Carlos Torres from the Davos Forum insists that the EU “cannot be left behind”
BBVA President Carlos Torres Vila has stated at the Davos Forum that “Europe needs to put in place the right mechanisms and incentives to promote investments in decarbonisation”. And in this sense he added that “Europe cannot be left behind”. In order to scale up and make decarbonisation technologies profitable, he says, we need “a regulatory, supervisory and legislative framework accompanied by adequate incentives, as other countries, such as the US, are already doing”.
Carlos Torres has stated that in the face of a fragmented world, which is the motto of this year’s edition in Davos, collaboration is also “essential to address humanity’s greatest challenge: decarbonisation”. BBVA’s chairman describes this race against global warming as “inevitable” and believes that “it is possible to achieve this”. For this, from his point of view, two premises must be met.
The first premise is that “governments of developed countries should double their financial support to emerging countries so that they can join the race to decarbonise the economy. And that is essential, because without them we are not going to reach a zero-emissions planet.”
Second, “the investment required to make the world function without emissions must be attractive, economically viable and profitable,” says Carlos Torres Vila. In this sense, investments in renewables, energy efficiency or electric cars “already have a profitable alternative, for families, for companies, compared to fossil fuels.” However, most operations, “60% or even 70%, do not have a zero-emission version that is economically viable.”
In the words of BBVA’s chairman, “we are seeing an unprecedented wave of innovation, seeking solutions to complex problems,” such as producing zero-emission cement or steel; CO2 capture; or new forms of electricity generation without emissions, such as nuclear fusion.
“At BBVA, we already invest in cutting-edge technologies through venture capital funds such as Hy24 or Lowercarbon, which enable us to fulfill our fundamental purpose of advising and financing our clients on their way to a more sustainable and inclusive future,” he concludes. .
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
