Who Pays for Pollution? New Investment Opportunities in Water

In this new installment of our “Con Acento Sacyr” section, our colleague Domingo Zarzo explains the implications of the new European Wastewater Directive for industries that emit emerging pollutants.

Domingo Zarzo Martínez

Sacyr Water Director of Strategic Projects, Communications, and Institutional Relations 

Sacyr Agua


Directive (EU) 2024/3019 on urban wastewater treatment was published in the Official Journal of the European Union on December 12, 2024. It requires Member States to transpose the new rules into national legislation within 30 months, by July 2027. In Spain, the first steps are already underway through a draft law submitted for consultation in June 2026.

The Directive marks a major shift for wastewater treatment. It promotes water reuse, sets a 2045 decarbonization target for the sector, and expands the requirements of the previous 1991 directive, both in terms of the size of municipalities covered (>1,000 inhabitants) and the quality standards they must meet. It also introduces advanced treatment processes, known as quaternary treatment, to remove contaminants of emerging concern (CECs), including pharmaceutical residues, personal care products, drugs and other substances, with part of the cost to be covered by the producers of those products.

This is where the Directive introduces the concept of Extended Producer Responsibility (EPR). Under this approach, the pharmaceutical and personal care product industries will be required to finance at least 80% of the cost of implementing treatments designed to remove CECs, in line with the “polluter pays” principle.

Each EU Member State will have to design and implement its own EPR scheme for this purpose. In practice, this means there will not be a single Europe-wide model; each country will adapt the system to its own legal and administrative framework.

The funds collected will be earmarked to cover the capital and operating costs associated with installing and maintaining quaternary treatment systems at wastewater treatment plants. The Directive also encourages these fees to be “modulated,” meaning they may vary according to the hazard, persistence or volume of micropollutants contained in each product. This should encourage producers to design and market products with a lower environmental impact.

 

 

Several pharmaceutical companies have challenged the EPR regime, arguing that it unfairly penalizes the sector and lacks sufficient empirical rigor and proportionality. Over the coming months and years, we will see how these responsibilities are defined in practice and how Spain shapes and implements its own EPR framework. It is also likely that industry will pass part of these costs on to the final price of products, although the EU’s objective is for any impact to be proportionate and to encourage innovation toward more sustainable products.

A similar concept, although in a different area of water management, can be found in Spain’s new Royal Decree 1085/2024 on water reuse. For the first time, it opens the legal door for industries and private companies in Spain to finance water treatment or reuse infrastructure to offset their water footprint and move toward the concept of being Water Positive. It could also create new opportunities for public-private partnership models in water infrastructure, which, unlike in other countries, remain relatively uncommon in Spain.

 

Water Positive

 

Many of the world’s largest corporations—including Amazon, Microsoft, Google, Coca-Cola and Tesla—have committed to becoming Water Positive by 2030. Technology companies, among the largest consumers of water because of their data centers, are already making significant investments in this area.

For example, Amazon Web Services has committed €17 million to the Government of Aragon to offset the water footprint of its new data centers under construction, while Microsoft is also financing irrigation improvements for farmers in Spain and projects to reduce losses in municipal drinking water networks.

Sacyr Group is already Water Positive. Since 2022, our water footprint has been measured and certified under ISO 14046. Thanks to our production of desalinated and reused water, we have a positive net water balance across the Group, in every country where we operate and across all our activities: we produce more water than we consume.

Together, these new regulations open up significant investment and business opportunities for Sacyr in Spain and across Europe. In Spain alone, the Ministry for the Ecological Transition and the sector’s main associations estimate that €24.5 billion in investment will be needed to comply with the new Urban Wastewater Treatment Directive.

Sacyr is well positioned to take on these challenges and investments. As early as 2015, Sacyr Agua built the advanced treatment system at the La Gavia wastewater treatment plant in Madrid, which we also operate today. With a capacity of 1 m³ per second, it is one of the largest facilities of its kind in Spain. We have also carried out numerous innovation projects, including pilot tests of different technologies to remove emerging contaminants and microplastics.

In the same way, Sacyr Agua has promoted the Water Positive approach from the outset and has defined a strategy to address this emerging market, identifying potential internal offset projects that can be offered to companies and industrial clients.

  • Corporate

Announcement: Release of 1H 2026 Results

SACYR, S.A., announces the schedule for the presentation of the Group's results for the first half of 2026.

The results will be released on Wednesday, July 29, 2026, after the market closes, on the CNMV website and on our website.

The earnings presentation will take place on Thursday, July 30, 2026, at 12:00 p.m. (CEST) and can be followed in real time via an audio webcast at this direct link.

Access to the replay of the earnings presentation will be available directly via the link provided above.

Featured projects

SA8000: Our Daily Commitment to People

This international standard ensures our operations align with rigorous social criteria, with a steadfast focus on human rights in the workplace.

At Sacyr, we believe that every project we undertake carries a responsibility to the environment, our team, and our entire value chain. While we build infrastructure, our primary focus is working with and for people. Therefore, fostering fair, safe, and respectful workplaces is central to how we drive growth.

In this context, the SA8000 standard has become vital. This international standard ensures our operations align with rigorous social criteria, with a steadfast focus on human rights in the workplace. It is not merely about compliance, but about embedding these principles into our corporate culture and daily practices.

 

From Commitment to Action

 

To achieve this, we translate these principles into concrete actions within our daily operations. Our Human Rights and Community Relations Policy is publicly available and applies to everyone across our organization, as well as our stakeholders.

Furthermore, we foster a culture rooted in active listening. To support this, we provide confidential channels that allow anyone to raise concerns safely. This is complemented by our continuous reinforcement of occupational health and safety, with dedicated committees at every construction site to help protect our teams.

 

 
 

The Role of the Social Performance Team

 

Within this framework, the Social Performance Team (SPT) plays a pivotal role. Comprising representatives from both management and the workforce, it serves as a forum for dialogue and collaboration.

Its mission is to bridge gaps, facilitate open communication, and identify areas for improvement. Ultimately, it ensures that the standard's principles translate from theory into practice across our construction sites and workplaces every day.


Assessment and Continuous Improvement


All of these efforts are subject to ongoing review. Our construction division in Spain is SA8000-certified, having successfully passed an independent audit that verified compliance with all requirements for the third consecutive year.

These assessments involve private and confidential interviews with employees and suppliers. This provides first-hand insight into how these commitments are implemented on the ground, enabling us to drive continuous improvement.


A Global Commitment


Furthermore, this approach aligns with our commitment to international standards such as the Universal Declaration of Human Rights, the OECD Guidelines, and the International Labour Organisation (ILO) principles.

SA8000 certification is not a destination, but a tool for ongoing progress. It drives us to strengthen a working model that puts people first. At Sacyr, we believe that only by prioritizing respect, equality, and safety can we deliver a truly positive and sustainable impact.

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H1 2026 Results Presentation

2025

Sacyr's H1 2026 Results Presentation will be held on July 30th, 2026 at 12:00h CEST.

Access to streaming

New Award Turin Health Complex

Italy: strategic market

SIS, a consortium comprising Fininc and Sacyr, will build and manage this project for 25 years, which will require an investment of €517 million. More info

Lousiana I-10 highway awarding. 

USA Strategic Market

A world-class consortium comprised of Sacyr, Acciona and Plenary Americas have signed a P3 project to design, build, finance, operate and maintain for 50 years the construction and improvement of a 10-km-long stretch including a new bridge. More info

Northern Chile Airport Network

Chile

The contract covers the operation and expansion of the Antofagasta and Atacama airports. This P3 calls for an investment of €266 million and has a concession term of 26 years. More info.

Peripherical Ring Road

Peru

We are developing a major 34.8 km urban motorway that will improve Lima's connectivity. The concession includes the design, financing, construction, management and maintenance of the road. More info.

2026 AGM

Sacyr Group announces the resolutions adopted in the 2026 AGM.

Results Presentation

Consult and download all the presentation of results from recent years, published in the National Securities Market Commission (CNMV).

 
 

The H1 2026 results presentation will be held on 30th July 2026 at 12:00 CEST.

To access the webcast click here.

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