As Jared Diamond reminds us, success in emerging from a crisis lies in the capacity for long-term planning and the willingness to review the core values of our lives. Therefore, even while the crisis caused by Covid-19 remains present, in its health aspects but also its economic ones, we have an obligation as a society to think about the day after a tomorrow that, unfortunately, will continue to be dominated by the pandemic.
The first pillar for building this future is that this health crisis does not represent a change in trends, but rather an acceleration of the transformative forces already underway. Let us consider the two great axes of the future: the digital revolution and the sustainability revolution. Both were already present in social debate, but the world of the day after tomorrow forces us to accept, in the first case, its inevitability and, in the second case, its vital relevance for survival.
It is therefore logical that the European Union has based its economic recovery plan precisely on these two pillars, the digital and the ecological, through support for private investment. We are talking about 750,000 million euros, of which 500,000 million correspond to grants. For the years 2021 and 2022 alone, Spain is entitled to 44,000 million. The key to success will lie in using those funds wisely, with the greatest possible granularity: the most relevant factor is the multiplier effect achieved with that 2% of annual GDP in terms of investment, employment, and increased long-term competitiveness. And not everything necessarily involves complex projects: for example, the renovation of housing to improve energy efficiency is simple, generates employment in SMEs, and is also a key contribution to the fight against climate change. We must look for more silver bullets like these.
What can the banking sector contribute? Firstly, its commitment to digital transformation and sustainability. During the lockdown, we have been able as a sector to accelerate the use of digital channels for the provision of our services without a single incident, incorporating into the electronic channel precisely those customer segments that, due to their age profile, were more reluctant to use it. Regarding the commitment to sustainability, and as was made clear at COP25, we have accelerated our efforts, and the Spanish banking sector is already seen, in less than a year, as a leading sector on par with other pioneer banking systems, such as those of France, the Netherlands, or the Nordic countries.
Secondly, few sectors possess the granularity and efficiency to deploy policies more rapidly. Consider that, in just a few months, and with the invaluable collaboration of the Treasury and the ICO, we have been able to bring financial relief to 525,000 companies (the vast majority of them SMEs). Or that our credit moratoria have helped alleviate the burden on 1.3 million families and self-employed workers. I insist, we are a guarantee of efficiency and an example of agility throughout Europe.
Thirdly, we know our customers and we can help them and the Spanish economy. Consider that the commitment to measure and reduce the carbon footprint of our balance sheets will force us to accompany our asset clients, primarily families and SMEs, as they travel that path toward a more sustainable future. We must already accompany them and help them in the green revolution. We can play a role in the distribution of European funds and we must play it for the good of society.
Fourthly, we provide objectivity and well-defined criteria in any process, as has been seen in the ICO program, financing those who need it and are in a position to contribute more in the future. Fifthly, we can act as a bridge between those European funds, which may take time to arrive, and the implementation of projects. We already do this in many other areas of European and public project financing, advancing the funding and avoiding both bottlenecks and unnecessary delays in the launch of investment projects.
In short, we must lay the foundations for a better future in the coming months. I believe that the social consensus around these values of sustainability or the new digital world is clear. As a sector, we are at the forefront of these transformations. We seek neither the spotlight nor recognition. Simply, our desire is to help, as we know we can do so, if we are allowed.
José María Roldán Alegre, Chairman of the Spanish Banking Association
