Antoni Ballabriga, Global Head of Responsible Business at BBVA, analyzes in this article, published in the Sustainable Finance Observatory Yearbook 2021, a review of the key factors that have shaped sustainable finance in 2021.

As of January 2021, 12 percent¹  of BBVA’s new financing is connected to sustainability, according to the figures released on Investor Day, which was held last week. At this event, BBVA’s Global Head of Sustainability, Javier Rodríguez Soler, also announced that BBVA expects to channel over €35 billion in sustainable financing in 2021. This represents more than 70 percent growth from 2020. “Decarbonization, in particular, and sustainability, in general, represent the greatest transformation in the history of humankind,” Rodríguez Soler stressed. This phenomenon represents an “huge business opportunity” for BBVA and its shareholders.

‘Seeds for the future’ was created to encourage people to reflect on the importance of preserving biodiversity and to warn of natural resource depletion. Through a documentary that will be released in November, it will inspire consumers to adopt responsible eating habits based on the principles of proximity, quality and buying local, protecting both our health and our cultural memory. The initiative aims to fulfill the mission of BBVA and El Celler de Can Roca’s ‘Sustainable Gastronomy’ project, which seeks to guide people and provide them with tools in their transition toward a more sustainable life.

BBVA and its foundations will devote a total of €550 million during the 2021-2025 period to fund social initiatives aimed at fostering inclusive growth in the countries where they are present. “This is the most ambitious social plan that we have implemented to date,” said BBVA CEO Onur Genç.

With increasing frequency, Governments and financial and non-financial organizations are relying on the so-called sustainable finance instruments to fund projects intended to create a positive impact on the environment - such as the development of eco-friendly energy sources - and promote social and inclusive growth. In Spain, sustainable finance mobilized a total of €33.03 billion in 2020, according to data from the Spanish Observatory for Sustainable Financing (OFISO).

A lack of role models, stereotypes and difficulties accessing funding make it hard for women to launch businesses. Committing to work-life balance, redefining the face of entrepreneurs and new business and digital models are some key aspects that could help make entrepreneurial opportunities more egalitarian.