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Miguel Maya states that companies will have to do their homework to comply with ESG criteria if they do not want to be excluded from financial sector financing to support the energy transition.
Miguel Maya, CEO of BCP, warns that there are sectors that, if they are not prepared to respond to the challenge of ESG (environmental, social and governance) and to make the energy transition, risk being excluded from bank financing, ensuring that the sector is prepared to support companies in this process.
“There are some sectors and above all many companies that, if they don’t do their homework, will be excluded” from bank financing, said the banker at the Banca 2024 Forum, organized by Jornal Económico and PwC, this Thursday, in Lisbon, in a panel that also included the CEO of CGD, Paulo Macedo, the CEO of Novobanco, Mark Bourke, and the CEO of Banco Montepio, Pedro Leitão.
“In banking, what we will be available to support is the transition”, highlighted Miguel Maya, stating that companies must be prepared to demonstrate that they are on this path.
For the executive president of BCP, the challenges posed by ESG criteria represent a “huge opportunity” for banking to play a relevant role in society, helping companies in this transition process.
The financial sector “has gone through a difficult period, having been recovering its reputation”, today creating “value for society”, he said, adding that, “in this ESG challenge, which will have implications for the future of society”, the bank “has a huge opportunity here that it must take advantage of”.
Miguel Maya, however, leaves some criticism for considering that “solutions that seem to serve everyone” are being created. According to the BCP CEO, each country has a specific situation. “Portugal’s situation is clearly different from some countries in central Europe”, he said, noting that there needs to be a focus on protecting seismic risks.
On the other hand, “there is no criterion that is absolutely correct for requiring information from companies”, with “the onus being placed on banks”. This creates a “burden”, he warns, particularly for small companies that have to report to the various banks with which they work.
The banker also stressed that “another risk of just placing the burden on the financial system is that if this is not done well and if the cornerstone is just the sector, there will be a deviation towards the shadow banking“.
Asked about the new government, Miguel Maya stated that “we have an obligation to be optimistic”, dispelling any fears about the March 10 elections. “Banks must be prepared to work with any government,” he said, highlighting that it is “essential for the future” to maintain a focus on public accounts and the sustainability of public debt.
“What I hope from the next government is that it understands the importance of technology to boost Portugal” and to create “competitive companies with size and that pay good salaries”, because “this is the way to retain people” in the country, he concluded.
