BBVA Supports the WEF Climate Leaders’ Letter Ahead of COP31 in Türkiye
BBVA supports the joint statement from global corporate leaders ahead of COP31 in Türkiye, underscoring that “the low-carbon transition is a strategic opportunity,” and urging regulators to create “predictable policy frameworks that unlock innovation and investment.” The letter also calls for scaling up international climate finance for developing economies. Chairs and CEOs from the World Economic Forum’s Alliance of CEO Climate Leaders, including BBVA Chair Carlos Torres Vila, have endorsed the letter.
In this letter, the corporate leaders caution that in a volatile world, investing in markets linked to the energy and environmental transition is no longer just a climate issue. It has become a driver of energy security, competitiveness, resilience and long-term growth. The letter emphasizes that decarbonization currently requires “faster delivery, supported by stable, predictable and climate science-aligned policy frameworks.”
According to the Alliance of CEO Climate Leaders, “climate action and business performance reinforce one another.” Between 2019 and 2024, the companies in this alliance reduced their total emissions by approximately nine percent, while increasing revenue by more than 13 percent. The letter also notes that between 2020 and 2024, revenue from climate and environmental solutions grew 12 percent annually, double the rate for conventional revenue. It also projects that the global market for climate and environmental solutions will reach $7.1 trillion by 2030.
The letter notes that certain decarbonization solutions are becoming more competitive, including low-carbon energy (a market which, according to the document, is expected to exceed $3.7 trillion per year by 2030), adaptation and climate resilience, energy efficiency and the circular economy.
Decarbonization as a central component of competitiveness
The letter states that “businesses operate in a volatile geopolitical and economic environment,” where unstable energy prices and climate disruptions have an increasingly significant impact on business performance. “Managing these risks is not only about limiting exposure but building long-term resilience,” it adds.
“Companies with low-emission operations and diversified, climate-resilient supply chains are better positioned to absorb shocks, protect margins and maintain access to key markets,” according to the text, which also addresses the role of the workforce in this process and identifies upskilling as one of the essential elements for ensuring a just transition.
The priority is closing the implementation gap
The corporate leaders warn that the “opportunity is clear, but the current obstacle is implementation, as the private sector cannot overcome systemic barriers alone.” Therefore, the letter calls on governments and policymakers to take action in five key areas:
- Establishing stable policy frameworks that promote investment, provide legal certainty and market predictability, and reduce the fragmentation of sustainability standards.
- Mobilizing capital and mitigating risk by expanding blended finance, guarantees and green public procurement instruments. Furthermore, it calls for scaling up international climate finance for developing economies and emerging markets, supporting the roadmap to reach at least $1.3 trillion per year by 2035, and championing high-integrity carbon markets.
- Making electrification, energy efficiency and affordable low-carbon energy an economic priority, backed by modern grids and effective carbon pricing mechanisms.
- Accelerating infrastructure and capacity development by fast-tracking permitting and investing in storage and critical systems needed to deploy the technology.
- Building resilient economies and value chains through national adaptation plans and investment in sustainable infrastructure.
COP31 and the implementation of commitments
The letter comes ahead of the upcoming UN Climate Conference (COP31) to be held in Antalya, Türkiye from November 9 to 20. The corporate leaders note in the document that this conference is the time to move from commitments to implementation, “closing the delivery gap through joint public- and private-sector action.”
BBVA, the global bank of COP31
On July 27, BBVA announced its participation as the Global Banking Partner of the United Nations Climate Change Conference (COP31). Through this alliance, the bank will work with the presidency of the climate conference and the UN to continue promoting financing for the energy transition and accelerating the implementation of solutions that support the transition to a lower-carbon economy.