{"id":38338,"date":"2021-01-05T00:00:00","date_gmt":"2021-01-04T23:00:00","guid":{"rendered":"https:\/\/aebanca.es\/actualidad\/te-interesa\/aeb-informa\/challenges-and-outlook-for-green-and-sustainable-finance-interview-with-juan-carlos-delrieu\/"},"modified":"2026-04-09T09:53:34","modified_gmt":"2026-04-09T07:53:34","slug":"challenges-and-outlook-for-green-and-sustainable-finance-interview-with-juan-carlos-delrieu","status":"publish","type":"blog-aeb","link":"https:\/\/aebanca.es\/en\/actualidad\/te-interesa\/aeb-informa\/challenges-and-outlook-for-green-and-sustainable-finance-interview-with-juan-carlos-delrieu\/","title":{"rendered":"Challenges and outlook for green and sustainable finance. Interview with Juan Carlos Delrieu"},"content":{"rendered":"

What are the global trends in the banking sector, and what is its role in a context of pandemic and social transformation? Our Director of Strategy and Sustainability, Juan Carlos Delrieu, discusses the challenges and opportunities of green and sustainable finance in this Open Value Foundation interview. <\/p>\n

How did we get here?<\/strong><\/p>\n

Scientific evidence and the number of extreme and adverse weather events we have experienced in recent years show that this has been an issue for decades. However, if I had to pinpoint a starting point for the economic impact of Climate Change, I would point to 2006 and Nicholas Stern\u2019s LSE article: “The Economics of Climate Change<\/a>“, which discusses the climatic consequences of climate change. <\/p>\n

Since that year, a number of milestones have occurred that have led us, exponentially, to where we are today. The first is the 2015 Paris Agreement<\/a>, in which most countries in the world commit to limiting the global temperature increase to at least 2\u00b0C below the levels recorded in 1990. The second milestone is the 2030 Agenda<\/a>, a modern update of the Millennium Development Goals, which has had a strong impact by creating a common language worldwide with shared social, economic and environmental goals through 17 Sustainable Development Goals<\/a>. <\/p>\n

The third milestone was marked by the article published by the former Governor of the Bank of England, Mark Carney: “Breaking the tragedy of the horizon<\/a>“. It was the first to show that Climate Change can have an impact on financial stability, not only through physical risk, which can reduce the value of a bank\u2019s assets, but also through transition risks that arise when we try to mitigate the consequences of Climate Change. In short, climate risk management must be integrated into financial institutions\u2019 strategy. <\/p>\n

Fourthly, the World Economic Forum<\/a> has indicated for the past three or four years that the main risks, those with the highest probability and greatest impact, are those related to climate change. This forum asserts that the awareness of companies and citizens regarding these issues is steadily increasing. <\/p>\n

Driven by these trends, the European Union set what I would consider the fifth milestone in this sequence in 2018, by defining a set of very ambitious objectives to decarbonise the region in terms of energy efficiency, renewable energy consumption and emissions reductions. To achieve these targets, it was estimated that \u20ac260 billion would be required each year until 2030. As this is an enormous amount of money, the European Commission considered it necessary to have a reference framework to set the course for sustainable finance, and therefore established the Sustainable Finance Action Plan<\/a>, defined through ten objectives. Of these, the EU taxonomy stands out for both the speed of progress and its significance. <\/p>\n

Finally, the most recent milestone along this path, in my view, focuses on the European Union\u2019s forceful response to the pandemic in the form of a European Green Deal<\/a>, which has led to the Next Generation EU Plan<\/a>,<\/em> based on two key principles: conditionality and efficiency. This plan has been allocated \u20ac750 billion, of which around 35% must be directed towards modernising the economy in a more environmentally sustainable way. <\/p>\n

All these pieces together create a tremendous opportunity for all stakeholders\u2014for the financial sector and for companies\u2014but also a significant opportunity for economic and social transformation and, ultimately, for the modernisation of our countries.<\/p>\n

What role has banking played in recent years?<\/strong><\/p>\n

Banks are the nervous system of any economy in the world and therefore will always support major transformations. In this case, however, their role is distinctive because the relationship between finance and sustainability is two-way. A biunivocal relationship based on two reasons: <\/p>\n

First, because while this productive and social transformation represents a business opportunity, climate change generates a set of risks that require proper management to avoid instability in the financial system, which has heightened the scrutiny and sensitivity of financial regulators and supervisors.<\/p>\n

Second, because the financial system is not a polluting sector per se, but its business decisions and the speed at which it decides to drive the change required by a low-carbon economy can have major economic and social implications.<\/p>\n

In this transformation there will be winners and losers. This is not an elites\u2019 revolution, but one of social design, which requires shared responsibility with investors and consumers, with regulators and, above all, with the Public Administration, which must define the lanes along which this productive and social transformation towards a more sustainable economy should proceed. <\/p>\n

However, the banking sector did not stand still while waiting for rules and regulatory frameworks to be approved, whether by the Public Administration or by financial regulators. Instead, it sought to anticipate them clearly from the outset, and did so with commitment and conviction. These attributes, beyond the individual initiatives undertaken by each institution, have translated in our country into three fundamental initiatives that reflect its level of commitment: the Corporate Social Responsibility function has not only been transformed into a sustainability area, but has also taken on greater responsibility within organisations by being incorporated as an additional strategic pillar; the Centre for Sustainable and Responsible Finance (FinResp<\/a>) has been established, through which we aim to accelerate the impact of sustainable finance via best practices and innovative financial solutions; but, above all, I would highlight the Climate Action Pact<\/a>, signed by nearly 95% of Spanish banking institutions within the framework of COP25, committing us to decarbonise our portfolios in line with the objectives set out in the Paris Agreement. <\/p>\n

Download the interview<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

What are the global trends in the banking sector, and what is its role in a context of pandemic and social transformation? 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