BBVA advises the Basque Government on the update of its Sustainable Financing Framework

BBVA has advised the Basque Government on the revision of its Sustainable Financing Framework, in line with the highest international standards. This collaboration reinforces both institutions’ commitment to responsible financing and the development of robust structures that support the sustainable transition.

Effective since January 2026, the new Framework represents a significant step forward in the Basque Government’s strategy to consolidate public financing aligned with sustainability principles. BBVA has supported this process by contributing its expertise in the design of a solid framework, with clear eligibility criteria, transparency mechanisms, and rigorous alignment with market best practices.

BBVA led the selection process for the new Second Party Opinion (SPO) provider, which resulted in the appointment of DNV. In addition, the bank coordinated the technical dialogue between the parties and assisted the Basque Government in updating the use-of-proceeds categories, as well as the social, economic and environmental programmes eligible for funding through labelled bond issuances.

The updated Framework retains eleven eligible categories, five social and six environmental, and establishes that financed projects must be part of the Basque Government’s current budget and contribute to clearly defined objectives. The Framework includes specific exclusion criteria that enhance the transparency and credibility of the sustainable approach adopted.

“This transaction reflects the relationship of trust and the strong, long-standing collaboration between BBVA and the Basque Government,” said Michael Ridley, ESG Debt Capital Markets at BBVA CIB. “Supporting our institutional clients is a strategic priority, and we aim to be their trusted partner in sustainable finance, offering tailored solutions that are part of our distinctive value proposition and our commitment to a more sustainable economic model.”

“With the launch of this Framework, the Basque Government strengthens its commitment to the Euskadi Basque Country 2030 Agenda and to the strategic plans approved for the 2024–2028 term, by integrating environmental and social criteria into financial planning,” said José Enrique Corchón, Deputy Minister of Financial Policy and Budgets of the Basque Government. He also noted that “this is a dynamic tool that will evolve in line with progress on the technical alignment with the EU Green Bond Standard (SGB), and with the enhancement of verification and evaluation mechanisms.”

This collaboration is aligned with BBVA’s strategy to promote sustainable finance and to support its institutional clients in the transition towards more sustainable and resilient development models with a positive social and environmental impact.