BBVA expands its Carbon Markets business to Latin America

BBVA has taken another step in its sustainability strategy with the appointment of Paola del Río as the head of Carbon Markets in Latin America. This move underscores BBVA’s commitment to leading the development of carbon markets in the region, a key component in the global fight against climate change

Paola Del Río brings over 20 years of experience in climate change, project development, and the verified carbon markets. She previously worked at Volkswagen-Climate Partner, where she led the sourcing of Verified Carbon Credits (VCCs) and the development of Nature-Based Solution projects in Latin America. Throughout her career, she has collaborated with prominent organizations such as the World Bank, PEMEX, and Mexico’s Ministry of Environment and Natural Resources (Semarnat).

Based in Mexico, Del Río will join BBVA’s global Carbon Markets team, reporting globally to Ingo Ramming, Head of Carbon Markets at BBVA, and locally to Alejandro Vigil, Head of FX & eCommerce at BBVA Mexico. She will play a key role in developing and executing the Carbon Markets strategy for Latin America, in alignment with BBVA’s global goals. Her responsibilities will include driving business development activities, building strong relationships with clients, partners, and authorities, and providing leadership across all carbon market-related activities in the region.

"It is great to have Paola del Río on board," says Ingo Ramming. "Her experience and knowledge will play a leading role in the development of the Voluntary Carbon Market in Mexico and Latin America."

With its strong presence in Latin America and strategic focus on sustainability, BBVA is well-positioned to lead the development of these markets and offer innovative solutions to its clients

The expansion of BBVA’s Carbon Markets team in Latin America comes at a critical time for the region, where carbon markets have gained increasing importance and are becoming essential tools in climate change policies and a way to fund the transition towards decarbonization. With its strong presence in Latin America and strategic focus on sustainability, BBVA is well-positioned to lead the development of these markets and offer innovative solutions to its clients.

BBVA established its Carbon Markets business in 2022, actively participating in the European Union Emissions Trading System. The bank has recently received internal approval to trade and develop the Verified Carbon Credits (VCCs) markets in selected countries, further solidifying its commitment to creating a client-centric global business aligned with its long-term sustainability objectives. BBVA has also developed internal regulation to reinforce the integrity of both the supply and the demand of these voluntary carbon markets.

We see increased focus on carbon pricing globally, with focus on carbon taxes and ETS and the need to support our clients managing these carbon risks.

On the Voluntary Carbon Markets, we see significant growth in the coming years. Mexico and LATAM are ideally positioned to benefit from this growth and we will support our clients in maximizing these opportunities. Equally, we expect demand for Voluntary Carbon Credits to peak with focus on supply chains and scope 3 emissions.