The world of finance is constantly evolving. The concept of profitability is no longer limited exclusively to economic performance. It is a progressive process that, in some entities, began more than a decade ago and has not stopped. Sustainable investments determine that savers' money should be allocated to socially responsible projects and companies. These are charitable and sustainable initiatives, respectful of the environment, but also socially responsible. Beyond providing a financial return, this type of operation must contribute to the construction of a better future. A combination that is attracting more and more investors and that has the protection of legislation, still in progress, that plays in its favor. In short, a commitment to sustainability through a consistent vision of the management of financial resources.
In the heat of this growing and socially responsible movement, various actions are carried out that give visibility to the financial world's commitment to a sustainable future. One of these initiatives, which celebrates its fourth edition this year, is the BBVA Sustainable Future ISR Solidarity Call, which distributes aid among non-governmental organizations and foundations that carry out sustainable and inclusive projects.
La Vanguardia has brought together BBVA managers with representatives of the three Catalan entities whose projects have been recognized in the latest edition of the solidarity call: the Cesal Foundation, the Enriqueta Vilavecchia Foundation and the Pau Costa Foundation. The purpose is to discover the links that unite financial management with entities that lead initiatives that seek to improve the living conditions of vulnerable women, help children who have survived childhood cancer and reduce the risk of fires with responsible livestock management. . These are the objectives of the three Catalan projects recognized in the BBVA Sustainable Future ISR Solidarity Call.
The origin of this solidarity action by BBVA is the BBVA Future Sustainable ISR fund managed by this financial entity. David Vallmitjana, head of business at BBVA Asset Management in Catalonia, explains that “it is the largest solidarity and sustainable fund in Spain with assets that currently exceed 2,250 million euros and more than 80,000 participants”. An outstanding aspect in Vallmitjana's opinion is that “if we compare it with all the products in the same category, it has the most profitable return-risk binomial since we launched it”. One of its peculiarities, in addition to the fact that it is managed with socially responsible criteria, "is that it annually donates a percentage of the income it obtains from the management commission to charitable initiatives," he says.
A decisive aspect for the success of an initiative of these characteristics is that it obtains the support of investors, who, after all, are the ones who decide the vehicle in which they wish to place their savings in search of profitability. Elisabet Pascual, commercial director of Private Banking at BBVA in Vic, confirms that "in recent years we have seen that customers are increasingly aware of and more interested in sustainable investments". It is a trend that is becoming more and more decisive. In this sense, Pascual explains that "clients are becoming more interested in the bank's investment products every day, and they do so precisely because they have an extensive offer on the entire subject of sustainability."
Despite the progress and the favorable winds for this type of investment, BBVA experts agree that there is still a long way to go, including in the legislative aspect. All in all, Elisabet Pascual considers that the first step is to "explain well to investors what it is to invest with sustainable criteria and how by including extra-financial criteria in investment decisions these are more complete". For Vallmitjana, the advances in regulation are helping to speed up the process since "they lead us to place sustainability at the center of the financial dialogue with our clients".
The BBVA Sustainable Future ISR Solidarity Call shows, through the projects that obtain recognition, how the concept of sustainability has evolved in the financial environment. David Vallmitjana recalls that "historically we have associated sustainability with the environment". Over time, the finance expert assures that "the concept has been broadened towards socially responsible investment." This evolution means that the projects that are presented to the call are framed in three large groups: social insertion; dependency, elderly and health, and environment. “In the first three calls, 426 projects were evaluated and 51 were selected”, recalls Vallmitjana.
Pascual clarifies that this BBVA initiative "is designed so that any NGO or foundation, large or small, has the opportunity to be a beneficiary of one of the annual donations that are distributed." The call is made publicly and throughout the country. When selecting the winning entities, in a first phase the employees of BBVA AM, the bank's fund manager, and the bank's employees participate. Vallmitjana explains that "the employees of a region do not participate in the selection of the projects of that same area to make it totally objective". After this first selection, an internal committee in which professionals from the financial institution and experts from the social field participate studies each initiative presented and decides which ones will receive the aid. Throughout its history, these awards have distributed "3.2 million euros destined to support 74 solidarity projects throughout Spain", says Pascual.
The representatives of the three Catalan foundations that have been awarded in the last edition of these solidarity recognitions agree in pointing out that the money received has allowed them to consolidate and expand their initiatives. In addition to the boost that comes from seeing how their effort is valued and the social repercussion of being distinguished for what their proposal contributes to society.
"Homes for vulnerable women for a stable future" is the award-winning project of the Cesal Foundation, with 35,000 euros. Marta Seda, responsible for this initiative, explains that "the objective is to work to improve the housing and work situation of vulnerable women, most of whom have dependent children." This social program also incorporates young people under guardianship and without children, but in both cases all of them "have suffered mistreatment and do not have a job," she clarifies.
Another noteworthy aspect of the families that participate in this Cesal Foundation project is that "they suffer from mental health problems such as depression, anxiety and live in a situation of unwanted loneliness." The objective of those responsible for this solidarity initiative is "to provide a home in which women can live with their children and accompany them in their daily needs." Due to their circumstances, Seda affirms that "they have to deal with a multitude of administrative procedures and require specialized support." The person in charge highlights that "these women need continuous support to avoid setbacks in their integration process."
Survivors of childhood cancer with sometimes serious sequelae are the protagonists of the Enriqueta Vilavecchia Foundation's "You are not alone" initiative, which has also received a prize of 35,000 euros thanks to the BBVA Future Sustainable SRI fund. Anna Varderi, manager of this entity with more than 30 years of experience, explains that after surviving the disease "they need help to get back on their feet." This organization focuses its support program on educational leisure to overcome not only the physical consequences but also the emotional ones.
Varderi points out that "it is logical that when faced with a diagnosis of childhood cancer, the concern is to provide these children with the best health care." However, the person in charge of this foundation considers that "they also deserve to keep the rest of their rights intact, such as the right to play, to be educated or to be with their parents when they are in the hospital." The financial aid from BBVA "has allowed us to hire a professional who is in charge of coordinating the activities of the children and adolescents who participate in this project," says Varderi.
The third project awarded with 100,000 euros for being one of the three winners in all of Spain is linked to the environment: the prevention of forest fires. "Ramats de foc" is the initiative of the Pau Costa Foundation that proposes to fight against the llamas with directed grazing and that, in addition, includes in its initiative a quality seal for the meat from these herds.
Guillem Canaleta, responsible for the initiative that started in 2016, explains that the first step is based on the collaboration with the Bombers de la Generalitat de Catalunya, "which mark the strategic areas that will be key to controlling possible fires". With the defined areas, the ranchers come into play who must lead their herds to the assigned places and follow a series of criteria that also include the feeding of the animals. "Once a year, Acció Climàtica certifies that the process has been followed correctly and awards a quality seal that identifies the meat from these herds as participating in the initiative," says Canaleta.
The member of the Pau Costa Foundation points out that the money received for the recognition from BBVA “is allowing us to give the project a great boost”. With these resources, a farmer has joined the team and the program is being extended to Tarragona and Lleida, in addition to expanding the mapping of strategic areas and the network of butcher shops and restaurants that sell meat.
