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Spanish Public Companies Prioritize The ESG Agenda

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State-owned companies in Spain are emphasizing employee health and carbon reduction in their sustainable business strategies. Examples include the Tragsa and Giahsa groups. In addition to carrying out R&D&I projects for the adoption and application of new technologies with the goal of preserving and enhancing the safety and health of its employees, Tragsa is a company that specializes in works and services in the rural environment and nature conservation. Additionally, SOEs strategically contribute to the shift to a more sustainable economic system. Promoting the health and wellbeing of their staff is a key component of state-owned firms’ ESG (environmental, social, and governance) agendas as they work toward achieving climate neutrality and other Sustainable Development Goals (SDGs).

The Sustainability and CSR in Public Companies Action Group, which is comprised of 31 entities and is led by Forética, has produced a report titled Climate and Well-Being: In the Focus of the ESG Agenda of Spanish Public Companies. It details some of the initiatives that group members are working on to further these objectives. Adif, Aena, Cesce, Emasesa, Enaire, Enresa, Enusa, Tragsa, Icex, Ineco, Metro de Madrid, Navantia, Paradores, Renfe, RTVE, and Senasa are only a few of the organizations that are a part of the Action Group, which is led by ICO and Informa D&B.

Companies have recently had to deal with the danger posed by their stakeholders’ poor management of their health and well-being. Given that people spend 30% of their lives at work, the business sector has made a commitment to developing a well-being culture that focuses not only on the physical realm but also on financial, social, and emotional well-being.

Companies must address the five elements of health and well-being identified by the World Business Council for Sustainable Development (Wbcsd): occupational (health and safety), physical, mental, social, and financial. 81 percent of the public companies in the Action Group have a specific strategy or program to look out for the health and wellbeing of their teams; 89 percent implement measures for work flexibility and conciliation; 85% encourage actions for a healthy lifestyle and habits; 44 percent ensure digital disconnection; and 26 percent provide them with psychological and emotional support.

Examples include the Tragsa and Giahsa groups. In addition to carrying out R&D&I projects for the adoption and application of new technologies with the goal of preserving and enhancing the safety and health of its employees, Tragsa is a company that specializes in works and services in the rural environment and nature conservation. Like the Humif Project, which uses measures to examine and determine the potential exposure to chemical contaminants for those attempting to put out forest fires. The Mancomunidad de Servicios de la Provincia de Huelva Plenary has entrusted the service management firm Giahsa with developing a strategic plan to enhance hydraulic infrastructures and municipal investment plans, articulating a mechanism to invest in those infrastructures affected by the provision of the integral water cycle in 36 municipalities.

Following the Climate Change and Energy Transition Law, public firms must advance in their decarbonization efforts in addition to occupational health in order to achieve their zero emissions goal. According to this, Spain must attain climate neutrality by 2050 in order to uphold its international obligations, and the electrical system can only be powered by renewable resources.

79% of the Action Group enterprises already have a climate action strategy that includes decarbonization initiatives including energy efficiency improvements, electrification, and the use of renewable energy sources. For 67% of them, teamwork and working with the supply chain to achieve zero emissions are equally important, and for 71%, contributing to the 2030 Agenda for Sustainable Development and reducing exposure to environmental risks are the main drivers for attaining climate neutrality.

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Public corporations participate in initiatives as well. With the debut of thirteen sustainable bond issues totaling €6.55 billion, ICO, for instance, has established itself as a benchmark issuer. Nine of these concerns are social, and four of them are green bonds that have supported 30 Spanish groups’ projects for renewable energy and clean transportation. The first public Covid Social Bond issue was released by ICO in 2020, and recent issues have included funding for, among other things, social housing or hospital construction projects. The Navantia Ecosystem initiative was created by Navantia and is focused on emissions offsetting. In order to do this, it has a forestry project for the absorption of carbon dioxide with the City Council of San Fernando (Cadiz). It is also preparing for blue carbon sequestration plans, which aim to offset emissions via initiatives that assist the conservation of marine and coastal habitats.

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