In 2019, the Banco de España incorporated sustainable and responsible investment principles into its investment framework for the management of its non-monetary policy portfolios, and has agreed a common stance with the other Eurosystem national central banks on the application of such principles to their euro-denominated non-monetary policy portfolios, in line with the recommendations of the Network for Greening the Financial System (of which Banco de España has been a member since 2018), and which promotes climate risk transparency and understanding.
- Investment portfolio. Basic Principles:
- Sustainability and responsibility.
For this purpose, the Banco de España is building a special portfolio for sustainable and responsible investment (SRI), by directly investing in green bonds denominated in different currencies and participating in the green investment funds (denominated in euro and US dollars) managed by the Bank for International Settlements (BIS):
- SRI special portfolio:
- Direct investment: Green Bonds.
- indirect investment: BIS Funds.
Documents of interest
- Climate-related aspects of Banco España's non-monetary policy portfolios (1 MB)
- Fourth Green Finance Workshop – Green Friday - on “Climate and Sustainability Disclosure: Progress, Challenges & the Way Forward “ - Banco de España
- Third Green Finance Workshop on “The road to Net-Zero: Transition Plans & Forward-Looking Analysis” - Banco de España
- The Banco de España is to participate in the green bond fund launched by the BIS (156 KB)
- The Banco de España is to participate in the second BIS green bond investment fund (128 KB)
- Eurosystem agrees on common stance for climate change-related sustainable investments in non-monetary policy portfolios
- The Banco de España adopts the Eurosystem’s common stance for sustainable investment (41 KB)
- Address by Deputy Governor Margarita Delgado. Finanzas sostenibles. La visión de los bancos centrales. Fundación de Estudios Bursátiles y Financieros. (234 KB)
- 2nd Green Finance Workshop on the inclusion of climate risks by rating agencies / Banco de España
- Presentation by Juan Ayuso at the close of the VI Conference on Securities Services (in Spanish) (944 KB)
- NGFS recommendations to central banks
- A sustainable and responsible investment guide for central banks’ portfolio management (NGFS)
- Progress report on the implementation of sustainable and responsible investment practices in central banks’ portfolio management (NGFS)