BBVA has reinforced its sustainable finance division with the incorporation of the former Secretary of Energy in the last PP Government, Daniel Navia. The former high public office left the Ministry of Energy directed by Álvaro Nadal after the motion of censure to Mariano Rajoy and rejoined six months later to the bank headed by Carlos Torres , where he had already worked at BBVA Research , the area dedicated to economic analysis, and in the investment banking division.
Navia has been appointed global director of Sustainable Solutions at BBVA and reports directly to Antoni Ballabriga, global business director responsible for BBVA. Its signing responds to the impulse that the group wants to give to this area to anticipate the challenge of climate change for the sector and that threatens to become a new risk for bank balances.
He is a state economist and worked for five years in the international division of the Bank of Spain. From there he jumped to BBVA and later to the Economic Office of the Moncloa directed by Álvaro Nadal. When the latter's brother, Alberto Nadal, left the Secretary of State for Energy to jump to the Ministry of Finance, Navia was recruited as 'number 2' of the energy ministry.
Its current functions include the design of financial products and additional services linked to sustainability, in its environmental and social dimension, covering all markets where the entity operates. Navia also reports to the Customer Solutions area.
BBVA plans to allocate 100,000 million euros in green financing, sustainable infrastructure, social entrepreneurship and financial inclusion until 2025, according to the commitment acquired last year.
The bank's objective is that all its products have their corresponding "sustainable alternative solution", among which are 'green' mortgages or loans for green cars. In addition, the bank expects that in 2030 all its electricity supply will come from renewable energy sources.
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