Climate action is a driver of competitiveness, innovation, and internationalization for Spanish companies. This is one of the main conclusions of the report “Climate Action in Spanish Companies 2024”, produced by alinnea, a think tank hosted by IE University and supported by the European Climate Foundation (ECF). The study focuses on developing innovative solutions to climate change and involved 800 Spanish companies, including both large corporations and SMEs. The report reconfirms that climate change is a strategic priority for Spain’s business sector.
The report was presented at the climate-action forum “Driving Impact: Financial Pathways for a Clean Industrial Transformation,” held at IE Tower, IE University’s campus in Madrid. At the event, Manuel Muñiz, Provost of IE University, led a debate on competitiveness and Europe’s role in the climate transition, with contributions from leading business and institutional figures such as Nadia Calviño, President of the European Investment Bank, and Enrico Letta, former Prime Minister of Italy and Dean of the IE School of Politics, Economics and Global Affairs at IE University.
Throughout the day, senior leaders including Helena Viñes Fiestas (CNMV), Antoni Ballabriga (BBVA), Gonzalo Sáenz de Miera (Iberdrola), and Juan Carlos Delrieu (Bank of Spain), among other key representatives from the public, financial, and industrial sectors, shared their perspectives on how to unlock financial resources to accelerate the transition to a decarbonized economy.
Innovation and internationalization. At the report launch, Ana Sánchez, Director of alinnea, confirmed that climate action has a positive impact on innovation, encourages the adoption of clean technologies, improves production processes, and strengthens corporate image. 41% report advances in reputation and brand value; 43% report improvements in environmental impact; and 53.3% link climate initiatives to higher levels of innovation, digitalization, or automation.
There is also a notable link between sustainability and internationalization: companies operating in international markets (29.4%) confirm that sustainability supports their expansion processes. The study further notes that company size is the most decisive factor in the impact of climate action: large companies have greater capacity for investment, adaptation, and innovation, and report the most substantial economic and competitive benefits.
A strategic bet on the future. Alinnea’s experts find that 61.1% of surveyed companies see climate action as an opportunity to open new lines of business. In addition, 53.8% believe that the cost of not addressing climate risks is far higher than the cost of acting—confirming that sustainability is being managed as a forward-looking strategic commitment, not merely a legal or ethical imperative.
The report highlights that nearly 90% of companies already implement climate initiatives, prioritizing actions with a direct impact on cost reduction, such as energy efficiency (71.5%) and the circular economy (67.5%). In this regard, 59.9% consider that rising energy and raw-material prices are spurring the development of corporate climate action.
Jobs and talent. The report also examines the impact of climate action on employment. 40.6% of companies identify the need to strengthen training for their teams, and 23.8% confirm that they have added new profiles to their workforces to drive sustainability initiatives.
Impact on productivity. Alinnea’s study reveals that 40% of the Spanish companies analyzed perceive direct impacts on productivity and business development—a figure that rises to 83.3% among large companies. The agricultural sector stands out in particular: 75% have adopted climate-adaptation measures, and more than half (54.2%) are already experiencing the effects.
Long-term outlook. Surveyed companies confirm that their main motivations to act on climate change include ethical (72.2%), reputational (64.6%), and legal (64.1%) factors. Although less predominant, economic reasons are gaining ground: between 45% and 59% point to the relevance of climate action in terms of customers, risks, and opportunities.
Among the main barriers, 59.4% of companies believe that customers do not demand sustainable products or are unwilling to pay more for them. In addition, 53.9% report a lack of attractive financing, while 54.3% call for greater regulatory simplification. Likewise, 17% consider that they do not have sufficient data to assess climate change as a real or future problem.
Regulatory compliance. 88.8% of the companies participating in Alinnea’s report base their climate strategy on regulatory compliance, resulting in more reactive actions. 42% combine this approach with transformative strategies, such as the development of sustainable products (27.6%). Companies that adopt both approaches achieve better outcomes in innovation, internationalization, and competitiveness. The implementation of transformative strategies is especially high among large companies (85.7%), as well as in the industrial (58.2%) and agricultural (57%) sectors.
