BBVA CEO Onur Genç emphasized the need for “massive” capital investments to support the decarbonization process, stressing that Europe requires large banks to finance clean technologies, or “cleantech,” on a larger scale. Speaking at the ‘Ágora Cleantech’ event in Madrid, Genç highlighted the importance of collaboration between the banking sector, the Spanish government, and the European Commission to foster a supportive environment for cleantech growth.
“At BBVA, we are ready to work closely with both the Spanish government and the European Commission to help create a favorable climate and drive the financial viability of cleantech on a large scale,” Genç said, addressing over 100 representatives from industry, government, and innovation sectors.
Genç acknowledged that while banking isn’t the primary player in the energy transition, it plays a crucial role as a financial intermediary. Banks, he noted, are instrumental in bridging the investment gap and channeling funds into clean infrastructure and technologies. “Our role at BBVA goes beyond just financing; we also offer strategic advisory services to businesses and investors,” he added.
The BBVA CEO also called for streamlined permitting processes, particularly for renewable energy projects and technologies like biofuels, energy storage, hydrogen, and carbon capture, utilization, and storage (CCUS). He stressed the need for more effective public financing mechanisms to reduce risks, particularly during the initial stages and scaling of these technologies.
European Commission’s Clean Industrial Deal: A Critical Step
Genç expressed strong support for the European Commission’s Clean Industrial Deal, calling it a vital step in bridging Europe’s innovation gap. “As Mario Draghi pointed out, this deal is key to turning decarbonization into a competitive advantage for Europe,” he said. He added, “We have the opportunity to transform the global challenges we face into a significant opportunity for a stronger, more competitive Europe.”
Ralph Schmitt-Nilson from the European Commission also participated in the event, presenting the Clean Industrial Deal. He described it as a collective commitment to enhancing both the competitiveness and decarbonization of European industries. Schmitt-Nilson underscored Spain’s pivotal role in this ecosystem due to its competitive renewable energy generation.
Key Voices on Cleantech and the Future of Industry
Alberto Toril, Cleantech advisor for Iberia, also highlighted the Clean Industrial Deal as a solution to current challenges, praising BBVA for its long-term vision and ability to connect technological innovation with the financial system. He stressed that re-industrializing with clean technologies is critical for meeting decarbonization goals.
The event included four thematic sessions focused on key challenges and opportunities in cleantech. The first, moderated by BBVA’s Karla Ceño, discussed the hurdles in achieving a zero-emission electrical system. Panelists from the National Association of Energy Services Companies (ANESE), Malta, Inc., and Baringa Partners emphasized the need for large-scale energy storage solutions.
The second session, on “Green hydrogen to achieve strategic autonomy in Europe,” examined the role of green hydrogen in reducing Europe’s energy dependency. Experts from Enagás and DH2 discussed hydrogen’s potential for decarbonizing hard-to-electrify sectors like heavy industry and long-distance transportation.
The third roundtable, moderated by Avelina Frías of BBVA, focused on the circular economy, discussing how to turn waste into valuable resources through redesigned production processes. Experts from COTEC, Circular Resources, and Veolia Iberia shared insights on advancing circularity.
Finally, the fourth session, “CO2 Capture: A Reality and Great Opportunity,” explored strategies for scaling clean technologies and creating profitable business models. Panelists from Repsol, Track, and Cementos Molins discussed how to make CO2 capture a viable business opportunity.
The event concluded with a strong consensus on the importance of collaboration across sectors to drive the future of cleantech and decarbonization in Europe.
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