Santander moves too slowly on fossil fuels

Reclaim Finance evaluates Santander's February 2021 policy updates, noting a commitment to 0% thermal coal mining exposure by 2030 and new exclusions for unconventional oil and gas. However, the organization argues these measures are 'too little too late,' citing a high 10% revenue threshold for coal power exclusions and a lack of immediate exclusion criteria for existing coal developers, which allowed the bank to channel $5.7bn to 25 coal companies between 2018 and 2020.

• Santander has introduced new coal financing restrictions, including a goal of 0% exposure to thermal coal mining by 2030 and a plan to exclude power generation clients with more than 10% of revenues dependent on thermal coal by 2030. The bank will also stop financing new clients with thermal coal mine projects globally and restrict financing for coal-related infrastructure projects.
• The bank's updated policy on oil and gas excludes projects involving the exploration, development, transportation, construction, or expansion of unconventional oil and gas, such as fracking, tar sands, and coal bed methane. It also excludes companies deriving over 30% of revenues from Arctic oil or unconventional oil and gas activities.
• Reclaim Finance argues that Santander's coal phase-out is inadequate because the 10% revenue threshold is too high—recommending a 5% limit—and the policy lacks immediate exclusion criteria for existing customers. Between October 2018 and October 2020, Santander provided $5.7bn to 25 coal companies, including Glencore ($1.6 bn), Duke Energy ($2.1bn), and RWE ($0.35 bn).
• The document identifies a significant loophole that allows Santander to continue financing companies planning new coal projects, specifically mentioning Polish entities PGNiG, TAURON, PGE, and Energa. Furthermore, the oil and gas policy is criticized for failing to cover conventional projects, LNG, or ultradeepwater projects.

APA

admin (2021). Santander moves too slowly on fossil fuels. Reclaim Finance. https://reclaimfinance.org/site/en/2021/02/23/santander-moves-too-slowly-on-fossil-fuels-2/

Chicago

admin. Santander moves too slowly on fossil fuels. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/02/23/santander-moves-too-slowly-on-fossil-fuels-2/.

Wikipedia

{{cite press release |last1=admin |title=Santander moves too slowly on fossil fuels |publisher=Reclaim Finance |date=23 February 2021 |url=https://reclaimfinance.org/site/en/2021/02/23/santander-moves-too-slowly-on-fossil-fuels-2/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021santander, author = {admin}, title = {{Santander moves too slowly on fossil fuels}}, publisher = {Reclaim Finance}, year = {2021}, month = feb, url = {https://reclaimfinance.org/site/en/2021/02/23/santander-moves-too-slowly-on-fossil-fuels-2/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }