The close link between climate change and the biodiversity crisis, along with the financial risks arising from climate and nature, is a reality. Interest in understanding how to adequately address these risks is growing. Consequently, members of Technical Committee 6 of CONAMA on "The Future of Climate and Nature Risks and Their Financial Impact" — coordinated by members of the technical team from Fundación CONAMA and the coordinators of the Natural Capital Factory— have worked in the months leading up to the the 15th edition of the National Environmental Congress on various actions to enhance knowledge about these risks and facilitate their management among Spanish economic, financial, and social actors.
Estas acciones han consistido en una consulta para recabar información valiosa sobre cómo abordan las organizaciones españolas la gestión de estos riesgos, metodologías y herramientas para la identificación, medición y gestión, problemas y soluciones y oportunidades asociadas con la adecuada gestión de los riesgos financieros del clima y la naturaleza y la contribución de las empresas a la adaptación al cambio climático y al fortalecimiento de la resiliencia social a este fenómeno. Otras acciones desarrolladas en el marco del trabajo del CT6 han sido la organización de un webinario sobre cómo mejorar la divulgación climática y relacionada con la naturaleza en colaboración con Climate Standard Disclosure Board (CSDB) y la elaboración de una herramienta divulgativa sobre el panorama político y regulatorio de estos riesgos y los resultados de la consulta.
Additionally, collaboration has been fostered with prominent Spanish actors involved in managing climate and nature financial risks and business representatives to provide insights from their practical experience on the trends in the political and regulatory frameworks for these risks and how they are being addressed by Spanish organizations.
El The first block of de la of the Technical Session 6 of CONAMA 2020 focused on the political and regulatory context of climate and nature financial risks, the National Climate Change Adaptation Plan 2021-2030, and the new European Union Adaptation Strategy. Participants included Paz Ferrer Calvo, Communication Director of Ecoacsa and coordinator of the Natural Capital Factory, Antonio Mateos Gil, Senior Advisor to the General Treasury Secretariat of the Ministry of Economic Affairs and Digital Transformation; Mónica Sánchez Bajo, Area Head of the Spanish Office of Climate Change (OECC)) Ministry for Ecological Transition and the Demographic Challenge, and Esther Palomeque, head of the European Banking Unit at the Bank of Spain..
Block 2 of Technical Session 6 (ST6) of CONAMA 2020 focused on presenting the results of the survey launched by Technical Committee 6 of CONAMA regarding how Spanish organizations address climate and nature financial risks and how they contribute to climate change adaptation and strengthening social resilience. Additionally, Elena Blanco Lozano, Sustainability and Environment Manager at EnagásMercedes Vázquez Miranda from the Sustainability Department of Red Eléctrica Groupand Belén Pedruelo Gárate, ESG Reporting Manager at Repsol shared real cases about their experiences in managing these risks within their respective companies.
Climate and nature financial risks: A sample of how Spanish companies address them
As a result of the consensus decision among CT6 members of CONAMA to work on creating an informative document for economic, financial, and social actors interested in better understanding the landscape of climate and nature risks and their financial impact, the publication. "Climate and nature financial risks: A sample of how Spanish companies address them."
The document is structured into several chapters that cover the political and regulatory context of these risks; types of climate and nature financial risks and examples; relevant initiatives working to help companies and the financial sector report and disclose these risks; motivations of organizations to address them; examples of mechanisms, methodologies, and tools for identification, measurement, and management; and the main challenges and issues encountered in addressing climate and nature financial risks.
The publication also includes a chapter dedicated to the contribution of companies to climate change adaptation and strengthening social resilience to this phenomenon. This section aims to support the overarching goal of the National Climate Change Adaptation Plan 2021-2030 (PNACC 2021-2030) to "promote coordinated and coherent action in response to the effects of climate change in Spain to avoid or reduce current and future damage resulting from climate change and build a more resilient economy and society."
Link to the audio of the session
Link to the presentations from Block 1
