FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL...
Transcript of FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL...
![Page 1: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/1.jpg)
FINANCIALACTIVITYFORGLOBALSUSTAINABILITY
Monday,9thofDecember,2019
Bookofabstractsandpresentations
Organizedby:
Withtheparticipationof:
Andthesupportfrom:
![Page 2: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/2.jpg)
2
E-printComplutense:
FinancialActivityForGlobalSustainability
Licencia Creative Commons: Reconocimiento – NoComercial – SinObraDerivada (by-nc-nd): No sepermiteunusocomercialdelaobraoriginalnilageneracióndeobrasderivadas.
Theimagesusedinthepresentationsarethesoleresponsibilityofthespeakers.Theopinionsexpressedinthisdocumentmaynotcoincidewiththoseoftheacademic
coordinatorsorwiththoseoftheorganizingentities.
![Page 3: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/3.jpg)
3
ContentsI. Presentation…………………..……………………..……………………………….4
II. Program.………………………………………...…….…………….…………………6
III. Take-aways….……………………..…………………………………….…………..7
IV. Materials..…………………………………….……………………..……………..10
![Page 4: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/4.jpg)
4
PresentationMaríaAmparoGrauRuiz,FullProfessorofFinancialandTaxLawattheComplutenseUniversity ofMadrid - Visiting Professor of Transnational Taxation at NorthwesternUniversity;PrincipalInvestigatorofCertificaRSEProjectandLeaderoftheWP2onELSEissuesH2020project INBOTS, organized the event FINANCIALACTIVITY FORGLOBALSUSTAINABILITYontheoccasionoftheChileCOP25thattookplaceinMadrid.Academicexpertsandrepresentativesfromseveralinstitutionshadtheopportunitytodiscuss the different lines of action to control emissions through the use of fiscalincentives and environmental taxes. The recent findings of the work carried out inmultiple research projects in cooperation with international organizations weredisseminated (such as the UN Subcommittee on Environmental Taxation). Somepossiblepartnershipsbetweenthepublicandtheprivatesector intheframeworkoftheirsharedsocialresponsibilitywerepointedout.Prof. Grau Ruiz was in charge of thewelcome and opening speech of this event,included in theoficial agenda,heldat the Forum for sectorial actionand innovationwithintheGreenZone.The First Panel on The shift towards SDGs in the public approach comprisedpresentations by Pilar Moreno Cabrera, Leader of Audit team, Spanish Court ofAuditors; and Belén García Carretero, Head of Research Studies, Institute of FiscalStudies,SpanishMinistryofFinance.TheSecondPanelfocusedonThesocialeconomyagents’boost.Theinvitedspeakerswere Isabel Peñalosa Esteban, Director of Institutional Relations and LegalDepartment, Spanish Association of Foundations, and Prof. Pilar Alguacil Marí, FullProfessor Financial and Tax Law, University of Valencia - UCM Cooperative StudiesSchool.TheThirdPanelpresentedSolutionsproposed throughacademic researchprojects.Marta Villar Ezcurra, Full Professor Financial andTax Law,University SanPablo-CEUandYolandaAmbrosio togetherwithCarmenAvilés,TechnicalUniversityofMadrid,referred to themwithin the framework of the Global Conference on EnvironmentalTaxationandtheCertificaRSEproject.Prof.GrauRuiz,whoinsistedontheneedtoalignboththeprivateandpublicfinancialactivity,lookingforsynergies,inaccordancewiththe2030Agenda,madetheclosingremarks. The costs of sustainability related actions should be divided in the mostintelligentandefficientmannerbymakinguseofalltheavailabletechnologicalmeans.
![Page 5: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/5.jpg)
5
Further information about these research projects can be found on the followingwebsites:https://www.ucm.es/proyecto-certificarse/http://inbots.eu/
The 2019UnitedNations ClimateChangeConferencewas the 25th in the series andwasheldinMadrid,Spain,from2to13DecemberunderthepresidencyoftheChileanGovernment. There was a high social expectation worldwide for it. Throughout theconference, theglobalsituationwasrecognizedasdifferenttopreviousscenarios; infact, it was labelled as a climate emergency instead of simply climate change.However,despitetheconcernsandtheinitialpublicexpressionsofstrongpoliticalwillby many States, there was no significative progress forward. The generaliseddisappointment with this outcome cannot lead us to disillusionment. Instead weshould look for the causes of failure and make an improvement in our strategy toaddress them. One of the obstacles to surmount, if not the main one -as weannounced, is how to finance sustainabledevelopment.Outof this concern, andaninvaluable inceptiveconversationwithProf.Villar,wasbornthisproposal inordertohaveourvoiceheard.WiththedesignofthiseventwetriedtodrivepublicattentiontotheAchilles’heelofthis global action. The current international financial and tax system was neitherconceivednormodelledwiththesustainabilityneedsinmind.Ithastobeadaptedifwe want to face this urgent problem. Some particular steps for promoting theintroductionofcarbon taxation,also indevelopingcountries,arebeing takenby theUNSubcommitteeonEnvironmentalTaxation.Thisshouldbeseenasthebeginningofa greater movement that will require more experts in public-private finance to beinvolved to change the paradigm for a better design of taxation and spending,consideringtheEnvironmental,SocialandGovernance(ESG)effects.Finally,IwanttothanktheSpanishMinistryofEcologicalTransitionforhavingtrustedus in the organization of this activity;my colleagueswho dilligently gave a positiveresponsetomyinvitationtoparticipateinit–irremediablyorganizedatashortnoticeduetotheCOP25circumstances,alltheprojectsthatsupportedit,andÁlvaroFalcónforhishelpwiththeeditionofthisEprintUCM.
Prof.MaríaAmparoGrauRuiz
![Page 6: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/6.jpg)
6
Program
17:15h.Welcomeandoverview
María Amparo Grau Ruiz. Tax Law Professor, Complutense University of Madrid -
VisitingProfessor,NorthwesternUniversity
17:20h.Keymessages
TheshifttowardsSDGsinthepublicapproach
PilarMorenoCabrera.LeaderofAuditteam,SpanishCourtofAuditors
BelénGarcíaCarretero.HeadofResearchStudies, InstituteofFiscalStudies,Spanish
MinistryofFinance
Thesocialeconomyagents’boost
Isabel Peñalosa Esteban. Director of Institutional Relations and Legal Dpt., Spanish
AssociationofFoundations
Pilar Alguacil Marí. Tax Law Professor, University of Valencia - UCM Cooperative
StudiesSchool
Solutionsproposedthroughacademicresearchprojects
MartaVillarEzcurra,TaxLawProfessor,UniversitySanPablo-CEU
Carmen Avilés, PhD Economics, School of Forest Engineering & Natural Resources,
TechnicalUniversityofMadrid
17:55hWrap-up
![Page 7: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/7.jpg)
7
Take-aways
![Page 8: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/8.jpg)
8
FINANCIALACTIVITYFORGLOBALSUSTAINABILITY
COP25,Foroacciónsectorialeinnovación
Madrid9thofDecember,2019
TAKE-AWAYS: RESPONSIBLE FINANCE AND TAXATION ARE CRUCIAL TO
SUSTAINABILITY
1. PublicfinancerelatedinstitutionsareconsideringSDGsintheiractivities.
Theyhavestartedtoimprovetheirfunctioningandoftenfacedifferentpolicyoptions
(e.g.CO2taxesand/orenvironmentaltaxincentives).
Thecontrolofthefinancialactivityforsustainabilityisamust.Thisrequiresadapting
rulesandinstitutionalbehaviourinlinewithvalues,visionandmission.
In Spain, a legal framework has been recently approved for a new sustainability
oriented audit approach, and the Court of Auditors is cooperating with other
internationalinstitutions.
(e.g.managementoftherightstoemitgaseshavingagreenhouseeffectin2017and
2018-SDG13).
The Institute of Fiscal Studies carries out research on green taxation. Maritime
transportationisanimportantsourceofgreenhousegasemissions,mainlycausedby
theuseof fossil fuels. It’snecessary tostimulate theuseofalternativeenergiesand
newtechnologicalmeasures(e.g.propulsionsystemsbasedonLiquefiedNaturalGas,
or shore-side electricity). The Marpol Convention opens the way towards a global
taxationconsensus.
2. However, social economy agents still experience some barriers in their tax
treatment. Fiscal incentives could compensate for their extra efforts, or encourage
theirpositiveexternalities.
![Page 9: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/9.jpg)
9
Agri-foodcooperativesareakeypartofenvironmentalandfoodsystemsustainability
(e.g.by-productsinthecirculareconomy).Theyfightagainstthetrendofmassexodus
to cities. They are starting to be multi-activity and establishing new organizational
formulas,losingtheirfavourabletaxtreatment.
Foundationsmobilizeprivateresourcesforthecommongood,caringusually forone
or more specific SDGs. The legal environment should enable, protect and facilitate
cross-borderphilanthropicengagementwithsustainability,becausepublic-privateco-
investmentisneeded.
3. Academic research projects help finding solutions, with interdisciplinary and
internationalteamsthatworktogetherthroughUniversitynetworks,associationsand
conferencestomovefromgoodtheoriestosoundactions(e.g.GlobalConferenceson
EnvironmentalTaxationlikehttp://gcet19.uspceu.es"http://gcet19.uspceu.es)Please,
usefurniture,woodconstruction,paper,biomass(heat)andanyforestproduct100%
renewable & sustainable, 100% certificated (e.g. https://www.ucm.es/proyecto-
certificarse/" https://www.ucm.es/proyecto-certificarse/) Tax benefits are useful for
bestforestmanagement.
Fairtaxsystemsshouldtakeintoaccounttherealimpactsonenvironment(robotics&
AI canassiste.g.http://inbots.eu). Tax tools, aswell asotherMBIs, shouldpromote
greenbehaviours.ThemorepresencetheUniversityhas,themoreprotectedsociety
willbe.
Policymakers should base their decisions on existing research work, also when
dealingwith the legal and financial issues, as they condition the feasibility of any
futuremeasure.
![Page 10: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/10.jpg)
10
Materials
![Page 11: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/11.jpg)
11
MARÍAAMPAROGRAURUIZFinancialandTaxLawProfessor,UCMVisiting Professor of Transnational Taxation, Northwestern University
![Page 12: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/12.jpg)
12
![Page 13: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/13.jpg)
13
PILARMORENOCABRERALeaderofAuditteam,SpanishCourtofAuditors
![Page 14: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/14.jpg)
14
![Page 15: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/15.jpg)
15
![Page 16: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/16.jpg)
16
![Page 17: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/17.jpg)
17
BELÉNGARCÍACARRETEROHeadofResearchStudies,InstituteofFiscalStudies,SpanishMinistryofFinance
![Page 18: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/18.jpg)
18
![Page 19: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/19.jpg)
19
![Page 20: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/20.jpg)
20
![Page 21: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/21.jpg)
21
ISABELPEÑALOSAESTEBANDirectorofInstitutionalRelationsandLegalDpt.,SpanishAssociationofFoundations
![Page 22: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/22.jpg)
22
MARÍAPILARALGUACILMARÍTaxLawProfessor,UniversityofValencia-UCMCooperativeStudiesSchool
![Page 23: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/23.jpg)
23
![Page 24: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/24.jpg)
24
![Page 25: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/25.jpg)
25
![Page 26: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/26.jpg)
26
![Page 27: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/27.jpg)
27
![Page 28: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/28.jpg)
28
MARTAVILLAREZCURRATaxLawProfessor,UniversitySanPablo-CEU
![Page 29: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/29.jpg)
29
![Page 30: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/30.jpg)
30
![Page 31: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/31.jpg)
31
YOLANDAAMBROSIOPhDForestEngineering
CARMENAVILÉSPhD Economics, School of Forest Engineering & Natural Resources, Technical
UniversityofMadrid
![Page 32: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/32.jpg)
32
![Page 33: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/33.jpg)
33
![Page 34: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/34.jpg)
34
![Page 35: FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25 EPrint.pdf · 2020-02-17 · 8 FINANCIAL ACTIVITY FOR GLOBAL SUSTAINABILITY COP25, Foro acción sectorial e innovación Madrid 9th](https://reader033.fdocuments.in/reader033/viewer/2022060500/5f1a29c25daf1c7c76159077/html5/thumbnails/35.jpg)
35