Pedro Sánchez calls for an alliance with the private sector against the energy crisis and in the ecological transition

Afea that only 14% of listed companies have plans to reach zero emissions in 2050

Sep. 15 () –

The President of the Government, Pedro Sánchez, has shown his willingness to ally himself with the private sector to provide a response to the energy crisis that allows progress towards the ecological transition, promising to provide adequate incentives and the legal stability necessary to attract investors.

During the inauguration of the ‘II BBVA Sustainability Forum’, in which he participated together with the president of BBVA, Carlos Torres Vila, Sánchez drew attention to the fact that only 14% of the companies listed on the Stock Exchange have plans to achieve the goal of zero emissions in 2050, compared to percentages of over 50% among neighboring countries.

“There is a lot of work to be done and, in that sense, I believe that the private sector is fundamental”, assured the President of the Government, who during his speech extolled the benefits of public-private collaboration and urged companies to respond to Putin’s “energy blackmail” without losing sight of the path towards the decarbonization of the economy.

“This government wants to be an ally of the private sector, which knows what is at stake and what the enormous cost of doing nothing is. For this reason, what we are going to do is grant the appropriate incentives for the private sector to advance in this path of sustainability”, assured Sánchez.

Likewise, the President of the Government has stressed the importance of giving legal stability to investors. “I think that is what we have done since 2018, a commitment that allows us to take advantage of adaptation and mitigation to climate change and the adaptation of our energy models to reindustrialize Europe, to consequently reindustrialize Spain, and to create jobs in new sectors. and in traditional sectors that adapt to the challenge we face in the new economy”, he stated.

TORRES (BBVA) CALLS FOR STABLE REGULATION AND TO PROVIDE CONFIDENCE TO INVESTORS

Sánchez has made these statements minutes after the president of BBVA made reference, precisely, to the need for regulation and public policies to provide the stability and confidence that investors need and provide the appropriate incentives.

In his speech, Carlos Torres Vila stressed that, in order to decarbonize the economy so that Spain becomes energy independent and limits the increase in the planet’s temperature and its impact on future generations in the long term, a volume of investment will be necessary equivalent to 8% of world GDP until 2050.

“To mobilize all this capital, regulation and public policies must provide the stability and confidence that investors need. They must also provide adequate incentives, including the development of a voluntary emissions market and the elimination of existing subsidies. today for issuing technologies”, highlighted the banker.

The president of BBVA has also extolled the role of the financial sector in mobilizing the necessary capital, in which the President of the Government has agreed, emphasizing the central and neuralgic role of banking through sustainable investments.

Neither Pedro Sánchez nor Carlos Torres have made reference during their speeches to the Government’s controversial temporary tax on the financial sector, which is already in the parliamentary process.

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