Sustainable finance Action Plan for the Spanish national promotional bank - Instituto de Crédito Oficial (ICO)

The Commission supported the Spanish national promotional bank - ICO - in the design of a Strategic Action Plan for direct financing of more sustainable (green and social) activities and projects.

Context

The Spanish government has made the fight against climate change one of its core priorities. ICO will play a key role in helping Spain to achieve its climate and energy objectives.

In order for ICO to fulfill this role, it will need to adapt its business model along the best standards and practices and in full compliance with European and international regulations..

Support delivered

The Commission provided support in the form of technical advisory services by a consulting company with substantial experience in sustainable financing.

The support measures consisted of:

• Benchmarking against best practices of other public and private banks;
• Identification of new economic sectors to finance activities to reach green and social objectives;
• Identification of organisational adjustments;
• Developing recommendations and a Strategic Action Plan.

Results achieved

The support from the Commission provided an analysis of internal needs and initiated organisational change at ICO. The Strategic Action Plan contributed to ICO’s decision making to redirect its activities to new economic sectors with the use of new financial instruments.

As a result, ICO initiated several internal initiatives in line with the recommendations in the Strategic Action Plan.