Sustainability goals for tomorrow's financial sector
In December 2019, the Von der Leyen Commission announced the European Green Deal as a political priority: a plan to make the EU’s economy sustainable. As part of this plan, the preparation of a renewed sustainable action plan was announced to further the work already undertaken in the sustainable finance action plan in 2018.
The ABBL strongly believes that supporting its members to develop sustainable business and operating models and to integrate sustainability factors into products and services is absolutely critical to strengthen the attractiveness and the competitiveness of the Luxembourg financial centre.
While the ABBL already initiated its own work plan a few years ago, in parallel with the work initiated at the EU level, it recently created a dedicated Committee to engage in a strategic dialogue with its Members, closely monitor sustainable finance developments and bring them forward in the financial sector. This Committee serves as a knowledge sharing platform and ensures adequate coverage and communication to Members on the main sustainable finance topics and initiatives relevant to the Luxembourg Banking sector.
In light of the EU sustainable finance agenda and the growing expectations from many stakeholders (not limited to the finance sector), the ABBL has identified, together with its Members, a series of priorities articulated around three pillars: (1) financial education and training with a specific focus on sustainable finance, (2) corporate social responsibility and (3) sustainable finance.
Considering the ambitious action plan set forth by the European Commission and by the Luxembourg Government in this area, sustainable finance is the necessary answer to bridge the financing gap to achieve the Sustainable Development Goals and the climate target set at both the EU and the national level, and finally reorient capital flows to the real and more sustainable, inclusive and fair economy.
Join Julien Froumouth, Sustainable Finance Adviser at the ABBL, in the morning Round Table about sustainability goals for tomorrow’s financial sector at the European Finance Summit “From finance leaders to change makers”.