The Spanish Sustainable Investment and Finance Forum (Spainsif) has published its Annual Market Study, corresponding to the end of the 2025 financial year and projected towards 2026, offering a detailed overview of the evolution of sustainable finance in Spain.
This year's report analyses a total of 50 responses from asset management companies and entities owning national and international assets, managing to monitor 77.33% of the national reference assets, which amounts to 471.485 billion euros.
ESG investment now accounts for 44% of the total
According to data provided by national entities, the assets managed in Spain applying some environmental, social, and governance (ESG) criteria stood at 271.470 billion euros. This figure represents a year-on-year increase of 13.95% compared to the previous year, placing the weight of sustainable investment at 44.53% of the total national reference market.
When delving into the quality and breakdown of investment strategies under the harmonised methodology of Eurosif, it is observed that the category of basic ESG continues to concentrate the majority of the assets, with 250.685 billion euros (92.34% of the total). However, the most notable variation of the period is recorded in advanced ESG investments, which experienced a spectacular increase of 92.70%, reaching 4.964 billion euros (1.83% of the total). Meanwhile, impact-generating investments totalled 12.789 billion euros (4.71%), while those aligned with impact stood at 3.031 billion euros (1.12%).
Less weapons and more renewables
The study details that exclusion strategies continue to rely on a solid and widely shared core: weapons of mass destruction, cluster bombs, and landmines are avoided by 86% of entities, closely followed by criteria on human rights (72%) and tobacco (66%). Regarding positive screening, environmental themes lead market preferences, highlighting renewable energies (62%), energy efficiency systems (56%), and waste management alongside the circular economy (52%).
In the realm of the Sustainable Development Goals (SDGs), the report highlights that SDG 13 (Climate Action) continues to be the most prioritised by entities in asset selection, with 66% mentions. Closely following are SDG 3 (Good Health and Well-being), SDG 5 (Gender Equality), and SDG 7 (Affordable and Clean Energy), all supported by 56%.
The rise of transition assets
The 2026 edition pays special attention to investment focused on the transition to a decarbonised economy. Half of the surveyed entities report having exposure to transition assets, quantifying a combined volume of almost 5.882 billion euros. Although the energy and renewables sector concentrates the largest focus (71%), the lack of a fully standardised category generates some caution. However, the investment appetite is evident: 96% of entities with exposure plan to increase their investments in this segment over the next three years.
Lack of standardisation
Among the main difficulties identified in integrating ESG factors, entities unanimously (76%) indicate the lack of information or the poor quality and reliability of data, as well as the lack of standardisation in indicators and metrics.
Finally, the study confirms that regulation continues to be perceived as the main driver of the sector: 88% of entities identify it as the key factor that will condition demand over the next three years. In this regard, the regulations that attract the most attention are the review of the SFDR regulation (84%), the MiFID II directive (58%), and the implementation of the CSRD alongside the ESRS standards of EFRAG (56%).
