Banco Santander has celebrated the United Nations International Day of Forests by announcing that it is going to create its second Santander Forest in Spain, specifically in the municipality of Torga (Asturias), within the Repsol Foundation’s Motor Verde project.
It will be located in an approximate extension of 60 hectares that were affected by a serious fire, and in which clearing and hollowing work is already carried out, prior to the planting of the second Santander Forest, which is expected to be completed by the end of next June.
The first Banco Santander Forest was planted in the town of Caminomorisco (Cáceres). In total, the entity expects to contribute 275,000 trees in three forests, with a joint financing of 1.5 million euros, which will also create jobs and revitalize rural areas.
Banco Santander continues to develop its plan against deforestation and in favor of biodiversity in different countries. Thus, Grupo Santander has been working for several years on the protection of the Brazilian Amazon and the development of sustainable practices.
Last December, Banco Santander became the first bank to join the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) initiative, which receives support from The Nature Conservancy, Tropical Forest Alliance, the World Economic Forum and the United Nations Environment Program (UNEPFI).
Likewise, Banco Santander launched the Amazon Journey Platform in November 2022, together with the Plano Amazonia coalition, the Certi Foundation and the Vale Fund, focused on strengthening the innovation ecosystem associated with the forest bioeconomy. The platform seeks to mobilize 20,000 qualified professionals in the region, through training in entrepreneurship, innovation and bioeconomy.
In addition, Banco Santander has launched the Biomas forestry company together with Vale, Marfrig, Suzano, Itaú and Rabobank, whose objective is to recover 4 million hectares in Brazil in the next 20 years by planting 2,000 million native trees.
The entity chaired by Ana Botín is a founding member in the United Kingdom of the Net Zero With Nature initiative, which aims to attract private financing to recover peat bogs and thus prevent carbon emissions. Specifically, Banco Santander is financing a pilot recovery project in the Cairngorms National Park (Scotland).