margarita delgado : role of the financial sphere in accelerating decarbonisation speech by ms margarita delgado, deputy governor of the bank of spain, at an event jointly organised by the bank of spain, the world wide fund for nature, the ministry for the economy and the ministry for the ecological transition and the demographic challenge, 3 december 2020. * * * good morning, and thank you all for being here, whether in person or online, attending this event jointly organised by the banco de espana, the world wide fund for nature, the ministry for the economy and the ministry for the ecological transition and the demographic challenge, which aims to boost the role of the financial sphere in the process of decarbonisation. the transformation of our economy into a more sustainable model is an unavoidable necessity to which we have committed ourselves as a society and which we have agreed with our european partners. the draft climate change law includes a set of measures that essentially impact what we call the real economy. there are references to the role of the financial sector in just a couple of its articles. a priori, that would seem natural and logical. evidently, the co2 reduction targets directly affect energy production, transport, mining and industrial processes in general. but anybody might well consider that the effects on the services sector or, of course, the banking industry should not be so significant. however, we should not forget that the real economy and the financial economy are largely two sides of the same coin. without one, the other would not exist. financing is a key element for economic activity, and channelling such financing is precisely where we need the banking sector. we have once again been able to witness this owing to covid - 19. as you will recall, the financial sector was declared an essential service during the lockdown. and, for example, without banks ’ active participation, it would not have been possible to successfully structure the ico guarantees programme. naturally, mobilising the resources needed for this transformation, which the law estimates at around €200 billion, will necessarily involve public - private investment formulas in which banks will no doubt play a key role. as you can imagine, financing these public - private investment needs is reason enough for the banking system to become involved. but initiatives such as the climate agreement signed on the occasion of the cop25 and the launch of finresp ( centre for responsible and sustainable finances ) show that the sector is clearly committed. how can the financial economy contribute to switching the real

, more inclusive, and more transparent. we should continue adapting and learning. i believe the ultimate objective of financial stability increasingly requires co - operation and properly aligned incentives on the part of the industry, markets, central banks and supervisors. let me close by saying that the committee welcomes the work being done in a number of nonmember countries and believes that continued outreach is essential. dialogue with countries outside the basel committee played a critical role in the development of the revised framework, and i am personally committed to continuing such dialogue in the future. thank you very much.