By Dieter Holger

Banco Bilbao Vizcaya Argentaria SA doubled its target for sustainable financing to 200 billion euros ($236.7 billion) by 2025 after it made faster-than-expected progress on its previous goal.

The bank, which is based in Bilbao, Spain, said Thursday that it financed EUR59 billion worth of sustainable projects as of the end of March, more than half of the EUR100 billion it pledged in February 2018 to fight climate change and fund so-called inclusive growth projects by 2025, representing a rate that was 44% higher than expected.

Over that period, BBVA said 77% of the funds were earmarked for climate-change while the other 23% went on inclusive growth, which can include projects that improve access to financial services and education. The bank's corporate-investment banking arm directed most of the funds to large clients, BBVA said.

BBVA said it uses the European Union's guidelines on sustainable activities to determine a project's eligibility.

"Sustainability is a strategic priority," BBVA Chairman Carlos Torres Vila said. "Helping our clients in their transition to a more sustainable future also represents a huge opportunity."

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

(END) Dow Jones Newswires

07-08-21 1244ET