Santander’s chief executive, Ana Botín, defended on Tuesday, 2, that banks and capital markets provide financing in order to drive the transformation to a greener economy “and the growth that this will bring with it”. During a speech at the International Banking Conference, she defended the importance of having a global regulation to allow financing “the great transition”.
Botín said world leaders “have to understand the consequences” of the current framework and called the COP26 summit in Glasgow as “the last chance” to keep alive the commitments established in 2015 in the Paris Agreement, to achieve zero net emissions by 2050.
According to her, Santander has a target on decarbonization. “By 2030, we will stop providing services to customers with more than 10% of their revenue coming from thermal coal and we will eliminate all exposure to thermal coal mining to meet the Paris commitments,” he said.
The executive also commented a little about the overall picture. According to her, economies are recovering, “maybe not as fast as we expected, but they are growing”. People go back to offices and also to travel. “Tourism is increasing,” he noted, citing an important segment of Spain’s economy. “We are returning to normalcy. A more uncertain normality, with more debt, more inflation and problems in the supply chains…but we’re back,” he said.
Botín also said that covid-19 “has brought suffering, but it also drastically accelerates the digital revolution”.
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source https://pledgetimes.com/santader-botin-banks-and-capital-markets-must-support-green-transformation-istoe-money/
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