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The future of renewable energy: a paradigm shift

How is the electricity market changing with the arrival of renewable energy? How will green energy and its marketing evolve? Are companies advancing in the transition to a decarbonized economy at the pace the planet needs? These are some of the questions posed in the event organized by the newspaper El País “Marketing renewable energy” on June 6th.

It is a reality in electricity markets: renewable energy is on the rise and is predicted to continue its upward trend. In 2018, on a national level, 38.2 percent of all the energy generated came from clean sources. By 2030, this number is expected to reach 74 percent.

What is behind this phenomenon? What role do companies play? Renewable energies are positioned as a solid alternative for companies aiming to improve the sustainability of their business, be more efficient and reduce their carbon footprint on the atmosphere. Over the past decade, we have witnessed a paradigm shift that has transformed different sectors in a cross-cutting manner, especially the financial industry, led by BBVA. This bank’s firm commitment to the fight against climate change is strengthened by the numerous sustainable operations in recent years, making it the leader in the sustainable finance market.

In his presentation at the forum, Juan Casals, Director of Sustainable Finance at  BBVA CIB, expressed his optimism regarding progress in this area although he did recognize that the public and private sectors should accelerate their transition to a low carbon economy. According to Casals, “a series of optimal conditions are vital, such as a stable regulatory framework or technological change” so that companies can decide to invest in green projects.

In Juan Casals’ words: “Sustainability is an essential element to ensure companies’ competitiveness – innovation that prepares companies to compete in the future.”

“Sustainability is an essential element to ensure companies’ competitiveness”

BBVA, a leader in sustainable finance

As a sign of its firm commitment to the fight against climate change, BBVA approved its Pledge 2025 in 2018 through which the bank will mobilize €100 billion from now until 2025 in green financing, sustainable infrastructure, social entrepreneurship and financial inclusion. The bank has the capacity, knowledge and experience to provide its clients superior advisory services for sustainable financial solutions and is playing a key role developing this market.

In the framework of this commitment, BBVA joined RE100 in June 2018 – a collaborative initiative of the most influential companies in the world committing to ensure that 100 percent of their energy comes from renewable sources by 2050. Thus, the companies are sending a powerful, joint message to government officials and investors: we must accelerate the transition to a zero-emissions economy.

BBVA has committed to manage environmental and social resources and to minimize any possible negative impact – both direct and indirect. In its ambition to comply with this initiative, the bank has moved up these deadlines so that 70 percent of the energy the BBVA Group uses will come from renewable sources by 2025, and 100 percent by 2030.

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