Margarita Delgado: The National Securities Market Commission's activity in the area of sustainable finance

Closing address by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, to the National Securities Market Commission's (CNMV) Conference on Financial Sustainability, 22 October 2020.

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

Good morning everyone.

I would like to thank the National Securities Market Commission (CNMV), and in particular its Vice-Chair, for kindly inviting me to close this conference on sustainability. I regret not being able to attend the presentations over the last two days, but judging by the topics addressed and the quality of the speakers, I am confident that the conference has been a success.

I think that it is difficult to find an aim that is more global or shared more widely than the fight against climate change. Although this consensus has gradually developed over time, it is clear that it has quickly grown recently.

Traditionally, this challenge has been addressed through fiscal policies. From a theoretical standpoint, and in the opinion of the Banco de España, these policies continue to be the most suitable for resolving the challenge posed by pollution. More recently, a CO2 emissions trading system has been developed in Europe, pursuing the same objectives of internalising environmental costs, which is currently being revised.