Session moderated by Carmina Ganyet, board member of the Cercle d’Economia
Jim Skea, Chair of the United Nations IPCC
Helena Viñes, Chair of the EU Platform on Sustainable Finance and CNMV board member
Nemesio Fernández-Cuesta, former Secretary of State for Energy (1996-1999) and co-chair of Alantra’s Energy Transition Group
Jim Skea, Chair of the United Nations IPCC, began his speech by highlighting the urgency of the climate issue: “the world we have is not well adapted to the type of climate we are immersed in.” To limit global temperature rise to 1.5 °C, he asserted, net carbon dioxide emissions must be reduced to zero by 2050. He explained the importance of exploring opportunities offered by renewable energies, as they are competitive compared to fossil fuels in many countries. Wind and solar energy could reduce global greenhouse gas emissions by between 5% and 10%.
After Jim Skea’s intervention, Carmina Ganyet, board member of the Cercle d’Economia, opened the round table by acknowledging the magnitude of the climate situation, while also expressing doubts about how companies can reconcile current needs with maintaining their competitiveness.
Jim Skea praised the awareness-raising and dissemination work done by the IPCC, while stressing the need to work more with policymakers to accelerate the process. He explained that at the next United Nations Climate Change Conference, to be held in Basel, there will be more emphasis on encouraging groups of countries to act more quickly and ambitiously, since “it is very difficult to achieve consensus in organizations where there are 195 countries trying to defend their interests.”
In his speech, Nemesio Fernández-Cuesta explained that the key to reducing emissions without compromising business competitiveness is a decarbonized electricity system based on renewables such as photovoltaic and wind energy. Furthermore, Fernández-Cuesta emphasized that once this decarbonized system is achieved, the economy would need to be electrified by investing heavily in grids and storage, while maintaining nuclear power. Regarding the automotive sector, he criticized that Europe regulates first without implementing clear strategies that involve the industries beforehand.
Helena Viñes spoke about sustainable finance, highlighting that the real problem is time, as with more time, more policies could have been implemented more gradually. She explained that Europe has a competitive advantage because its markets have positioned themselves as leaders in this field and serve as a model for other regions and territories worldwide. Nevertheless, she expressed the need to boost investment through greater market integration, facilitating capital access, and establishing appropriate incentives in Europe.
European objectives and priorities
Finally, Carmina Ganyet asked the panelists about Europe’s immediate priorities to address the situation and the technological feasibility of implementing some of the proposals discussed during the session.
Nemesio Fernández-Cuesta pointed out the importance of massive reforestation as one of the most efficient and economical ways to reduce CO₂, which would also become a biomass source with potential industrial uses. He emphasized that technology will solve the problem, but more investments are needed and they must prove profitable.
Helena Viñes highlighted that financial resources for the energy transition exist but need to be properly channeled. She explained that a cultural shift is needed in Europe, prioritizing investments in capital markets rather than, for example, the real estate sector.
Finally, Jim Skea insisted that the key is to reduce fossil fuel use and promote renewable energy. He also defended the need to invest in long-term technologies, such as carbon capture and storage, noting that they have already been tested elsewhere but require suitable business models and political frameworks to be applied.
