José Manuel Entrecanales, Chairman of ACCIONA, is one of global business leaders who have issued a joint Communiquéopens in a new tab urging the G20 governments to adopt standards requiring companies to release detailed financial disclosures of the opportunities and risks associated with the climate and climate change.

The signatories, whose companies represent 700 billion dollars in revenues, are members of CEO Climate Leaders, convened by the World Economic Forum; they are calling specifically on the leaders of the G20 to adopt the recommendations of the industry-led Task Force on Climate-related Financial Disclosureopens in a new tab (TCFD), convened by the Financial Stability Board (FSB).

The Communiqué emphasises that greater transparency by companies with respect to the opportunities and risks arising from the climate and climate change is crucial to support investment decisions and sustain an orderly transition to a low-carbon economy. The CEOs see implementation of the recommendations as an important step towards delivering the commitments of the Paris Agreement and keeping global warming to well below 2°C.

Also, as a member of the Corporate Leaders Groupopens in a new tab, ACCIONA participated in drafting the reported entitled '21st century energy: Business reflections on renewables in Europeopens in a new tab, which recommends that the European Union implements more ambitious and binding targets in the new Renewable Energy Directive, due to be adopted this year. Currently, the European Commission is proposing a non-binding, EU-level target of 27% renewable energy by 2030. The majority of companies interviewed for the report think the EU should raise the 2030 target.

Interviewees also called for better arrangements for an EU-wide energy market, and policy credibility and consistency to enable long-term decision-making.