對話西班牙對外銀行全球可持續發展負責人：可持續金融是未來十年金融業最大的商業機遇

專題：對話ESG全球領導者

　　新浪財經ESG評級中心提供包括資訊、報告、培訓、諮詢等在內的14項ESG服務，助力上市公司傳播ESG理念，提升ESG可持續發展表現。點擊查看【 ESG評級中心服務手冊】

　　文 | 新浪財經李欣然、劉浩（實習）

　　在全球經濟加速向低碳、可持續轉型的背景下，可持續發展正成為金融行業的核心議題之一。然而，市場對可持續相關投資的看法不一，金融機構如何在追求財務回報的同時實現長期可持續發展目標？面對氣候變化所帶來的長期挑戰，金融機構與企業又該如何從可持續商業模式中找出破解之道？新浪財經近日對話西班牙對外銀行（Banco Bilbao Vizcaya Argentaria, S.A.，以下簡稱BBVA）全球可持續發展及企業與投資銀行主管Javier Rodríguez Soler先生，深入探討了可持續金融領域的全球發展趨勢、市場機遇與挑戰，以及西班牙與中國之間在可持續金融方面的合作潛力。

　　Soler先生指出，可持續性是金融行業這十年最大的商業機遇，西班牙市場數據顯示，可持續投資組合盈利能力更強，這既因未降低利潤率、可持續產品本身盈利更高，也得益於通過數字工具提供定製化可持續諮詢服務帶來的市場份額提升。對於行業中出現的氣候行動抵制情緒，Soler先生認為這是暫時波動，並強調清潔能源、電動汽車等可持續技術具經濟合理性且發展勢不可擋。此外，索勒先生還表示，銀行作為金融中介在支持節能減排中起到關鍵作用。展望未來，Soler先生堅信可持續金融的規模將持續穩步擴大。他還特別指出，鑑於中國在可再生能源和電動汽車領域處於全球領先地位，而西班牙在可再生能源技術及汽車產業也具有顯著優勢，雙方在這一領域擁有廣闊的合作前景。

　　以下為對話實錄：

　　Q:我們獲悉，BBVA計劃在2025至2029年間向可持續業務投入7000億歐元。此番金額相較於2018至2025期間的原有目標（3000億歐元）翻了一倍多，而這一目標已於2024年12月提前一年達成。BBVA為何如此重視可持續性？

　　A:可持續性是BBVA的關鍵戰略，我們將能源轉型視為公司前行與發展的機遇。正因如此，我們為客户給予支持，提供融資和諮詢服務，目的在於助力經濟脱碳的同時創造新的商業機遇。氣候、自然資本以及社會機遇是我們戰略的三大支柱，支撐着我們把握當下，構建更加光明的未來。我們為此設定了新目標：到 2029 年調動 7000 億歐元投向可持續業務領域。

　　對我們而言，可持續金融是金融行業這十年來最大的商業機遇。企業對調整生產模式、提高能效的需求日益增長，加之對可持續基礎設施的鉅額投資，都印證了這一點。

　　Q:近年來，市場對可持續發展相關投資存在不同看法。一些人認為，此類投資可能會短期犧牲部分財務回報以實現長期可持續性；另一些人則認為，環境、社會及治理（ESG）表現良好的企業實際上能帶來更優的投資回報。在您看來，將環境和社會因素納入投資決策會對回報產生何種影響？在決策環節BBVA如何兼顧短期財務回報與長期可持續發展目標？

　　A:對BBVA而言，可持續性是盈利增長的驅動力，因此衡量回報至關重要，這能確保我們朝着正確的方向前進。我們主要通過兩種方式進行衡量：一方面，我們關注可持續融資的盈利能力。例如，在西班牙市場，我們對比分析了可持續投資組合與其他投資組合的盈利情況，綜合結果顯示，可持續投資組合的盈利能力更強。

　　這主要源於兩個因素：第一，除特定活動外（就像所有其他商業活動一樣），我們不會爲了開展可持續發展相關業務而降低利潤率；第二，我們提供的可持續類產品本身具有更高的盈利能力。換句話説，這得益於產品組合的優化。

　　此外，我們正投資開發數字工具，就可持續解決方案（如太陽能板或電動汽車）為客户提供定製化諮詢服務，這使我們的市場份額顯著提升。

　　Q:目前一些國家和地區似乎出現了一股對氣候行動的「抵制情緒」，部分企業和金融機構因經濟壓力等因素，對氣候行動的熱情有所減退。您如何看待這一現象？您認為這種趨勢是暫時的波動，還是反映了更深層次的問題？相反，我們瞭解到BBVA在2025年4月與合作伙伴簽署了一份諒解備忘錄（MOU），以推動與能源轉型和經濟脱碳相關的倡議及項目。是什麼推動着BBVA對脱碳投資的堅定承諾？

　　A :儘管存在政治變動和短暫的流行趨勢，但可持續技術——如清潔能源發電、電動汽車和能效提升——具有明確的經濟合理性。因此，這些技術正被市場日益廣泛地採用，其發展不僅可行，而且勢不可擋。

　　當下，我們所有人都需要加倍努力支持清潔能源，應對氣候變化和不平等問題。在 BBVA，我們堅信銀行部門作為金融中介機構，在支持社會邁向減排之路中發揮着重要作用。銀行部門藉助自身業務活動，通過將資金引導至實體經濟、鼓勵創造就業機會、應對數字化及可持續發展等重大挑戰以促進經濟的發展和社會福祉的提升。

　　正如我之前所言，我們把可持續性視作一個不可阻擋的機遇。儘管全球環境充滿分裂和不確定性，但在BBVA，我們堅信可持續發展在經濟和戰略層面的重要性正日益提升。可持續轉型需要在三個關鍵領域進行大規模投資：脱碳（為實現《巴黎協定》目標，預計每年需投入全球GDP的5%至10%）、自然資本保護（未來十年需27萬億美元）以及社會發展。銀行可通過融資、提供諮詢以及加速各行業轉型的方式，在其中發揮重要作用。就我們而言，我們已將 2025至2029年間的可持續業務調動目標從3000億歐元提高到7000億歐元，承諾力度增加了一倍多。

　　在BBVA，我們遵循一套統一、連貫的可持續性政策，涵蓋從氣候變化、生物多樣性到水資源、循環經濟和社會問題的各個方面。當然，這一統一政策會根據我們運營所在的每個國家的具體實際情況和發展節奏進行調整，包括墨西哥、土耳其、哥倫比亞、祕魯、阿根廷、西班牙、美國、英國和亞洲地區。

　　最后，正如你在問題中提到的，2025年4月8日，福建省政府舉辦了一場推介活動，在活動上我們與寧德時代（CATL）與簽署了諒解備忘錄，旨在通過戰略合作構建兩家公司之間的業務關係。

　　Q:鑑於全球經濟的不確定性以及氣候變化帶來的長期挑戰，您認為可持續金融未來的發展前景如何？您認為西班牙與中國在這一領域是否存在未來合作的潛力？

　　A:正如我在之前的回答中所提到的，可持續發展具有經濟合理性，因此其規模將持續擴大。在這一背景下，中國在可再生能源的全球領導地位中發揮着重要作用——不僅在可再生能源的開發方面，還在可再生能源零部件的生產領域。中國在電動汽車市場同樣處於領先地位，向其他市場的拓展已成為現實。從這個角度而言，中國與西班牙之間的合作至關重要。西班牙是可再生能源技術開發領域的領先國家之一，也是歐洲最大的汽車生產國之一，擁有高度發達的汽車零部件產業和專業的勞動力隊伍。

　　以下為英文對話原文：

　　Q: We learned that BBVA plans to channel €700 billion into sustainable business between 2025 and 2029. This is more than double the previous target of €300 billion set for the 2018–2025 period, which it achieved in December 2024, a year ahead of schedule. Why does BBVA prioritize sustainability?

　　A: Sustainability is a key strategic priority for BBVA. We view the energy transition as an opportunity to move forward and grow. For this reason, we support our clients and offer financing and advisory services with the aim of contributing to the decarbonization of the economy while generating new business opportunities. Climate, natural capital and social opportunities are the three pillars underpinning our strategy to build a brighter future starting today, with a new target to mobilize €700 billion in sustainable business by 2029.

　　For us, sustainability is the greatest business opportunity for the financial industry this decade. Growing demand from companies seeking to adapt their production models and enhance energy efficiency, along with the major investments in sustainable infrastructure support this claim.

　　Q: In recent years, the market has seen differing views on sustainability-related investments. Some argue that such investments may sacrifice certain financial returns in the short term to achieve long-term sustainability, while others believe that companies with strong ESG performance can actually deliver better investment returns. In your view, what impact does incorporating environmental and social considerations into investments have on returns? How does BBVA balance short-term financial returns with long-term sustainable development goals in its decision making?

　　A: For BBVA, sustainability is a driver of profitable growth, so measuring the returns is critical to ensure we are moving in the right direction. We measure this in two main ways. On the one hand, we look at the profitability of sustainable financing. For example, in Spain we analyze the profitability of the sustainable portfolio compared to the rest of the portfolio. The aggregate results show that sustainability is more profitable.

　　This is primarily due to two factors. First, with the exception of specific campaigns (just like in all other businesses), we do not channel sustainability by reducing margins. Second, the type of products we offer as sustainable have a higher profitability. In other words, it is because of the product mix.

　　In addition, we are investing in digital tools to provide customized advice on sustainable solutions (e.g. solar panels or electric vehicles), which is enabling us to increase our market share considerably.

　　Q: There appears to be a "backlash" against climate action, with some companies and financial institutions showing waning enthusiasm for climate action due to economic pressures and other factors. What is your take on this phenomenon? Do you think this trend is a temporary fluctuation or reflects deeper issues? On the contrary, we learned that BBVA signed a Memorandum of Understanding (MOU) with a partner in April 2025 to promote initiatives and projects related to the energy transition and the decarbonization of the economy. What is driving BBVA’s commitment to investments in decarbonization?

　　A: Despite political shifts and passing trends, sustainable technologies—such as clean power generation, electric vehicles, and energy efficiency—make clear economic sense. As a result, they are increasingly being adopted by the market, making their growth not only viable, but unstoppable.

　　The current moment demands that we all redouble our efforts to support clean energy and fight against climate change and inequality. At BBVA, we believe in the critical role of the banking sector as an intermediary to support society on its path toward reducing carbon emissions. Through its activity, banking fosters economic development and social well-being by channeling financing to the real economy, encouraging job creation, and addressing major challenges, such as digitization and sustainability.

　　As I said before, we view sustainability as an unstoppable opportunity. Although the global context is marked by fragmentation and uncertainty, at BBVA, we are convinced that sustainability continues to gain economic and strategic relevance. The sustainable transition requires massive investments in three key areas: decarbonization (estimated at 5% to 10% of global GDP annually to meet the Paris Agreement targets), protection of natural capital ($27 trillion needed over the next decade), and social development. Banks have an essential role to play—not only by financing, but also by advising and accelerating this transformation across all sectors. In our case, we have strengthened our commitment by more than doubling our sustainable business mobilization target from €300 billion to €700 billion for the 2025–2029 period.

　　At BBVA, we follow a single, coherent sustainability policy that covers all aspects—from climate change and biodiversity, to water, the circular economy, and social issues. Of course, this unified policy is adapted to the specific realities and paces of each country where we operate, including Mexico, Türkiye, Colombia, Peru, Argentina, Spain, the United States, the United Kingdom, and Asia.

　　And finally, as you noted in your question, on April 8, 2025, the Fujian Province government held a promotional event where CATL and BBVA SA signed an MOU to build the banking relationship between the two companies through strategic cooperation.

　　Q: Given the uncertainties of the global economy and the long-term challenge of climate change, what do you think the future development of sustainable finance will be? Do you see potential for future cooperation between Spain and China in this area?

　　A: As I said in the previous answer, sustainability makes economic sense and will therefore continue to grow. In this scenario, China plays a major role in global leadership of renewable energies–not only in their development, but also in the production of renewable energy parts. China is also leading the electric vehicle market and their expansion to other markets is already a reality. In this sense, collaboration between China and Spain is fundamental. Spain is one of the leading countries in the development of renewable technologies and also one of the largest car producers in Europe, with a highly developed auto parts industry and a specialized workforce.

　　新浪財經ESG評級中心簡介

　　新浪財經ESG評級中心是業內首箇中文ESG專業資訊和評級聚合平臺，致力於宣傳和推廣可持續發展，責任投資，與ESG（環境、社會和公司治理）價值理念，傳播ESG的企業實踐行動和榜樣力量，推動中國ESG事業的發展，促進中國ESG評估標準的建立和企業評級的提升。

　　依託ESG評級中心，新浪財經發布多隻ESG創新指數，為關注企業ESG表現的投資者提供更多選擇。同時，新浪財經成立中國ESG領導者組織論壇，攜手中國ESG領導企業和合作夥伴，通過環境、社會和公司治理理念，推動建立適合中國時代特徵的ESG評價標準體系，促進中國資產管理行業ESG投資發展。

責任編輯：李欣然