The United Nations Climate Change Conference held in Madrid has provided Spanish banks with an opportunity to demonstrate their deep commitment to environmental preservation and to the climate change mitigation objectives established in the 2015 Paris Agreement.
These objectives undoubtedly present a challenge of enormous complexity and considerable costs, as they require transitioning toward a low-carbon economy model, which represents a radical change in how we produce and consume.
Why does the financial sector acquire such relevance in this context? It seems evident that a substantial element for achieving these goals will be financing, making it necessary to prepare the global financial system to attract and channel the funds that this transition will require. Furthermore, banks will be a key element in guiding our companies, particularly small and medium-sized enterprises, toward this new production model.
Sustainable finance thus becomes a fundamental lever for this challenge, but it will not be sufficient merely to invest in transforming a social and productive model; financing must also be subject to strict compliance with ESG criteria (Environmental, Social, and Governance).
For the banking sector to fulfill its role in this process, as outlined by the United Nations 2030 Agenda, clear guidelines and legal frameworks are required. For this reason, we call on authorities to reduce, to the extent possible, the uncertainty inherent in climate change or, at the very least, not to increase current uncertainty or introduce additional risks. Banks, for their part, are prepared to take action—orderly and coordinated action with the various social stakeholders.
José María Roldán, Chairman of the Spanish Banking Association
