Digitalization and sustainability are the two pillars underpinning European funds, which depend on the mechanism known as ‘Recovery and Resilience’, and are fundamental for achieving solid and sustained growth. Their correct implementation must live up to these words; it must help us overcome the ravages of the pandemic and strengthen and modernize the economy.
The Next Generation EU funds have three basic lines of action: ecological transition, digitalization, and reindustrialization. Public-private collaboration is essential to ensure both efficient distribution and effective use of these resources. The role of banks will also be key, just as it was indispensable in preventing the economy from grinding to a halt during the pandemic.
We now have the opportunity to rebuild a new productive model, better than the previous one and more sustainable, which requires the joint effort of all society, both public and private sectors, and each one of us, because the transition to a decarbonized economy demands significant investments and needs flexible regulation applicable to all.
The key to success, however, lies in the willingness of companies to embark on this path, which is full of challenges and still vaguely defined. In Spain, where SMEs account for 95% of the productive fabric, their managers are called upon to lead the change, to look beyond the costs of this transition towards sustainability, and to know how to seize the opportunities it offers, whether for their evolution and development or simply for their survival.
Banks are prepared and willing to accompany companies in this necessary transformation, offering their advice and financial instruments and products for solid business projects with future prospects. The management and communication of sustainability metrics by companies will be decisive in this dialogue with banks and for improving their financial conditions.
José Luis Martínez, Spokesperson for the Spanish Banking Association
