Iberdrola, Santander and BBVA are the Spanish companies that weigh the most in the new S&P ‘net zero’ indices

Index maker S&P Global – parent of – has just launched a new series of climate-focused indices, called S&P Net Zero 2050 Carbon Budget.

This new family is headed by the global indicator S&P Global Net Zero 2050 Carbon Budget (2022 Vintage), which brings together companies from around the world, accompanied by four regional siblings: the S&P 500 Net Zero 2050 Carbon Budget, the S&P Europe Net Zero 2050 Carbon Budget, the S&P Emerging Net Zero 2050 Carbon Budget, and the S&P Developed Net Zero 2050 Carbon Budget.

If we look at the global, European and developed market indices, the 10 Spanish stocks that weight the most are not surprising, since they are large listed companies in the , in this order: , , , , , , , , and . Iberdrola weighs 0.105% in the global index, Santander 0.06% and BBVA 0.05%.

The members are selected based on their capitalization, together with their level of emissions, with the aim of adjusting to the Paris Agreement. This implies an initial reduction of 25% in the volumes of emissions, and an annual reduction of emissions close to 10%.

The S&P Global Net Zero 2050 Carbon Budget is made up of a gigantic sample of 11,460 companies, and the one that weights the most of all of them is , with 3.7%. Among the heavyweights are also Microsoft, Amazon and Tesla.

This world index is overwhelmingly American: it has 2,500 US companies weighing 59%. Next, Japan and China, in both cases with more than 1,500 companies and with a presence of 6.8% and 4%, respectively.

Of a total of 49 countries, Spain would occupy the 12th position for its presence in the selective, tied with Italy, Denmark and Brazil. This country has 69 companies that add up to 0.6%. It ranks behind the United Kingdom (with 322 companies weighing 3.9%), Canada (311 listed companies, 3.1% of the index) or France (162 companies, 2.4%).