{"id":221,"date":"2020-08-31T19:14:08","date_gmt":"2020-08-31T19:14:08","guid":{"rendered":"https:\/\/ccadi.transforma.global\/riesgos\/?page_id=221"},"modified":"2020-11-15T01:06:13","modified_gmt":"2020-11-15T01:06:13","slug":"sector-finanzas","status":"publish","type":"page","link":"https:\/\/ccadi.transforma.global\/riesgos\/sector-finanzas\/","title":{"rendered":"Sector Financiero"},"content":{"rendered":"[vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbnone\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#ffffff\u00bb scene_position=\u00bbcenter\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb id=\u00bbhome\u00bb overlay_strength=\u00bb0.5″ gradient_direction=\u00bbtop_to_bottom\u00bb enable_shape_divider=\u00bbtrue\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb shape_type=\u00bbfan\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbpadding-6-percent\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bbtop\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb zindex=\u00bb100″ gradient_direction=\u00bbleft_t_to_right_b\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/4″ tablet_width_inherit=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb400″ offset=\u00bbvc_col-xs-6″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb top_padding_tablet=\u00bb40″ text_align=\u00bbleft\u00bb min_width_desktop=\u00bb60vh\u00bb min_width_tablet=\u00bb50vw\u00bb min_width_phone=\u00bb50vw\u00bb min_width=\u00bb47vh\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb enable_border_animation=\u00bbtrue\u00bb bg_image_animation=\u00bbnone\u00bb][nectar_highlighted_text style=\u00bbtext_outline\u00bb outline_thickness=\u00bbregular\u00bb text_outline_color=\u00bb#000000″ text=\u00bb9vh\u00bb custom_font_size=\u00bb11vh\u00bb]\n

Sector Financiero<\/em><\/h2>\n[\/nectar_highlighted_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb top_padding_tablet=\u00bb0px\u00bb top_padding_phone=\u00bb0px\u00bb text_align=\u00bbleft\u00bb min_width_tablet=\u00bb0px\u00bb min_width_phone=\u00bb0px\u00bb min_width=\u00bb47vh\u00bb][vc_column_inner column_padding=\u00bbpadding-9-percent\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bbright\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb enable_border_animation=\u00bbtrue\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]Bancos
\nAseguradoras
\nPropietarios de activos
\nGestores de activos[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.5″ width=\u00bb3\/4″ tablet_width_inherit=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb offset=\u00bbvc_col-xs-6″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb min_width_desktop=\u00bb75vw\u00bb min_width_tablet=\u00bb50vw\u00bb min_width_phone=\u00bb50vw\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ background_image=\u00bb170″ background_image_position=\u00bbcenter center\u00bb enable_bg_scale=\u00bbtrue\u00bb column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.5″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbro-reveal-from-bottom\u00bb][divider line_type=\u00bbNo Line\u00bb custom_height=\u00bb100vh\u00bb custom_height_tablet=\u00bb80vh\u00bb][\/vc_column_inner][\/vc_row_inner][vc_column_text]\n
Unsplash \/ Stephen Dawson<\/h6>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bg_color=\u00bb#ffffff\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb6%\u00bb bottom_padding=\u00bb6%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb overlay_strength=\u00bb0.3″ gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb shape_type=\u00bb\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb left_padding_desktop=\u00bb10%\u00bb right_padding_desktop=\u00bb10%\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color=\u00bb#5692a4″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]\n

Riesgos f\u00edsicos (*)<\/span><\/span><\/strong><\/h3>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color=\u00bb#2b4779″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]\n

Riesgos de transici\u00f3n (*)<\/span><\/span><\/strong><\/h3>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][tabbed_section style=\u00bbmaterial\u00bb alignment=\u00bbcenter\u00bb spacing=\u00bbside-30px\u00bb tab_color=\u00bbextra-color-gradient-1″ full_width_line=\u00bbtrue\u00bb icon_size=\u00bb24″][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbF\u00edsicos agudos\u00bb id=\u00bb1605402212420-0″ icon_fontawesome=\u00bbfa fa-snowflake-o\u00bb tab_id=\u00bb1605402212421-4″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos f\u00edsicos agudos\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
Amenaza (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600739341192{padding-right: 10% !important;}\u00bb]\n

Altas precipitaciones con intensidades mayores:<\/strong> El aumento intenso de las lluvias en ciertas \u00e9pocas del a\u00f1o puede generar:<\/p>\n

    \n
  • Riesgos hidrol\u00f3gicos como inundaciones, avalanchas y altos caudales.<\/li>\n
  • Riesgos geot\u00e9cnicos como deslizamientos y aludes.<\/li>\n<\/ul>\n

    Bajas precipitaciones por tiempos prolongados:<\/strong> La disminuci\u00f3n intensa en las precipitaciones puede generar estr\u00e9s h\u00eddrico por escasez de agua, con disminuciones dr\u00e1sticas en el caudal de r\u00edos o desaparici\u00f3n de los mismos.<\/p>\n

    Aumento de incendios:<\/strong> La baja cantidad de precipitaciones y el aumento de la temperatura hace que el clima sea m\u00e1s seco y se propaguen velozmente los incendios.<\/p>\n

    Olas de calor prolongadas:<\/strong> El aumento en la temperatura media del planeta hace que las olas de calor se intensifiquen y se hagan m\u00e1s frecuentes.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1605048671307{padding-right: 10% !important;}\u00bb]\n

    Inestabilidad financiera:<\/strong> Eventos clim\u00e1ticos adversos constantes e impredecibles pueden generar presiones sobre el sistema financiero, en t\u00e9rminos de riesgo de liquidez, de cr\u00e9dito, de mercado y sist\u00e9micos.<\/p>\n

    Da\u00f1o a activos f\u00edsicos e infraestructura de servicios:<\/strong> Eventos clim\u00e1ticos adversos pueden destruir y alterar el funcionamiento de los activos f\u00edsicos e infraestructura.<\/p>\n

    Disminuci\u00f3n de la habitabilidad y la capacidad de trabajo:<\/strong> Disminuci\u00f3n o interrupci\u00f3n de la habitabilidad y capacidad de trabajo por eventos extremos de clima que no permitan el trabajo al aire libre o la libre movilizaci\u00f3n de las personas: calor o lluvia extremos, pat\u00f3genos, entre otros.<\/p>\n

    Migraci\u00f3n Clim\u00e1tica:<\/strong> desplazamientos causados directa o indirectamente por el cambio clim\u00e1tico. Migraci\u00f3n por causa de fuertes sequ\u00edas, da\u00f1os a los cultivos, avance del mar hacia el territorio poblado, aludes e inundaciones que hacen ciertas zonas inhabitables, entre otros muchos.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/5″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

    Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605048820238{padding-right: 10% !important;}\u00bb]\n
      \n
    • P\u00e9rdidas de productividad general de una naci\u00f3n debido a eventos extremos de clima, materializando los riesgos de mercado sist\u00e9mico.<\/li>\n
    • Aumento en el endeudamiento fiscal para entregar fondos de ayuda a la poblaci\u00f3n afectada por eventos clim\u00e1ticos.<\/li>\n
    • Disminuci\u00f3n del recaudo de impuestos por parte del gobierno causado por la afectaci\u00f3n econ\u00f3mica de la poblaci\u00f3n general, lo que conlleva a reformas tributarias que afectan la estabilidad jur\u00eddica para los negocios en el pa\u00eds.<\/li>\n
    • Momento Minsky: evento financiero en el que los niveles de deuda alcanzan un punto insostenible y los precios de los activos en una econom\u00eda bajan de manera repentina.<\/li>\n
    • Las p\u00e9rdidas financieras o una base impositiva reducida despu\u00e9s de eventos extremos podr\u00edan aumentar la probabilidad de que los gobiernos incumplan el pago de sus deudas.<\/li>\n
    • Fuertes cambios en la asignaci\u00f3n de capital pueden generar disrupciones de liquidez.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb3\/5″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]\n
      Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600739360084{padding-right: 10% !important;}\u00bb]\n
        \n
      • Aumento del pago de indemnizaciones o beneficios de los contratos de seguro por aumento de la ocurrencia de siniestros.<\/li>\n
      • Un evento de clima extremo deteriora la capacidad de pago del prestatario, aumentando la probabilidad de incumplimiento del cliente as\u00ed como el valor de la garant\u00eda que respalda el pr\u00e9stamo.<\/li>\n
      • P\u00e9rdida o disminuci\u00f3n del valor de la garant\u00eda o prenda que respalda un cr\u00e9dito (bienes inmuebles).<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text]\n
        Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605049289378{padding-right: 10% !important;}\u00bb]\n
          \n
        • Algunos activos pueden valorarse a precios m\u00e1s bajos porque sus subyacentes f\u00edsicos est\u00e1n ubicados en lugares clim\u00e1ticamente vulnerables.<\/li>\n
        • Los flujos de efectivo y la rentabilidad de algunos t\u00edtulos pueden reducirse como resultado de las interrupciones relacionadas con el clima de la cadena de valor de los emisores.<\/li>\n
        • Retiro de fondos, corridas de dep\u00f3sitos bancarios o corridas de liquidez en los mercados, por causa de la necesidad de liquidez de la poblaci\u00f3n general y organizaciones para atender las contingencias causadas por los eventos extremos de cambio clim\u00e1tico.<\/li>\n
        • Valor reducido de la cartera de inversiones.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1605400008363{padding-right: 10% !important;}\u00bb]\n
            \n
          • Probabilidad de incumplimiento por causa de eventos clim\u00e1ticos:<\/strong> %.<\/li>\n
          • Cambios por causa de eventos clim\u00e1ticos en la relaci\u00f3n pr\u00e9stamo –\u00a0<\/strong>valor de las propiedades en hipoteca:<\/strong> %.<\/li>\n
          • Valor en Riesgo Clim\u00e1tico CVar:<\/strong> f (per\u00edodo de tiempo, nivel de confianza, % P\u00e9rdida esperada).<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbF\u00edsicos cr\u00f3nicos\u00bb id=\u00bb1605402213093-8″ icon_fontawesome=\u00bbfa fa-exclamation-circle\u00bb tab_id=\u00bb1605402213094-6″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos f\u00edsicos cr\u00f3nicos\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
            Amenaza (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605049552718{padding-right: 10% !important;}\u00bb]\n

            Aumento en el nivel del mar:<\/strong> A nivel global en un escenario de 1.5\u00b0C, el nivel del mar aumentar\u00eda entre 0.26 a 0.77 metros para el a\u00f1o 2100, impactando las ciudades y los territorios costeros del pa\u00eds.<\/p>\n

            P\u00e9rdida de capacidad adaptativa de los ecosistemas:<\/strong> El aumento prolongado y acelerado de las temperaturas a nivel global afecta la estructura ecol\u00f3gica de los sistemas naturales y su capacidad regenerativa. Por lo cual, se disminuye la provisi\u00f3n de servicios ecosist\u00e9micos como la generaci\u00f3n de recursos h\u00eddricos y la capacidad de almacenamiento de carbono y de regulaci\u00f3n del clima.<\/p>\n

            Intensidad de vientos:<\/strong> Aumento en las zonas altas, disminuci\u00f3n en las zonas costeras.<\/p>\n

            Incremento de la temperatura:<\/strong> El aumento de la temperatura en el mediano y largo plazo afecta todo el sistema clim\u00e1tico planetario. Esto dificulta la predicci\u00f3n del clima y causa inestabilidad en todas las actividades humanas que dependen de ella.<\/p>\n

            Cambio en los reg\u00edmenes hidrol\u00f3gicos:<\/strong> Variaciones en los patrones de disponibilidad h\u00eddrica cambian la frecuencia e intensidad de precipitaciones en el largo plazo.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1605049648140{padding-right: 10% !important;}\u00bb]\n

            Inestabilidad financiera:<\/strong> Eventos clim\u00e1ticos adversos constantes e impredecibles pueden generar presiones sobre el sistema financiero, en t\u00e9rminos de riesgo de liquidez, de cr\u00e9dito, de mercado y sist\u00e9micos.<\/p>\n

            Da\u00f1o a activos f\u00edsicos e infraestructura de servicios:<\/strong> Eventos clim\u00e1ticos adversos pueden destruir y alterar el funcionamiento de los activos f\u00edsicos e infraestructura.<\/p>\n

            Disminuci\u00f3n de la habitabilidad y la capacidad de trabajo:<\/strong> Disminuci\u00f3n o interrupci\u00f3n de la habitabilidad y capacidad de trabajo por eventos extremos de clima que no permitan el trabajo al aire libre o la libre movilizaci\u00f3n de las personas: calor o lluvia extremos, pat\u00f3genos, entre otros.<\/p>\n

            Migraci\u00f3n Clim\u00e1tica:<\/strong> desplazamientos causados directa o indirectamente por el cambio clim\u00e1tico. Migraci\u00f3n por causa de fuertes sequ\u00edas, da\u00f1os a los cultivos, avance del mar hacia el territorio poblado, aludes e inundaciones que hacen ciertas zonas inhabitables, entre otros muchos.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

            Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605399927297{padding-right: 10% !important;}\u00bb]\n
              \n
            • Pa\u00edses con alta exposici\u00f3n a eventos clim\u00e1ticos cr\u00f3nicos (como la elevaci\u00f3n del mar o incremento de la temperatura) pueden requerir mayores fondos del sector p\u00fablico para financiar la adaptaci\u00f3n. Estas demandas de capital pueden limitar la capacidad del pa\u00eds para obtener pr\u00e9stamos para otros fines, rezagando el desarrollo de la econom\u00eda y competitividad frente a otras soberan\u00edas.<\/li>\n
            • Una depresi\u00f3n macroecon\u00f3mica efecto de cambios cr\u00f3nicos en el clima puede conducir a la disminuci\u00f3n de las tasas de inter\u00e9s y, por tanto, al aumento de los precios y los rendimientos en la mayor\u00eda de las clases de activos de deuda.<\/li>\n
            • Un cambio clim\u00e1tico progresivo puede afectar la productividad y la eficiencia de los sectores de una naci\u00f3n, haci\u00e9ndola menos competitiva frente a otras naciones.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
              Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605049877277{padding-right: 10% !important;}\u00bb]\n
                \n
              • P\u00e9rdida de valor de las carteras hipotecarias en las zonas costeras por da\u00f1o de las propiedades por el aumento del nivel del mar y las inundaciones.<\/li>\n
              • Deterioro general de la calidad de la cartera de cr\u00e9ditos por p\u00e9rdida de capacidad de pago de los prestatarios.<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text]\n
                Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605049979369{padding-right: 10% !important;}\u00bb]\n
                  \n
                • Organizaciones y activos que experimentan da\u00f1os repetidos y persistentes por eventos clim\u00e1ticos pueden ver caer el valor de sus bonos o se les puede exigir que paguen un cup\u00f3n m\u00e1s alto al emitir nuevos bonos.<\/li>\n
                • Los aumentos de las tasas de mortalidad o morbilidad relacionados con el cambio clim\u00e1tico podr\u00edan dar lugar al aumento en la reclamaci\u00f3n de las p\u00f3lizas de vida y salud.<\/li>\n
                • El deterioro de las condiciones macroecon\u00f3micas relacionado con el cambio clim\u00e1tico podr\u00eda disminuir la venta de seguros de vida y de salud.<\/li>\n
                • Disminuci\u00f3n en la disponibilidad y la asequibilidad de algunos tipos de seguros.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1600739871404{padding-right: 10% !important;}\u00bb]\n
                    \n
                  • Probabilidad de incumplimiento por causa de eventos clim\u00e1ticos:<\/strong> %.<\/li>\n
                  • Cambios por causa de eventos clim\u00e1ticos en la relaci\u00f3n pr\u00e9stamo – valor de las propiedades en hipoteca:<\/strong> %.<\/li>\n
                  • Valor en Riesgo Clim\u00e1tico CVar:<\/strong> f (periodo de tiempo, nivel de confianza, % P\u00e9rdida esperada).<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbPol\u00edticos\u00bb id=\u00bb1605402213689-10″ icon_fontawesome=\u00bbfa fa-sitemap\u00bb tab_id=\u00bb1605402213690-3″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos de transici\u00f3n pol\u00edticos\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbAmenaza\u00bb][vc_column_text css=\u00bb.vc_custom_1600740303918{padding-right: 10% !important;}\u00bb]\n

                    Adopci\u00f3n de compromisos de reducci\u00f3n de emisiones de gases de efecto invernadero por parte del estado:<\/strong> Compromisos de reducci\u00f3n de emisiones pueden introducir precios al carbono y aumento de precios de emisiones de gases de efecto invernadero aumentando los costos de producci\u00f3n de las industrias altas en emisiones.<\/p>\n

                    Aumento de la obligaci\u00f3n de revelar informaci\u00f3n financiera relacionada con cambio clim\u00e1tico o reportes de emisiones de gases de efecto invernadero:<\/strong> Los reguladores financieros obligan a las entidades financieras a considerar y gestionar los riesgos relacionados con el clima para tomar sus decisiones de inversi\u00f3n (La Uni\u00f3n Europea y Reino unido ya cuentan con legislaci\u00f3n que obliga a considerar la materialidad del cambio clim\u00e1tico en decisiones de inversi\u00f3n).<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1600740311730{padding-right: 10% !important;}\u00bb]\n

                    Las instituciones financieras pueden acumular riesgos relacionados con el clima a trav\u00e9s de sus cr\u00e9ditos, inversiones y participaciones de capital, dado que conceden pr\u00e9stamos o negocian los valores de empresas intensivas en carbono y uso de recursos con exposici\u00f3n directa a los riesgos de transici\u00f3n que trae los cambios en pol\u00edtica y regulatorios para lograr una econom\u00eda baja en carbono: i.e. petr\u00f3leo y gas, energ\u00eda y agricultura.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

                    Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605050438584{padding-right: 10% !important;}\u00bb]\n
                      \n
                    • La diferencia de velocidades a las cuales se implementan estas pol\u00edticas en las distintas regiones causar\u00e1n cambios en la composici\u00f3n sectorial y posiciones competitivas de las econom\u00edas internacionales, impactando las tasas de cambio y balanzas comerciales.<\/li>\n
                    • Los aumentos repentinos de los precios del carbono pueden infringir choques de precios inesperados y crean presi\u00f3n inflacionaria y cambios en las tasas de inter\u00e9s y de cambio.<\/li>\n
                    • El impacto sobre factores macroecon\u00f3micos como el crecimiento, la productividad y la inversi\u00f3n podr\u00eda tener consecuencias para la calificaci\u00f3n soberana.<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text]\n
                      Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605050985493{padding-right: 10% !important;}\u00bb]\n
                        \n
                      • Limitaci\u00f3n en el tipo de ahorradores e inversionistas que se pueden afiliar a una entidad financiera por su perfil de riesgo de contraparte o de cr\u00e9dito dependiendo de la intensidad de carbono de su sector.<\/li>\n
                      • Reducci\u00f3n del inter\u00e9s asegurable debido a la disminuci\u00f3n del valor a asegurar causado por los cambios en la reglamentaci\u00f3n sobre esquemas de precios al carbono.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                        Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605050876721{padding-right: 10% !important;}\u00bb]\n
                          \n
                        • P\u00e9rdida de valor en los portafolios de inversi\u00f3n por p\u00e9rdida de valor de los subyacentes de los t\u00edtulos (empresas de sectores intensivos en carbono).<\/li>\n
                        • Disminuci\u00f3n de las valoraciones financieras y reducci\u00f3n de las calificaciones de riesgo de los emisores por no cumplimiento con los escenarios de 1.5\u00b0C.<\/li>\n
                        • Disminuci\u00f3n de los ingresos y la solvencia de algunos prestatarios.\u00a0 Esto conlleva a su vez, a p\u00e9rdidas de cr\u00e9dito para los prestamistas y p\u00e9rdidas de mercado para los inversores.<\/li>\n
                        • Activos varados: Depreciaci\u00f3n y desmantelamiento anticipado de ciertos activos intensivos en emisiones de gases de efecto invernadero por causa de pol\u00edticas p\u00fablicas que limitan o proh\u00edben su operaci\u00f3n.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1600740340113{padding-right: 10% !important;}\u00bb]\n
                            \n
                          • P\u00e9rdida de ingresos de los emisores, ahorradores, prestamistas y clientes:<\/strong> $.<\/li>\n
                          • Costo marginal directo e indirecto de emisiones de carbono de los emisores, ahorradores, prestamistas y clientes:<\/strong> $.<\/li>\n
                          • Ingresos de carbono en riesgo (Carb\u00f3n Earning at Risk, CEaR) (% DE EBITDA):<\/strong> El valor presente estimado de las futuras p\u00e9rdidas de ingresos de una compa\u00f1\u00eda basado en sus emisiones actuales de alcance 1 y 2. Y de una proyecci\u00f3n del precio futuro a las emisiones.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbTecnolog\u00eda\u00bb id=\u00bb1605402214309-4″ icon_fontawesome=\u00bbfa fa-microchip\u00bb tab_id=\u00bb1605402214310-8″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos de transici\u00f3n tecnolog\u00eda\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbAmenaza\u00bb][vc_column_text css=\u00bb.vc_custom_1605400823151{padding-right: 10% !important;}\u00bb]\n

                            Sustituci\u00f3n de los productos y servicios existentes por opciones de emisiones m\u00e1s bajas:<\/strong> M\u00e1s inversiones en tecnolog\u00edas bajas en carbono y disminuci\u00f3n significativa de inversiones (o subsidios) para la extracci\u00f3n de combustibles f\u00f3siles. Esto causa una disminuci\u00f3n del valor en empresas pertenecientes principalmente a los sectores del petr\u00f3leo, el gas, la miner\u00eda y la energ\u00eda que est\u00e1n representados de manera prominente en los mercados financieros.<\/p>\n

                            Costos de la transici\u00f3n a una tecnolog\u00eda de menores emisiones:<\/strong> En un escenario de transici\u00f3n, importantes gastos de capital en tecnolog\u00edas bajas en carbono aumentar\u00e1n los costos de CAPEX de las empresas, depreciaci\u00f3n m\u00e1s r\u00e1pida de los activos fijos intensivos en carbono de las empresas, y el probable aumento en los gastos en I+D. Esto tendr\u00eda un impacto en el Valor de la Empresa, principalmente en los sectores del petr\u00f3leo, el gas, la miner\u00eda y la energ\u00eda que est\u00e1n representados de manera prominente en los mercados financieros.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1600740418210{padding-right: 10% !important;}\u00bb]\n

                              \n
                            • Exposici\u00f3n crediticia de las instituciones financieras dependen de la intensidad de carbono de los clientes\/usuarios\/inversionistas.<\/li>\n
                            • La ca\u00edda de los precios de tecnolog\u00eda renovable impacta negativamente la generaci\u00f3n basada en combustibles f\u00f3siles reduciendo su demanda e ingresos.<\/li>\n
                            • La infraestructura para la generaci\u00f3n f\u00f3sil queda atrasada y poco competitiva, lo que implica ingresos disminuidos para los sectores del petr\u00f3leo, el gas, miner\u00eda y energ\u00eda.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                              Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605051618545{padding-right: 10% !important;}\u00bb]\n
                                \n
                              • Los avances tecnol\u00f3gicos pueden infligir choques de precios inesperados y crean presi\u00f3n inflacionaria, cambios en las tasas de inter\u00e9s y de cambio, dependiendo de la competitividad tecnol\u00f3gica de la naci\u00f3n.<\/li>\n
                              • La migraci\u00f3n global a energ\u00edas renovables causa una disminuci\u00f3n en la demanda de combustibles f\u00f3siles, disminuyendo a su vez el aporte de los sectores de miner\u00eda de carb\u00f3n y explotaci\u00f3n de petr\u00f3leo al PIB e ingresos tributarios, causando recesiones econ\u00f3micas, incapacidad de pago de deuda, disminuci\u00f3n de capacidad de cr\u00e9dito y disminuci\u00f3n en gasto social.<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text]\n
                                Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605051745485{padding-right: 10% !important;}\u00bb]\n
                                  \n
                                • El impacto de la transici\u00f3n de los sectores intensivos en carbono tambi\u00e9n podr\u00eda tener repercusiones en una amplia gama de precios relacionados con la energ\u00eda y los productos b\u00e1sicos, como los bonos de las empresas, las acciones y determinados contratos de derivados.<\/li>\n
                                • Reducci\u00f3n del inter\u00e9s asegurable debido a la disminuci\u00f3n del valor a asegurar.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                                  Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605051688676{padding-right: 10% !important;}\u00bb]\n
                                    \n
                                  • P\u00e9rdida de valoraci\u00f3n financiera de los prestamistas o t\u00edtulos debido a la obsolescencia s\u00fabita de los activos de los clientes \/ usuarios \/ inversionistas por desmantelamiento anticipado.<\/li>\n
                                  • Reducci\u00f3n del valor de algunos activos menos avanzados o incapaces de adaptarse a los avances tecnol\u00f3gicos.<\/li>\n
                                  • Incapacidad de las contrapartes o deudores para cumplir con sus obligaciones financieras. Reducci\u00f3n en la calidad crediticia del instrumento.<\/li>\n
                                  • Aumento inicial de los costos operacionales de instituciones financieras por la toma de medidas de gesti\u00f3n de los riesgos y oportunidades del cambio clim\u00e1tico al interior de cada compa\u00f1\u00eda.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1600740444422{padding-right: 10% !important;}\u00bb]\n
                                      \n
                                    • P\u00e9rdida de ingresos de los emisores, ahorradores, prestamistas y clientes:<\/strong> $.<\/li>\n
                                    • Costo marginal de inversi\u00f3n de capital en tecnolog\u00edas bajas en carbono:<\/strong> $.<\/li>\n
                                    • Exposici\u00f3n a activos relacionados con combustibles f\u00f3siles:<\/strong> Como % total del portafolio<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbMercado\u00bb id=\u00bb1605402214908-10″ icon_fontawesome=\u00bbfa fa-bar-chart\u00bb tab_id=\u00bb1605402214909-9″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos de transici\u00f3n en el mercado\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbAmenaza\u00bb][vc_column_text css=\u00bb.vc_custom_1605052024117{padding-right: 10% !important;}\u00bb]\n

                                      El cambio en el comportamiento del consumidor causa una disminuci\u00f3n acelerada de la demanda nacional e internacional de combustibles f\u00f3siles:<\/strong> El consumo consciente reemplaza el consumo conspicuo del pasado y debido a una transici\u00f3n acelerada de descarbonizaci\u00f3n, la demanda por combustibles f\u00f3siles en el mundo disminuye significativamente. Sector prominentemente representado en el sistema financiero.<\/p>\n

                                      Incertidumbre en las se\u00f1ales del mercado y cambio s\u00fabito en los precios:<\/strong> Ocurren p\u00e9rdidas asociadas a la disminuci\u00f3n del valor de sus portafolios, las ca\u00eddas del valor de las carteras colectivas o los fondos que administran por efecto de cambios en el precio de los t\u00edtulos valores en el mercado.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1605052089262{padding-right: 10% !important;}\u00bb]\n

                                      La transici\u00f3n mundial a una econom\u00eda con menos emisiones de carbono podr\u00eda repercutir en las instituciones financieras por medio del cambio en el valor de mercado de sus inversiones en activos con alto contenido de carbono. Esto es particularmente pertinente en el caso de activos financieros en dos tipos de empresas: i) empresas que pueden verse afectadas directamente por los l\u00edmites reglamentarios a su capacidad de producir o utilizar combustibles f\u00f3siles, y ii) empresas que son intensivas en energ\u00eda, que podr\u00edan verse afectadas indirectamente por un aumento en los costos de la energ\u00eda.<\/p>\n

                                      Estos dos tipos de activos representan alrededor de un tercio de los activos de renta variable y renta fija que se negocian en los mercados mundiales.<\/strong><\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

                                      Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605052137875{padding-right: 10% !important;}\u00bb]\n
                                        \n
                                      • Retiro de fondos, corridas de dep\u00f3sitos bancarios o corridas de liquidez en los mercados.<\/li>\n
                                      • Disminuci\u00f3n de opciones de inversi\u00f3n del mercado de capitales por disminuci\u00f3n en el universo de emisores rentables y resilientes a los riesgos de cambio clim\u00e1tico.<\/li>\n<\/ul>\n[\/vc_column_text][vc_column_text]\n
                                        Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605053514962{padding-right: 10% !important;}\u00bb]\n
                                          \n
                                        • Uso de tarifas por debajo del precio de mercado o tasas de inter\u00e9s con el fin de atraer a los ahorradores e inversionistas, (por ejemplo, solo invierten \/ ahorran los clientes de perfil de riesgo alto)<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                                          Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1605052168811{padding-right: 10% !important;}\u00bb]\n
                                            \n
                                          • Los t\u00edtulos valor con subyacentes altos en carbono no tienen liquidez en el mercado y hay poca profundidad: altos diferenciales de oferta-demanda (bid-ask spread).<\/li>\n
                                          • Las instituciones financieras est\u00e1n expuestas al riesgo de mercado por la variaci\u00f3n de precios en los activos en sectores intensivos en carbono que tengan en posici\u00f3n propia.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1600740573241{padding-right: 10% !important;}\u00bb]\n
                                              \n
                                            • Valor en Riesgo Clim\u00e1tico CVar:<\/strong> f(periodo de tiempo, nivel de confianza, % P\u00e9rdida esperada).<\/li>\n
                                            • P\u00e9rdida de ingresos de los emisores, ahorradores, prestamistas y clientes:<\/strong> $.
                                              \nProbabilidad de incumplimiento por causa de eventos clim\u00e1ticos:<\/strong> %.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbReputacionales\u00bb id=\u00bb1605402215477-7″ icon_fontawesome=\u00bbfa fa-star\u00bb tab_id=\u00bb1605402215478-0″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb2\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_custom_heading text=\u00bbRiesgos de transici\u00f3n reputacionales\u00bb font_container=\u00bbtag:h3|text_align:left\u00bb google_fonts=\u00bbfont_family:Roboto%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C500%2C500italic%2C700%2C700italic%2C900%2C900italic|font_style:500%20bold%20regular%3A500%3Anormal\u00bb][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbAmenaza\u00bb][vc_column_text css=\u00bb.vc_custom_1600740865311{padding-right: 10% !important;}\u00bb]\n

                                              Estigmatizaci\u00f3n de subsectores asociados a altas emisiones: <\/strong>Debido a las percepciones negativas de los clientes o la comunidad sobre la contribuci\u00f3n o abstenci\u00f3n de una organizaci\u00f3n a la transici\u00f3n hacia una econom\u00eda con bajas emisiones de carbono puede afectar la reputaci\u00f3n de las instituciones financieras. En particular si la instituci\u00f3n tiene un portafolio con activos de sectores altos en emisiones.<\/p>\n

                                              Retroalimentaci\u00f3n negativa por parte de inversionistas en el sector fuerzan cambios en modelo de negocio:<\/strong> Debido a los cambios en las preferencias de los consumidores y comunidades los inversionistas probablemente realizar\u00e1n desinversiones y se reducir\u00e1n los flujos de recursos a subsectores con altas emisiones.<\/p>\n

                                              Mayor demanda de productos y servicios financieros que incluyan variable de cambio clim\u00e1tico o, por lo menos, criterios ASG:<\/strong> Como paso previo a la desinversi\u00f3n, inversionistas, accionistas o clientes comenzar\u00e1n a demandar m\u00e1s productos financieros relacionados con cambio clim\u00e1tico o criterios ASG, que reflejan impactos m\u00e1s all\u00e1 de la rentabilidad.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1605401706429{padding-right: 10% !important;}\u00bb]\n

                                              Mayores presiones sobre el sector financiero para la inclusi\u00f3n de variables de cambio clim\u00e1tico y ASG dentro de sus operaciones, as\u00ed como la producci\u00f3n de servicios y productos financieros con un alto componente de impacto.<\/p>\n

                                              Los mercados de alternativas con menor contenido de carbono y m\u00e1s eficientes desde el punto de vista energ\u00e9tico crecen, las instituciones financieras pueden asumir riesgos materiales en sus negocios de pr\u00e9stamos e inversiones, por la incapacidad de sus clientes \/ usuarios \/ inversionistas intensivos en carbono de pagar sus obligaciones dada la disminuci\u00f3n de ingresos.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

                                              Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600740877915{padding-right: 10% !important;}\u00bb]\n

                                              Imposibilidad de mantener relaciones con empresas que siguen generando altas emisiones de carbono y creciente presi\u00f3n para desviar las corrientes de capital hacia sectores que contribuyan a la transici\u00f3n hacia una econom\u00eda con bajas emisiones de carbono.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n

                                              Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600740884943{padding-right: 10% !important;}\u00bb]\n
                                                \n
                                              • A medida que las instituciones pioneras empiezan a medir y valorar los riesgos clim\u00e1ticos, y a reconfigurar sus portafolios de inversi\u00f3n o de prestatarios. Es posible que las instituciones m\u00e1s lentas en reaccionar pueden quedar con los portafolios o la deuda que otros no quieren (i.e. petr\u00f3leo y gas).<\/li>\n
                                              • Mayores gastos para la gesti\u00f3n de riesgos y oportunidades del cambio clim\u00e1tico al interior de las instituciones financieras. As\u00ed como del proceso de involucramiento con las empresas, antes de tomar una decisi\u00f3n de desinversi\u00f3n.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]\n
                                                Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600740913777{padding-right: 10% !important;}\u00bb]\n
                                                  \n
                                                • Los ahorradores deciden no depositar o retirar su dinero en una instituci\u00f3n, debido a la intensidad de carbono en su portafolio.<\/li>\n
                                                • P\u00e9rdida de rentabilidad a corto plazo por la imposibilidad de mantener relaciones con empresas que siguen generando altas emisiones de carbono y creciente presi\u00f3n para desviar las corrientes de capital hacia sectores que contribuyan a la transici\u00f3n hacia una econom\u00eda con bajas emisiones de carbono.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1605402187440{padding-right: 10% !important;}\u00bb]\n
                                                    \n
                                                  • P\u00e9rdida de ingresos de los emisores, ahorradores, prestamistas y clientes, relacionada con una mala reputaci\u00f3n por temas de cambio clim\u00e1tico:<\/strong> $.<\/li>\n
                                                  • \u00cdndice de calidad crediticia clim\u00e1tica seg\u00fan la ubicaci\u00f3n geogr\u00e1fica y del sector<\/strong>.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][tab icon_family=\u00bbfontawesome\u00bb title=\u00bbLegales\u00bb id=\u00bb1605402216275-10″ icon_fontawesome=\u00bbfa fa-balance-scale\u00bb tab_id=\u00bb1605402216276-10″][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbAmenaza\u00bb][vc_column_text css=\u00bb.vc_custom_1600741038899{padding-right: 10% !important;}\u00bb]\n

                                                    Incumplimiento de obligaciones y regulaciones genera imposici\u00f3n de multas o sanciones:<\/strong> La creaci\u00f3n de obligaciones como la reducci\u00f3n de emisiones de gases de efecto invernadero, la publicaci\u00f3n y divulgaci\u00f3n de informaci\u00f3n respecto a la transici\u00f3n a una econom\u00eda baja en carbono.<\/p>\n

                                                    Responsabilidad civil por impactos generados asociados a la operaci\u00f3n del negocio:<\/strong> Aumento del riesgo de litigio asociado a la operaci\u00f3n del negocio y sus impactos en el cambio clim\u00e1tico.<\/p>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/2″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb150″][nectar_animated_title heading_tag=\u00bbh6″ style=\u00bbcolor-strip-reveal\u00bb color=\u00bbAccent-Color\u00bb text=\u00bbDescripci\u00f3n de las consecuencias\u00bb][vc_column_text css=\u00bb.vc_custom_1600741045716{padding-right: 10% !important;}\u00bb]\n

                                                      \n
                                                    • Costos adicionales asociados a incumplimientos legales (multas).<\/li>\n
                                                    • Aumento de riesgos reputacionales por un mayor escrutinio p\u00fablico.<\/li>\n
                                                    • Disputas legales cuantiosas que generan interrupciones y costos no esperados en el modelo de negocio.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbImpacto\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                                                      Entorno macro (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600741153423{padding-right: 10% !important;}\u00bb]\n
                                                        \n
                                                      • Disminuci\u00f3n de capital disponible debido a un menor inter\u00e9s en ahorrar en una instituci\u00f3n expuesta a elevados riesgos legales.<\/li>\n
                                                      • Aumento de riesgos reputacionales en subsectores con altas emisiones o en empresas del sector que promueven la inversi\u00f3n en sectores con altas emisiones.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text]\n
                                                        Clientes y mercado (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600741146626{padding-right: 10% !important;}\u00bb]\n
                                                          \n
                                                        • Los ahorradores o inversionistas deciden no depositar o retirar su dinero de una instituci\u00f3n que ha estado involucrada en litigios o ha sido sujeto de multas o sanciones.<\/li>\n
                                                        • Reducci\u00f3n del inter\u00e9s asegurable por aumento de siniestros de responsabilidad civil debido a un posible aumento de los litigios en contra las empresas de combustibles f\u00f3siles y otras empresas intensivas en emisiones de gases de efecto invernadero (GEI).<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/3″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column_text]\n
                                                          Operaciones y activos (*)<\/span><\/span><\/h6>\n[\/vc_column_text][vc_column_text css=\u00bb.vc_custom_1600741159034{padding-right: 10% !important;}\u00bb]\n

                                                          Posibilidad de litigios por parte de los ahorradores de los fondos de pensiones o clientes de otras instituciones financieras por no incluir riesgos de cambio clim\u00e1tico en sus decisiones de inversi\u00f3n.<\/p>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb centered_text=\u00bbtrue\u00bb background_color=\u00bb#627ba2″ background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_custom_heading text=\u00bbIndicadores com\u00fanmente utilizados para evaluar riesgo financiero\u00bb font_container=\u00bbtag:h3|text_align:center|color:%23ffffff\u00bb google_fonts=\u00bbfont_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal\u00bb][\/vc_column_inner][\/vc_row_inner][vc_row_inner column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb bottom_padding=\u00bb40″ text_align=\u00bbleft\u00bb][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb][vc_column_text css=\u00bb.vc_custom_1605402352120{padding-right: 10% !important;}\u00bb]\n

                                                            \n
                                                          • Casos en contra:<\/strong> costo de gastos legales, licencias o permisos obtenidos relacionados con cambio clim\u00e1tico.<\/li>\n<\/ul>\n[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/tab][\/tabbed_section][\/vc_column][\/vc_row][vc_row type=\u00bbfull_width_background\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb equal_height=\u00bbyes\u00bb content_placement=\u00bbmiddle\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb top_padding=\u00bb6%\u00bb bottom_padding=\u00bb6%\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb enable_gradient=\u00bbtrue\u00bb color_overlay=\u00bb#eaf1fd\u00bb overlay_strength=\u00bb1″ gradient_direction=\u00bbtop_to_bottom\u00bb 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                                                            Sector Energ\u00eda<\/h3>\n[\/fancy_box][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/4″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb column_link=\u00bbhttps:\/\/ccadi.transforma.global\/riesgos\/sector-transporte\u00bb][fancy_box box_style=\u00bbhover_desc\u00bb icon_family=\u00bbfontawesome\u00bb image_url=\u00bb168″ hover_color=\u00bbaccent-color\u00bb box_alignment=\u00bbleft\u00bb hover_desc_bg_animation=\u00bblong_zoom\u00bb border_radius=\u00bb5px\u00bb image_loading=\u00bblazy-load\u00bb color_scheme=\u00bbdark\u00bb secondary_content=\u00bbhere’s some awesome text that would only be shown on hover\u00bb min_height=\u00bb350″ icon_size=\u00bb34″ icon_fontawesome=\u00bbfa fa-plane\u00bb hover_content=\u00bbVer\u00bb]\n

                                                            Sector Transporte<\/h3>\n[\/fancy_box][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/4″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb100″ column_link=\u00bbhttps:\/\/ccadi.transforma.global\/riesgos\/sector-construccion\u00bb][fancy_box box_style=\u00bbhover_desc\u00bb icon_family=\u00bbfontawesome\u00bb image_url=\u00bb167″ hover_color=\u00bbaccent-color\u00bb box_alignment=\u00bbleft\u00bb hover_desc_bg_animation=\u00bblong_zoom\u00bb border_radius=\u00bb5px\u00bb image_loading=\u00bblazy-load\u00bb color_scheme=\u00bbdark\u00bb secondary_content=\u00bbhere’s some awesome text that would only be shown on hover\u00bb min_height=\u00bb350″ icon_size=\u00bb34″ icon_fontawesome=\u00bbfa fa-building\u00bb hover_content=\u00bbVer\u00bb]\n

                                                            Materiales y construcci\u00f3n<\/h3>\n[\/fancy_box][\/vc_column_inner][vc_column_inner column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/4″ tablet_width_inherit=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb enable_animation=\u00bbtrue\u00bb animation=\u00bbfade-in-from-bottom\u00bb delay=\u00bb200″ column_link=\u00bbhttps:\/\/ccadi.transforma.global\/riesgos\/sector-agro\u00bb][fancy_box box_style=\u00bbhover_desc\u00bb icon_family=\u00bbfontawesome\u00bb image_url=\u00bb169″ hover_color=\u00bbaccent-color\u00bb box_alignment=\u00bbleft\u00bb hover_desc_bg_animation=\u00bblong_zoom\u00bb border_radius=\u00bb5px\u00bb image_loading=\u00bblazy-load\u00bb color_scheme=\u00bbdark\u00bb secondary_content=\u00bbhere’s some awesome text that would only be shown on hover\u00bb min_height=\u00bb350″ icon_size=\u00bb34″ icon_fontawesome=\u00bbfa fa-tint\u00bb hover_content=\u00bbVer\u00bb]\n

                                                            Agricultura, Alimentos y Productos Forestales<\/h3>\n[\/fancy_box][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=\u00bbin_container\u00bb full_screen_row_position=\u00bbmiddle\u00bb column_margin=\u00bbdefault\u00bb column_direction=\u00bbdefault\u00bb column_direction_tablet=\u00bbdefault\u00bb column_direction_phone=\u00bbdefault\u00bb scene_position=\u00bbcenter\u00bb text_color=\u00bbdark\u00bb text_align=\u00bbleft\u00bb row_border_radius=\u00bbnone\u00bb row_border_radius_applies=\u00bbbg\u00bb overlay_strength=\u00bb0.3″ gradient_direction=\u00bbleft_to_right\u00bb shape_divider_position=\u00bbbottom\u00bb bg_image_animation=\u00bbnone\u00bb][vc_column column_padding=\u00bbno-extra-padding\u00bb column_padding_tablet=\u00bbinherit\u00bb column_padding_phone=\u00bbinherit\u00bb column_padding_position=\u00bball\u00bb background_color_opacity=\u00bb1″ background_hover_color_opacity=\u00bb1″ column_shadow=\u00bbnone\u00bb column_border_radius=\u00bbnone\u00bb column_link_target=\u00bb_self\u00bb gradient_direction=\u00bbleft_to_right\u00bb overlay_strength=\u00bb0.3″ width=\u00bb1\/1″ tablet_width_inherit=\u00bbdefault\u00bb tablet_text_alignment=\u00bbdefault\u00bb phone_text_alignment=\u00bbdefault\u00bb column_border_width=\u00bbnone\u00bb column_border_style=\u00bbsolid\u00bb bg_image_animation=\u00bbnone\u00bb][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJzdGlja3klMjIlMjBzdHlsZSUzRCUyMmhlaWdodCUzQTUwJTI1JTNCJTIyJTNFJTNDYSUyMGhyZWYlM0QlMjJodHRwcyUzQSUyRiUyRmNjYWRpLmNvJTJGJTIyJTIwdGFyZ2V0JTNEJTIyX2JsYW5rJTIyJTNFJTNDaW1nJTIwc3JjJTNEJTIyaHR0cCUzQSUyRiUyRnRyYW5zZm9ybWEucGFwcGNvcm4uY29tJTJGd3AtY29udGVudCUyRnVwbG9hZHMlMkYyMDIwJTJGMDklMkZ0cmFuc2Zvcm1hLWNjYWRpLWxvZ28tc3RpY2t5LnBuZyUyMiUyMGFsdCUzRCUyMklyJTIwYSUyMENDQURJJTIyJTNFJTNDJTJGYSUzRSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"

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