These funds may also support initiatives related to the implementation of Telefonica's Renewable Energy Plan and the development of digital products and services aimed at conserving energy and natural resources. Telefonica's commitment to transparency includes annual reporting on the environmental impact of these projects. Metrics such as energy consumption per petabyte of data traffic, energy savings, and CO2 emissions reduction will be monitored and disclosed. Telefonica has consistently evolved its financing strategy, first introducing its Sustainable Financing Framework in 2018. Subsequent updates in January 2021 and the most recent in July 2023 reflect the company's dedication to meeting market best practices and investor expectations. Each update has received a positive Second Party Opinion from Sustainalytics, underlining Telefonica's commitment to aligning its operations with sustainable practices.