November 5, 2019 / 9:24 AM / 3 months ago

Holding climate change summit in Madrid a challenge but also an opportunity: Spanish minister

FILE PHOTO: Spanish Economy Minister Nadia Calvino takes questions at the annual meetings of the International Monetary Fund and World Bank in Washington, U.S., October 18, 2019. REUTERS/James Lawler Duggan

MADRID (Reuters) - The last-minute switch to hold the U.N. climate change talks in Madrid will offer a great challenge, but also an “amazing” opportunity to ensure sustainable finance is part of the agenda, Spain’s acting economy minister said on Tuesday.

The challenge posed by climate change will require both public and private investment, Nadia Calvino told a conference in Madrid. “We have assessed that the investment needed to tackle the ecological transition in Spain only amounts to around 235 billion euros from now until 2030.”

The talks, known formally as COP25, will be held Dec. 2-13, as originally planned, but in Madrid - more than 10,000 kilometers (6,000 miles) away from the Chilean capital of Santiago where they were initially meant to take place.

Reporting by Jesús Aguado, writing by Ashifa Kassam; editing by Emma Pinedo

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