Santander Invests $79.88 Billion in Fossil Fuels Post-Paris Agreement, Contradicting Sustainability Claims

Sunita Somvanshi Sunita Somvanshi

Despite its commitment to net-zero emissions, Santander increased its investment in fossil fuels by 77% in 2023, reaching $14.54 billion.

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Santander's green credentials are called into question, as $79.88 billion was directed towards fossil fuels following the Paris Agreement

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With $6.82 billion devoted to LNG, Santander is a major participant in one of the energy markets with the quickest rate of growth.

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Amid environmental worries, Santander's $35 million involvement in Amazon oil production provokes uproar.

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Santander has invested almost $2 billion in coal since 2016, with $232 million of that amount coming from 2023 alone.

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Concerns about environmental harm are raised by Santander-financed fracking in Argentina's Vaca Muerta.

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Orlando Carriqueo compares the colonialist methods used in Vaca Muerta to persecution in the past.

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Following Santander's example, BBVA and CaixaBank make significant investments in fossil fuels while contesting their green credentials.

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