Santander
#7 in Europe for financing fossil fuel expansion.
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Santander is one of Europe's biggest fossil fuel financiers, having committed at least $80 billion to coal, oil, and gas since the Paris Agreement.
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Despite outperforming UK peers on its renewables ratio, Santander's fossil fuel financing has been growing rapidly. Annual financing rose by an average of 24% per year over 2021-2024, reaching $17.3 billion in 2024. Santander is a top global financier of liquefied natural gas expansion.
In July 2025, Santander rolled back its only client-level oil exclusion, weakening one of its few remaining fossil fuel restrictions. The Bureau of Investigative Journalism revealed in 2024 that Santander had also quietly added a fracking exception to its policy, after raising at least $28 billion for Gulf Coast LNG terminals.
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