization (UN), specifically those that correspond to industry, innovation and infrastructure, and sustainable cities and communities.
“The transactions of BBVA Mexico transactional banking clients may be classified as green, social or sustainable, through the framework of transactional products, a methodology that has been reviewed and has obtained a favorable opinion from the sustainability agency DNV , and includes products such as factoring, letters of credit, supplier and exporter credit, financial leasing, as well as loans for working capital and production chains, among others,” the institution said.
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