Torres (BBVA), in Davos: “Europe cannot lag behind in decarbonisation”.
The president of BBVA, Carlos Torrespointed out that since Davos World Economic Forum in Switzerland that decarbonization is the “greatest challenge” facing humanityan “unassailable” objective, but an objective that requires promote “emissions-free” investments that are “economically viable”. and warned of the danger of Europe falling behind.
For Torres, the following conditions must be met two premises to achieve net zero emissions in the global economy. First of all, the Chairman and CEO of BBVA indicated that the governments of developed countries “must redouble their financial support to emerging countries so that they can join the decarbonization race”. “It is essential because without them we will not achieve an emissions-free planet”.he said.
Additionally, Torres pointed out that for the world to operate without emissions “the necessary investment must be attractive, economically viable and profitable”.. “Part of it already is: for example, investment in renewable energies, in energy efficiency, in electric cars…. already offers a cost-effective alternative for families and businesses to fossil fuels,” he said.
However, the president of the Bizkaia bank pointed out that “the majority of the investment, 60 or 70%, in fact, does not have a zero-emissions version that is economically viable”..
For Torres, the whole world is watching “an unprecedented wave of innovation”.which seeks “solutions to complex problems such as emission-free steel or cement manufacturing, CO2 sequestration, power generation, new forms of emission-free production such as nuclear fusion…..“. “We must continue to develop these technologies so that they mature and, above all, that they can be scaled,” he added.
To this end, the Chairman and CEO of BBVA called for ” a regulatory, prudential and legislative framework that provides appropriate incentives, as is already done in other countries such as the United States”.. ” Europe cannot be left behind and must put in place the right mechanisms and incentives to encourage investment in decarbonization,” he warned.
“At BBVA, we are already investing in cutting-edge technologies through venture capital funds such as Hy24 and Lowercarbon, which allow us to fulfill our fundamental objective of advising and financing our clients on the path to a future more sustainable and more inclusive,” he concluded.