International Impact Banking Conference – reveals results of Sustainable Finance Market Study today

The 2nd PwC Green Finance Day, organised together with the ABBL, will occur today in Luxembourg. The event will be opened by Guy Hoffmann (Chairman of ABBL), Valérie Arnold (Partner, PwC Luxembourg) and Roxane Haas (Partner, PwC Luxembourg) who will discuss how there can be no sustainable developments without Sustainable Finance. In the late afternoon, there will be a session where the results of the ABBL Sustainable Finance Market Study: “Market opportunities for Impact Banking and related business models”, will be revealed by Frank Krings (CEO of Deutsche Bank Luxembourg S.A. / Head of the ABBL Cube Cluster) and Michael Hauer (Director, PwC Luxembourg).

Following the success of the first Luxembourg Green Finance Day PwC hosted on 29 March 2018, today PwC will again be hosting the second version of this international expert and executive conference along with the Luxembourg Bankers’ Association (ABBL).

Realising that the market is facing drastic changes in the field of sustainability, PwC Luxembourg established a team dedicated to Sustainable Finance. Together with the ABBL, the team conducted the ABBL Sustainable Finance Market Study, a survey that for the first time aims at investigating the status of Sustainable Finance in Luxembourg by asking banking CEOs. The resulting participation was remarkable with more than 70% of the invitees having responded the questionnaire. This highlights the importance of the topic – not only for Luxembourg but rather in the entire global financial sector. The results of this survey will be presented by Frank Krings (CEO of Deutsche Bank Luxembourg S.A. / Head of the ABBL Cube Cluster), and Michael Hauer (Director, PwC Luxembourg), during the conference held today at the premises at PwC Luxembourg.

The contribution to a more Sustainable Future results from the joint commitment of many different stakeholders of eco-systems around the world and the financial sector is key in this.”  Jörg Ackermann, Partner, PwC Luxembourg.

Sustainable Finance seems to become a relevant question of future banking business models. Luxembourg could become one of the leading markets to develop front-running products, services and regulatory frameworks for sustainable bankingMichael Hauer, Director Sustainable Finance, PwC Luxembourg.

Sustainable Finance in the Spotlight

Following the rising importance of Sustainable Finance, and as a contribution to the development of Luxembourg’s financial centre, PwC and ABBL have developed Impact Banking as a concept aiming to position Luxembourg’s banking sector to become a front runner in the field of sustainable finance.

Sustainable Finance represents a significant opportunity for banks to reposition their business models in line with customer expectations and along new requirements coming with CSR, (Corporate and Social Responsibility), SDG (Sustainable Development Goals) and ESG (Environmental, Social and Governance)  and other initiatives and standards driven by politics and society. Green Finance, which implies the redirection of financial resources towards environmentally sustainable projects, is a great instrument which would facilitate the transition to a low-carbon economy and which works towards achieving the international goals.

Banks have understood their responsibility towards the society as a whole and sustainable banking cannot and will not be averted. By embedding SDGs into their business strategy, they will be better placed to unlock market opportunities.” Roxane Haas, Banking Leader, PwC Luxembourg

No Sustainable developments without Sustainable Finance

Today, the 2nd PwC Green Finance Day will kick-off with an introduction by Valérie Arnold (Partner, PwC Luxembourg), Roxane Haas (Partner, PwC Luxembourg) and Guy Hoffmann (Chairman of ABBL, Luxembourg) that will put forward their mutual belief that there can be no sustainable developments without Sustainable Finance.

Many of the industry’s traditional and previously successful business models have reached the end of their lifecycle and their profitability is decreasing steadily. We have reached a tipping point and we are convinced that only organisations which help humans and the planet to thrive will succeed in the long-term.” Valérie Arnold, Sustainable Finance Leader, PwC Luxembourg.

Sustainable Finance, more than a trend of our times, is a movement with the potential to change the future of banking by creating a social, environmental and governance (ESG) impact. ESG-factors will have to be integrated in decisions on investment opportunities, refinancing sources or business partners and especially, in the creation of new products and services.

Among the other speakers at the event will be Jennifer de Nijs (Advisor of Ministry of Finance, Luxembourg) and Dr. André Weidenhaupt (Director General at the Ministry of the Environment, Climate and Sustainable Development, Luxembourg).

 

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