Searcher
Pilar Más Rodríguez
Pilar Más Rodríguez
BBVA Research - Principal Economist

Pilar Más is a Principal Economist at BBVA Research, where she works on economic analysis and research on Climate Change and Sustainability, aligned with BBVA's strategic priority.

Pilar has worked in the Spain and Portugal team at BBVA Research, on macroeconomic, sectoral and fiscal analysis for the Spanish economy.

Previously, she spent a large part of her professional career in the Spanish Public Administration and, in particular, in the Ministry of Economy, where she held several management positions. She was Director General for Macroeconomic Analysis and International Finance and Executive Advisor at the Spanish Treasury.

She led the representation of Spain in the Economic Policy Committees of the European Union and of the OECD, as well as in the main multilateral banks, including the World Bank Group, the Inter-American Development Bank (IDB) and CAF-Development Bank of Latin America, among others.

She has been a Member of the Higher Statistics Council; of the Inter-territorial Commission for Development Cooperation and of the Board of Trustees of the Spanish Foundation for International Cooperation, Health and Social Policy. Member of the Management Board of the ‘Centro para el Desarrollo Tecnológico Industrial (CDTI)’, of the ‘Sociedad Estatal España. Expansión Exterior S.A.’ and of the ‘Comisionado del Mercado de Tabacos’.

She has a degree in Mathematics from the Complutense University of Madrid, a degree in Economics from the National University of Distance Education (UNED), a Master´s degree in Public Management from the Institute for Fiscal Studies and the School of Industrial Organization (EOI) and an Executive Development Program by IESE. She is a member of the Higher Board of Central Government Statisticians.

In the academic field, she has been Associate Professor of Degree at Complutense University of Madrid and Associate Professor of Master Degree at University of Alcalá. She has been a speaker in national and international conferences and seminars about economy and finance.

Latest publications

The EU's aspirations for sustainability, competitiveness, and resilience hinge on its ability to close the innovation gap with the US in disruptive technologies. This requires a dual approach: significantly increasing targeted public funding and creating a more inviting environment for private investment.
Climate investment needs depend on both the definition of what is needed and the reference scenario for climate change. All in all, for keeping “net zero” within the realm of possibility there is a funding gap to close by both public and, mainly, private sources. Appropriate incentives for private funding are key.
The cost of capital is vital for renewable energy projects due to high investment needs, policy uncertainty, and early-stage risks. De-risking strategies can lower costs, particularly in developing economies. However, for emerging cleantech, these strategies must balance innovation and competition.