The enabling environment of Spain has room for improvements. Although having ambitious targets for decarbonisation, Spain fails to provide a clear transition pathway with a long-awaited Climate Change and Energy Transition that is still pending.
The 3fP-Tracker shows that public incentives for green finance are driven by regional and local entities. At the national level, only the Institute for Energy Diversification and Savings provides subsidies for wind and solar energy and SMEs with green projects. Spanish public institutions are also solid participants of the green bond market with public sector emitting green bonds since 2017. A green bond scheme is under reflexion in the ministry of Economy and the Spanish Treasury. However, Spain could benefit from climate-related disclosure and the integration of ESG criteria into the portfolio management of its public institution (Seguridad Social, Bank of Spain, etc.).