Margarita Delgado: Closing remarks - 7th ICO Sustainable Bond Forum

Closing remarks by Ms Margarita Delgado, Deputy Governor of the Bank of Spain, at the 7th ICO Sustainable Bond Forum, Madrid, 8 June 2023.

The views expressed in this speech are those of the speaker and not the view of the BIS.

First of all, thank you for the invitation to participate in this 7th ICO Sustainable Bond Market conference. I am sure that the various panels have addressed recent developments in social and green bonds and the latest innovative approaches in sustainable finance.

It would be interesting to take a look at the conclusions of the first edition of this conference to see just how much progress has been made in this market; huge strides for sure. For example, through the development of new instruments to mobilise the financial resources needed to achieve a net-zero economy and the goals set by the Paris Agreement. However, I am convinced we would also find that some of the challenges are still with us today, probably including the ones I am going mention in this address.

Recent evolution of sustainable bond markets

Developments in sustainable finance markets have been very significant. In recent years we have seen a surge in new bonds and instruments.