The BBVA chairman stressed that the summit is taking place “in one of most difficult times in recent decades.” He stressed that the Russian invasion of Ukraine had shaken the Ukrainian government when they were trying to recover from the COVID crisis.
Davos is a meeting of governments and businesses to discuss how to handle the aftermath of the war. Carlos Torres Vila stressed the fact that while the greatest challenge is the “great human tragedy” that we are currently experiencing, we must not forget that the fight against climate change and the decarbonisation the economy, which were a priority prior to the invasion, has become something essential.
He believes that Europe’s ability to respond to aggression would be greater if it had a more carbon-free economy. Perhaps Russia’s actions would have also been different.
Carlos Torres Vila spoke out about the European response to this challenge. He said that Europe has set very lofty goals. These goals must be made a reality by taking steps to facilitate deployment of proven technologies that are very profitable.
The BBVA chairman recalled how “the electrification and renewables of the economy, as well as energy efficiency, are just a few of the areas in which this is already true”. He stated that banks are often witnesses to the delays in projects that have been promising for years. He stated that banks are often witnesses to how interesting projects are delayed for many years. “In this search to energy autonomy, at a time when we decarbonize. These have to be the main axes to the development of Europe. Spain can play an important role. We have to work on eliminating barriers to start-up.”
He recalled, in relation to the role of banks during this process of decarbonisation, that “from BBVA… we are fully dedicated to financing the transition towards a sustainable world.” Carlos Torres Vila said, “There is no time to lose.”
