• Transition, associated with all the risks that can appear in the progressive global decarbonisation process, such as regulatory changes, market, technological and reputational risks, lawsuits, changes in demand, etc. Derivatives of these risks may arise, including risks relating to deterioration in the credit of counterparties (suppliers, banks, others), social phenomena (humanitarian crises, impacts on crops and fishing, refugee crises, epidemics) and greater competition for financial resources.