May 30, 2020

The climate summit is also for companies | Economy

This Monday begins in Madrid the World Climate Summit (COP25) that will last until Friday of next week. That is, 12 days that will focus the attention of the planet. Everyone agrees that the situation is a climate emergency and forces us to act quickly in the face of what is the greatest challenge of civilization along with the change to the digital era. In short, it forces all governments to trace their decarbonization paths until 2050.

The Spain of minute 93 of Iván Redondo. Iván Redondo and Jaume Giró met last Wednesday in Madrid to discuss, face to face, the crisis of trust in institutions. It was an excuse for the Cabinet director of the president of the Government, and a man to whom much power is attributed, and the director of the La Caixa Foundation and the Corporate Excellence-Center for Reputation Leadership also decided on the current situation, on the future of the journalism and the risks and opportunities posed by technology and the use of data. According to Redondo, who was optimistic about global challenges, society demands great pacts. "Spain is very minute 93, things always happen," he added in reference to the necessary consensus that the aesthetics would not like very much. In his opinion, "there are very solid bases to rebuild trust" lost in institutions. For Giró, "the progress of science and technology have been put ahead of the progress of ethics." "Only with ethical and coherent behavior can the reputation and intangibles of organizations be managed in an efficient and socially responsible manner," he added.

Risk of default on Spanish bonds. "If there is a new economic recession, as it seems, 40% of bond issues (ie 6,000 million euros) would have a very high risk of default, with the systemic breakdown that this would cause, as some have warned international organizations ”, warned Ángel Zamora, a partner of Zurbarán Abogados, in a conference on high-risk debt organized on Thursday by IESE. Zamora, specializing in the recovery of high-risk loans highlighting its work in the Abengoa crisis in favor of small bondholders and investors, has just been appointed representative in Spain of the European Leverage Finance Alliance (ELFA), a high-risk investors association April was created with the aim of making this market more transparent and efficient and with more collaboration with public and private institutions.

Circumstances have wanted it to be celebrated in Spain, where awareness of the ecological transition has grown at breakneck speed. Having assumed the headquarters of the summit brings a dose of commitment from social and political agents that should not be left alone in expectations. Because beyond the international visibility that it supposes as a host, Spain reaches the summit at a time when legislative adaptation to the Paris pacts (COP21, 2015), to the UN 2030 agenda and to the EU agreements , is in the making.

That is why we must act with advanced decision. And, as at any time it is good to press and ask for consensus, at the head of the demonstration, large companies have been placed, which see an opportunity for economic growth at COP25 and to ask Spanish political groups to strive to form a Stable government to implement the measures already included in the National Integrated Energy and Climate Plan (PNIEC) that the current Executive delivered in Brussels.

For companies, “it is essential the participation of the public sector with a regulatory framework, a climate change law with the highest possible consensus and that marks the playing field so that companies know where to go and adjust investments, to eliminate risks in the future and allow launching new decarbonization business lines ”. Since it was learned that Madrid would replace Santiago de Chile and at the minister's call Teresa Ribera, companies and banks have gathered to shoulder their shoulders to collaborate as sponsors (there are four categories: two million, one, 500,000 euros and 125,000 euros) and support part of the 70 million to which the bill goes up.

In return, they expect to receive medium and long-term economic satisfactions. Traditionally, the fight against climate change has been seen as an expense and not as an investment. Now, companies have stopped seeing it as a disadvantage. The PNIEC, to begin with at home, plans to move business opportunities over 200,000 million euros in the next decade. In addition, it seeks to reduce the external energy dependence from 74% to 59% and improve the Spanish trade balance by 75,000 million (until 2030). The companies are convinced that, if the measures were not applied, the emissions in 2040 will be practically the same as in 1990, so that Spain would not only not meet European commitments, but also that its economy would be less and less competitive.

For companies it is essential to know where to go and adjust investments

Firms have stopped seeing the fight against climate change as an expense

In addition, the Sustainable Development Goals (SDGs) will generate new “areas of activity” equivalent to 12 times the GDP of Spain, according to the United Nations. Nor are they reflactarian to the voices that demand an active and co-responsible participation, together with politicians and other social and economic agents, in the search for solutions to the challenges of climate change. According to experts, new challenges come into play (pollination of plants, water treatment, flood control or elimination of CO2 through forestry means …) whose resolution will devise a new productive structure and serve to recover sectors in decline.

There are examples that companies have become aware, such as participation in the Global compact of the United Nations, which in its Spanish network brings together more than 2,500 companies and has established objectives to limit the increase in global temperature to 1.5 ° C above pre-industrial levels and reach zero emissions before 2050. Or the formation of the Spanish Green Growth Group, which brings together fifty of the main companies.

He too Carbon Pricing Leadership Coalition in favor of “stable and long-term carbon pricing policies” that recommends a price per ton of carbon emitted between $ 40 and $ 80 in 2020. An action that some entrepreneurs, such as José Manuel Entrecanales, recognized as very successful in the business forum of the 2019 Climate Action Summit. "Repercutting the price of carbon in the costs of a company's operations is one of the most effective measures against the climatic emergency," said the president of Acciona.

The transparency of the governor

Valentin Pich and Pascual Fernández, honorary members of the APIE, and the Tintero and Secantes awards: Pilar González de Frutos, Pablo Hernández de Cos, Esther Alcocer and Gonzalo Gortázar.

Valentin Pich and Pascual Fernández, honorary members of the APIE, and the Tintero and Secantes awards: Pilar González de Frutos, Pablo Hernández de Cos, Esther Alcocer and Gonzalo Gortázar.

Pablo Hernández de Cos has shown that being governor of the Bank of Spain is not at odds with information transparency with the achievement of the Inkwell Award given by the Association of Economic Information Journalists (APIE). Gonzalo Gortázar (CaixaBank) and Pilar González de Frutos (Unespa) were accésit. The Secant, on the other hand, fell to Esther Alcocer Koplowit, who made an amendment. The drying prizes went to Mariangela Marseglia (Amazon) and Norman Sorensen (Codere), who did not go to collect the prize. Valentín Pich (Council of Economists) and Pascual Fernández (Association of conomists of Madrid) received the recognition of honorary members. To complete and demonstrate transparency, the governor stayed to have a good time with the journalists, who compared that attitude with those of his three predecessors.

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