Margarita Delgado: Remarks at panel on climate change

Remarks by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the High Level Panel on Climate Change, COP25/United Nations, Madrid, 12 December 2019.

Good morning:

Thank you very much for the invitation to be here today on this panel on the climate-related role of the financial sector.

It is obvious that climate change, associated with global warming, is an all-encompassing concern that is translating into initiatives ranging from the most supranational scope possible down to the most local level. In my view this is because it is one of the few issues affecting each and every one of us and, at the same time, the planet as a whole.

The fight against climate change has traditionally been a top-down process. The starting point was always an international agreement that had to be transposed into supranational and national regulations; but what we are currently witnessing is a strong bottom-up movement occurring in parallel with this top-down process.