Margarita Delgado: Appearance before the Ecological Transition and Demographic Challenge Committee

Speech by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the appearance before the Ecological Transition and Demographic Challenge Committee, Congress of Deputies, Madrid, 10 September 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Members of Parliament, thank you very much for your kind invitation. I am delighted to be here today to discuss a topical issue that, I believe, is very important in the context of finalising the draft Climate Change and Energy Transition bill.

I would like to begin by reflecting on the role that public policies can play in managing the transition. I will then go on to talk about the role that the banking sector can and must play in this process, including business, regulatory and supervisory matters. I will also address one of the key outstanding issues: the lack of reliable and uniform information, which hampers decisions on investment, supervision and control.

The banking sector's involvement in the transition to a more sustainable economic model is a relatively recent development. However, as you are well aware, combating climate change is a recurring objective of international institutions, since at least the United Nations Summit held in Rio de Janeiro in 1992.