esma is seeking to establish guidelines so that these entities make public the way in which they incorporate sustainability elements into their valuations. to conclude, allow me to reiterate the importance and scale of the challenge we face. it may sound cliched ; but it is nonetheless true that we are not only talking about our well - being, but the well - being of future generations who may be left with little leeway if we are not sufficiently ambitious. the challenge extends to all agents and sectors, and proof of this is the broad and varied representation here in this room today. the financial sector undoubtedly has a notable responsibility in this challenge. in our capacity as financial authorities and under our mandate, we can and must do everything within our power to properly value, manage and mitigate the risks associated with climate change. the challenge is paramount and the need for coordination – with other national and international authorities – enormous. but i believe that, if we have been capable of structuring an appropriate regulatory response to the international financial crisis, we will also be capable of rising to the challenge here. i think that the measures rolled out from europe will ultimately be an international reference and standard. and we will in this way manage to make the financial sector contribute actively and efficiently to the sustainable transformation of our economy. i trust the following discussions will prove interesting for you. we will talk about the important work by european institutions under way, about how financial institutions are adapting and about the way in which the adverse effects the energy transition may exert should be accommodated, in what has come to be known as the “ fair transition ” debate. thank you. 5 / 5

12. 03. 2019 roundtable : “ sustainable finance as the driving force of the ecological transition ” banco de espana margarita delgado deputy governor it is a pleasure for me to welcome you to the banco de espana for two reasons. first, because i believe the bank should be a forum for discussing and bringing closer to society those financial matters that bear on and affect the well - being of all. the second reason has to do with the matter i shall broach today, which i consider to be particularly important and which is none other than the role finances can and should play in relation to combating climate change. as you all know, this is not a new objective. indeed, at least since the 1992 rio de janeiro united nations summit, combating climate change has been a recurrent objective of international institutions. so, what has changed in the wake of the 2015 paris agreement, and why has climate change also begun to be part of the financial authorities ’ agenda? mark carney talked about the so - called “ tragedy of the horizon ”, in the sense that the horizons used in the evaluation of financial risks are shorter than those that should be applied to evaluate climate change. yet these risks may be said to have moved onto our horizon ; both the physical risks owing to the effects of climate change, and above all, the risks of transition towards a sustainable economy. the paris agreement marked a turning point regarding the feeling of urgency in the fight against climate change. along with reflecting the risks, the agreement explicitly acknowledges how important the financial system should be for efficiently channelling the resources needed to transform our economy towards a sustainable model. these two factors, namely the risks and the opportunities and incentives associated with the change in economic model to combat climate change, have grown in significance on international financial agencies ’ agendas. allow me to mention, non - exhaustively, some of these initiatives : - the work on sustainable finance during the last three mandates of the g20, - the establishment of responsible investment principles by the united nations, - the creation of the financial stability board ’ s task force on climate - related financial disclosures, - the establishment of the oecd green finance and investment centre, - the sustainable banking network established by the world bank, - within the eu, the european commission ’ s action plan on sustainable finance - in the central banking and banking supervision environment, the work by the network for greening the financial sector ( ngfs ), of which the banco de espana is a member. in