Banking and insurance demand a clear regulatory framework and legal certainty to advance the green transformation

"The best way to combat greenwashing is for there to be clear and understandable legislation to achieve European objectives," highlighted Ángel Martínez-Aldama, president of Inverco during his speech on the second day of the XIV EXPANSIÓN-KPMG Financial Meeting. Martínez-Aldama also insisted on the need to fight against the data gap to be able to have information about companies that can be consulted in a homogeneous way. "It will be the way to create Article 8 and 9 products" (those that promote environmental and social characteristics using non-financial criteria). There are initiatives, added the president of the association that brings together collective investment institutions, such as the CSRD, "but there is still time for development and the sooner we have the data available, the better for everyone." Likewise, he insisted, the guidelines must be expressed in an "understandable and reasonable manner for supervisors, for the market and, above all, for the retail investor because otherwise there may be reputation problems for the entities."

This need for greater legal certainty and legal harmonization was shared by the rest of the speakers at the ESG table: The role of the financial sector in promoting sustainability. Antonio Romero, Corporate Director of Associative Services and Resources at CECA, was a step further and called for "intelligent regulation". Romero stressed that, "after the barrage of regulation that the financial sector has suffered, we are not shocked." But, he insisted, "we need safe harbors because sustainability in many aspects can generate legal responsibility and that forces us to be neat in the definition of concepts." He also spoke of the convenience of achieving greater flexibility in the deadlines that Europe demands.

Romero wanted to remember the "evident commitment" of the financial sector to sustainability. "The challenge is huge," he insisted. Due to the investments required, of about 300,000 million by 2030, "and that for the public sector is impossible to address." Therefore, "the financial sector must channel it to address the transformation."

During her speech at the XIV EXPANSIÓN-KPMG Financial Meeting, the president of Unespa, Mirenchu ​​del Valle, specified what, in her opinion, are the priority issues for the sector in terms of sustainability. "Having a taxonomy, a homogeneous way of counting things, is essential for the industry," she explained. She insisted, like the rest of the speakers, that this requires "clarity and legal certainty." In addition, del Valle introduced the topic of social taxonomy, as an issue that she urgently needs to address as a priority. "I would ask for speed in defining what is and is not sustainable because there is an appetite for green assets."

Another aspect that focused the interventions and on which all participants agreed was the work of supporting financial entities to companies in their green transformation, especially SMEs. "We do close, proximity banking and so we can even go ahead of regulation. We have done it from the beginning, we have it in our DNA. We are able to filter sustainability aid very well. Because we are very close," commented Ernesto Moronta, president of the Spanish Association of Rural Savings Banks. Moronta pointed out that for the green transition to be a reality, financial education is essential. "We all talk about the environment and sustainability but sometimes profitability clashes and we have to do a great job there."