The second edition of the “Responsible Banking Outlook: Spain 2025” report, jointly published by UPF Barcelona School of Management and Triodos Bank, highlights gradual but limited progress in how Spanish banks integrate environmental, social, and governance (ESG) criteria. Notably, the study includes an evaluation aligned with the scorecard of the Global Alliance for Banking on Values (GABV), offering a clear benchmark for progress toward values-based banking.
The report assesses 11 major Spanish banks that are signatories to the UNEP-FI Principles for Responsible Banking, including LABORAL Kutxa, BBVA, CaixaBank, and Banco Sabadell. Results show that while transparency has improved—largely due to evolving regulations—substantive implementation of ESG principles remains in early stages.
In a significant finding, the average score for the sector using the GABV scorecard was 45 out of 100—almost double the 23.5 recorded in 2023. Although still considered low, this leap reflects a positive trend in the sector’s alignment with values-based banking principles, such as support for the real economy, long-term resilience, and triple bottom-line performance.
Jules Massin, GABV’s Impact & Metrics Manager, emphasised the value of applying the Alliance’s rigorous standards: “Evaluating Spanish banks through the GABV lens—despite limitations in publicly available data—has provided valuable insight into their alignment with truly sustainable banking models.”
The report notes significant improvements in the financing of renewable energy and energy efficiency projects, as well as a growing focus on lending to small and medium-sized enterprises (SMEs), freelancers, and households. However, banks still struggle to fully engage customers on sustainability issues and to redirect significant financial flows toward green investments, as shown by the low average Green Asset Ratio (GAR).
LABORAL Kutxa, a GABV member, stood out in the study. “Our cooperative model, with its strong social mission and proximity to the real economy, positions us positively in this evaluation,” said Javier Alli, the bank’s Director of Financial Planning and Sustainability.
While Spanish banks are making strides, the GABV benchmark remains a powerful tool to highlight the gaps between ESG compliance and meaningful values-driven transformation. The findings underscore the importance of embedding values at the core of banking, moving beyond disclosure toward deep systemic change.
