Green transition and risks. Even banks can’t get rid of them. In the joint report of the Bank of Spain, the National Securities Market Commission (CNMV) and the Directorate General of Insurance and Pension Funds “a messy climate transition It will have a very negative impact on the banking sector and be far greater than a gradual and anticipated transition would.”
It has been warned Margarita Delgado, Deputy Governor of the Bank of SpainOrganized by XI. in Barcelona during their participation in the Business Symposium leisure sewing about sustainable financeEmphasizing the importance of the financial sector in the transition, Dr. Emphasizing that the risk map of the World Economic Forum, which was held in Davos, was also included in the risk map, Delgado said, environment ranks high, he explained that the information he gave was a preview”Temporary results” Excluded from this report, which will be published “soon”.
This biennial analysis, conducted under the authority of the Macro-Provisional Authority Financial Stability Council (Amcesfi), risks climate change For the 2023 financial system. The document analyzes the impact of physical and transit risks on the financial sector under various scenarios.
The European Central Bank (ECB) has intensified its supervisory work in this area, and in its latest review, it has found that over 80% of institutions recognize that climate risks have a significant impact on their risk profile and are therefore starting to take these risks. Establish a basic framework for management.
Regarding green finance, Delgado announced that the volume of green bonds issued globally last year totaled $479,000 million, reaching $841,000 million. ties to social, sustainable and sustainability23% less than in 2021.
In addition to emissions, other financing instruments are taken into account, such as: sustainable loans and loans, overall volume was lower than in the previous year. However, Spain hit a new record of €60,134m in 2022, 9% more than in 2021, due to growth in bank financing offsetting the decline in bonds. He reminded that, unlike the USA, the capital markets in Europe are fragmented and therefore “the role of banks is fundamental”.
Third Vice-President and Minister of Ecological Transition of Spain, Teresa Ribera, He stated that the European Union (EU), which was also involved in the same symposium electronically, was accepted.should provide ideas and a solution proposalPromote the European green industry to maintain its “capability and attractiveness” in the face of green subsidies announced by the US.
The Vice-President of Spain appealed to the EU. “don’t lose this new race” green technology. He stressed that, thanks to the so-called law to reduce US inflation, the US has made an “attractive and generously funded” proposal in this regard.
The minister stressed that the world is not only experiencing a debate in terms of “climate or security of supply”, but also an “industrial technology race”. Ribera commented that the European Commission is in “full discussion” on a package of measures aimed at accelerating the development of green technologies in Europe to, among other things, “reduce the huge gap” between Europe and the United States. competitiveness is basically something motivated by the price of energy, he added.
Therefore, a “rapid update” of the EU’s regulatory framework of the electricity market ensured that the rapid adoption of the gas package, as well as how to manage access to raw materials sustainably, needed to be discussed, noting that in this context, Spain’s second year of 2023 The EU term presidency, which it will assume as of 1 July in the first half of the year, gains importance.
Source: Informacion
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