Sustainability is one of the cornerstones of Cecabank's strategic and growth plan, driving the transformation of the financial sector, a catalyst for the shift towards an ESG model.
Cecabank has a clear vision: the financial sector is one of the most committed to the shift towards an ESG model by redirecting capital flows towards sustainable activities. Mónica Malo, the bank's Director of Communications, External Relations and Sustainability, confirmed this to elEconomista Capital Privado. "The industry has become a catalyst for change through its investment activities and sustainable financing to businesses and households. The financial sector is directing resources towards sustainability, attracting new talent and training its staff to address this change, as well as developing methodologies and tools to make it possible. Sustainability is part of the core of the bank, its corporate values and one of the vectors of the strategic business plan. "Our ESG aspiration is to fully integrate ESG factors into corporate decision-making. Building on this, we drafted and approved our Sustainability Plan 2022-2024, which transforms the requirements identified into specific objectives, actions and KPIs, and which engages all areas of the company. It is made up of 10 lines of action and 70 actions structured in four work blocks: People, Planet, Governance and Prosperity".
Another key driver is regulation, where Europe is leading global change. "The EU is developing a series of standards, such as the taxonomy itself, which will set the bar for the future. For its part, the financial sector, key to the transition towards a decarbonised economy, is undergoing a rapid transformation, driven by numerous regulatory requirements that require new qualified talent (EU Taxonomy, the SFDR disclosure regulation, third pillar requirements, or Mifid II, among others). The sustainable finance plan published by the European Union in 2018 was a turning point. "In 2019, CECA, together with AEB, Inverco, Unacc, and Unespa, created the Spanish Centre for Responsible and Sustainable Finance (Finresp), which seeks to contribute to a more sustainable and responsible economic and financial activity. Another example of cooperation is the commitment undertaken that same year by around twenty Spanish banks, including Cecabank, in relation to compliance with the Paris Agreement. Progress on the EU Taxonomy, the implementation of the first climate stress tests by prominent banks, or progress on SFDR for the classification of financial products according to their sustainability rating, are other examples to be highlighted". According to data compiled by OFISO, sustainable financing (bonds and loans) has increased by more than 40% in 2021 compared to the previous year, showing the growing interest of the market and the new opportunities created by the shift towards a sustainable economy.
