Since the Sustainable Development Goals were set in 2015 by the United Nations, both companies and individuals are looking in this direction. It is a roadmap that enacts an end to poverty, protection of the environment or reduction of inequalities for the sake of more sustainable development. That is why transparency or sustainability is on the agenda of most large companies today.
Energy efficiency improvements, CO2 reduction, responsible management, promoting sustainable consumption, and investment… The fight against climate change and the Paris Agreements bear witness to this scenario.
With this framework in mind, and in view of the growing reallocation of financial flows towards projects aligned with the ODS, the Spanish Observatory for Sustainable Financing was created in 2019 with the aim of being an independent, multi-sector forum that seeks to debate sustainable financing and its trends.
It is a meeting point where all companies, banks, consultants, public administrations or other institutions, private or public, with an interest in these issues can become members.
If you want to find more about the Spanish Observatory of Sustainable Financing and its objectives, download for free our companion app, Born2Invest. Available for free for both Android and iOS devices, our app brings you the most important economic news in the world, so you don’t have to scroll the internet to find the news that matters to you.
What are the objectives of OFISO and how are they financed?
As the general secretary of the Spanish Observatory of Sustainable Financing, Juan Carlos Villanueva, explains to BYZness, one of its aims is “to seek the internal and external promotion of responsible financial solutions, the adoption of good practices and the influence and visibility of financial professionals in the national and international debate that is taking place in this area”.
On the other hand, as pointed out by sources of the Observatory, its financing comes from membership fees or sponsorships, as well as from the means and resources of Forum Global. Financial entities such as Bankia belong to it.
The focus on sustainable financing
“Sustainable financing and investment is a growing phenomenon not only for business and financial development, but also among citizens and opinion leaders, as a reputational and valuation factor,” said Villanueva.
According to the annual report ‘Sustainable financing in Spain 2019’, prepared by OFISO, this market grew last year, in terms of green and social bonds, at a rate of 50% and green, social and sustainable bonds were issued in Spain for an amount of $11.5 million (€9.76 million) by companies, autonomous communities and public agencies.
As the Secretary General of the Spanish Sustainable Finance Observatory argued, “supervisory and regulatory bodies such as the ECB and ESMA are focusing on sustainable financing and financial risks derived from climate change and other sustainability factors; and the European Union (EU) is making consistent progress in incorporating ESG factors into its agenda, its economic and financial programs and its regulatory and standard-setting activity.”
Therefore, in his words, this Observatory serves as a meeting point for professionals to debate and contrast their opinions, as well as “to make their voice heard in the story of sustainability and its financing channels, new products and formulas in the capital markets and in credit, innovations and trends.”
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First published in elPeriodico, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
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