CIFF supports the Spanish Government’s action on climate and calls for further commitments
As part of CIFF’s climate finance strategy, we aim to encourage investors to take an active approach to reducing the emissions of the companies they invest in, in line with the Paris Agreement. We have written to a number of governments, central banks and regulators urging similar action.
In light of this, CIFF has written to the Spanish Government to offer support in extending core climate principles to its shareholdings. The letter has been sent directly to, José Luis Ábalos, Minister of Transport, Mobility, and Urban Agenda, Nadia Calviño, Minister of Economy, and Teresa Ribera, Minister for the Ecological Transition and Demographic Challenge. The letter also offers support and recommendations for the Spanish Government’s broader leadership on climate change.
This letter follows 109 investors managing €11tn assets writing to EU leaders to ensure that “carbon-intensive companies that receive government bailouts, grants, loans, tax concessions and temporary equity purchases should be required to establish and enact climate change transition plans consistent with the Green Deal and Paris Agreement goals, and achieving net zero emissions by 2050 in exchange for this public support.”
In July, CIFF’s investment manager – TCI Fund Management Limited – wrote a public letter to the Government of Spain as a shareholder in Aena, recommending specific improvements to Aena’s climate change plan.
CIFF also believes that Aena’s climate change plan should be improved and that there is a real opportunity for Spain to demonstrate leadership and set a precedent for governments worldwide, through incorporating climate principles and net-zero commitments into both their government actions and the actions of the companies they invest in. An environmentally sustainable infrastructure sector is an essential component of Spain’s sustainable tourism offering, and will also be increasingly central to its success.
Sonia Medina, Executive Director for Climate at CIFF: ‘Spain is already a world leader in cutting pollution while supporting workers. The proposed Climate Law can become a new global benchmark, driving private sector action through public shareholdings. We want to support that effort.’