To address climate change-related matters the Banco de España has opted for a decentralised form of organisation, but with effective coordination mechanisms.
High Level Coordination Group (GCAN)
The High Level Coordination Group (Grupo de Coordinación de Alto Nivel, GCAN by its Spanish acronym) was created on 17 May 2021. Its goal is to develop our strategy on climate change issues, to facilitate coordination between the different areas involved and avoid duplication of tasks. The Group comprises representatives of the different Directorates General and is coordinated by the Directorate General Financial Stability, Regulation and Resolution.
The GCAN is organised around three working groups:
- Committees Working Group (Grupo de trabajo de Comités, GTC), which is responsible for the Banco de España’s position in national and international fora and is coordinated by the Regulation Department.
- Analysis Working Group (Grupo de Trabajo de Análisis, GTA), which fosters analysis and research on the economic, financial and regulatory implications of climate change and is coordinated by the Economic Developments Department.
- Environmental Management Working Group (Grupo de Trabajo de Gestión Medioambiental, GTGM), which promotes and coordinates corporate sustainability and is coordinated by the Directorate General Services.