The Spanish bank BBVA has announced a new milestone in climate investing, as the lender expands its climate commitments to more concentrated commitments
Bilbao-headquartered BBVA has earlier this month committed €15m in an EQT climate fund, bringing its total commitments to climate funds to well over €500m. The lender now has LP stakes in eleven climate investment platforms, quadrupling its decarbonisation investments over the past two years.
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Among others, BBVA has committed €175m to KKR decarbonisation funds. In early 2026, the bank also announced a strategic partnership with Alterra, Abu Dhabi’s $30bn climate fund launched at COP28.
In 2025, the BBVA invested €18m in Apollo Global, whose fund targets the ‘missing middle’ of mature, cash-flow-generating mid-market businesses that require capital to scale their environmental impact or transition their operations from ‘grey’ to ‘green’, and a further €9m in NIO Capital, a fund focused on scaling early- and growth-stage companies driving the megatrends of digitalisation, decarbonisation, and artificial intelligence innovation.
In 2024, it invested €22m in TPG Rise Climate II, which invests across clean electrons, clean molecules materials, and adaptive solutions.
BBVA’s expansion into climate investments follows a wider trend of European banks betting on the transition. For example, BNP Paribas now runs a dedicated Climate & Green Finance Practice, investing in climate-focused PE and infrastructure fund while Deutsche Bank and Caixa Bank have also made strategic investments in climate-focused funds.
