Transforming the economy and ensuring it does not have a negative impact on the environment will require authorities to make very important decisions and significant investment.
Among these decisions is the creation of a data architecture that increases transparency and is reflected in future efficient investments. This requires regulation that is flexible enough to translate into agile, coherent, and impactful policies capable of driving change in society. Authorities must ensure adequate supervision of these regulations, contribute to raising social awareness, and implement fiscal measures that promote both sustainable investment and corporate transformation.
In addition to the decisive commitment to green initiatives that authorities must make, achieving a sustainable economy will require a great deal of money—more than €350,000 million annually in Europe until 2030, according to European Commission estimates. The IMF raises the necessary amount to over $20 trillion worldwide over the next two decades.
This very week, the European Commission has called on governments to drive the ecological transformation with public investment, while recognizing the fundamental role that private investment must play in reducing economic dependence on carbon. This is something we are already seeing.
Naturally, the financial industry is ahead of regulation regarding sustainability, because its commitment to society does not allow it to wait for rules to pave the way. The banks’ firm commitment to sustainable financing—in its triple green, social, and corporate dimensions—is also reflected in their interest in exploring all possible avenues for market financing with these characteristics.
So far this year, the market for green and sustainable financial assets has been growing at rates of between 50% and 70%. The figures speak for themselves and highlight the pressing need for governments to move forward with pending decisions to strengthen and provide security to the market.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
