Madrid, 5th December 2019.- The managing director at COFIDES, Rodrigo Madrazo, highlighted today that COFIDES "is the only accredited Spanish institution for the UN Green Climate Fund", which allows it to "mobilise funding resources and structure climate funding projects". In fact, he added, "COFIDES is working on defining a pipeline to be able to present the first project to the Green Climate Fund". 

The managing director at COFIDES participated this afternoon in the panel entitled "The Green Climate Fund and Spanish Climate Funding: boosting the commitment to the private sector", organised by the UN Green Climate Fund during the COP25 which is taking place in Madrid. 

The session was inaugurated by the Minister for Industry, Commerce and Tourism, Reyes Maroto, and the executive director of the Green Climate Fund, Javier Manzanares. In her welcoming speech, the Minister thanked the companies taking part for "their commitment to the COP25 and the public policies directed towards fighting climate change". Likewise, Reyes Maroto highlighted the role of the Green Climate Fund and COFIDES in guaranteeing project finance is made possible and in mitigating and adapting to climate change.

The executive director of the Green Climate Fund, Javier Manzanares, stated that "involving the private sector is essential in order to multiply climate funding. There are 95 accredited companies and their role is key to be able to structure and implement projects". 

The managing director at COFIDES, Rodrigo Madrazo, spoke during a debate where the potential for climate funding was analysed, along with Javier Manzanares, the executive director of the Green Climate Fund; Juan Casals, BBVA's director of Sustainable Finance; Íñigo Guevara, Indra's director of International Financial Institutions; and Jesús Martínez, Iberdrola's treasury director. 

In his speech, the managing director at COFIDES, Rodrigo Madrazo, stated that the company is implementing finance for climate change adaptation and mitigation projects that cover the value chain linked to this type of operations. "COFIDES can therefore finance equipment and components related to climate change mitigation and adaptation; as well as investment in energy efficiency projects and, lastly, the construction, management and maintenance of renewable assets", he explained. 

COFIDES: A SUSTAINABLE BUSINESS MODEL 

The managing director at COFIDES recalled that the company's 2019-2021 Strategic Plan deals with investment directed towards adapting to climate change (SDG 13) amongst its main objectives.

On the other hand, Rodrigo Madrazo emphasised that COFIDES has a sustainable company vocation. "Sustainability is at the centre of its activity; it is part of the company's culture and its business model". 

BBVA's director of Sustainable Finance, Juan Casals, added that "banks play an important role in financing the necessary investments in order to make the transition to an economy that is slow in carbon. We are responsible for the planet that we will leave behind for future generations and also the generations that we will leave behind for the planet. Our strong commitment is to accompany our clients, both individuals and companies, in this ambicious action against climate change".