On the occasion of its traditional “Chairman’s Dinner” held on July 10, the ABBL officially endorsed the principles for responsible banking as defined by the Finance Initiative of the United Nations Environment Programme (UNEP FI).
On January 16, 2019, the ABBL’s Board of Directors unanimously approved the endorsement of these principles, making ABBL the first organisation in Luxembourg’s financial sector to do so.
Today’s signing ceremony was attended by Pierre Gramegna, Minister of Finance, Claude Turmes, Minister of Energy and Territorial Development and Simone Dettling, Banking Team Lead at UNEP FI.
“The ABBL is uniquely positioned to raise awareness and promote sustainable finance within the banking community in Luxembourg. I therefore welcome ABBL’s endorsement of the UNEP FI principles for responsible banking. This commitment underscores the significant role which the Luxembourg banking sector attributes to sustainable finance.”
“The aim of this endorsement is to foster the development of a Luxembourg banking sector at the service of society, and which contributes to achieving the sustainable development goals as defined and approved by the United Nations.”
“This ABBL Initiative is in perfect alignment with the Luxembourg Sustainable Finance Roadmap, jointly launched by UNEP-FI and the Ministers of Finance and the Environment, Climate and Sustainable Development.”
This commitment underscores the continuity of ABBL’s sustainability strategy.
Since 2016, three working groups dedicated to responsible finance have been created within the ABBL: the first covers overarching corporate social responsibility issues, the second is devoted to sustainable finance while the third focuses on product compliance with ESG criteria.
In addition, the ABBL has developed a training course on sustainable finance in partnership with the House of Training and Forethix. This is the first sustainable finance course of its kind in Luxembourg.
The first installment of this course is scheduled for July 17, 2019.
The Luxembourg financial center has the opportunity to position itself as a genuine international center of excellence for sustainable banking. To this end, it is developing a
responsible banking strategy structured around three key considerations:
- an ambitious offer of services and products in line with environmental, social and governmental (ESG) criteria;
- raising customer awareness of the opportunities arising from investment choices that meet ESG criteria;
- adequate professional training.
The above considerations are an integral part of ABBL’s strategy, which is sparing no effort to ensure that the Luxembourg financial sector enjoys a lead in these matters.
The signing ceremony was punctuated by the successive interventions of Guy Hoffmann, Chairman of the ABBL, Pierre Gramegna, Minister of Finance, Simone Dettling, Banking Team Lead, UNEP FI, Robert Scharfe, CEO, Luxembourg Stock Exchange.
“I very much like the idea of banks and other actors in the financial sector taking leadership in setting standards not only on behalf of their clients but for society as a whole. The ABBL is committed to take this path and wants to contribute in making Luxembourg an international leader in sustainable finance. I am confident that many more actors will join us in this effort.”
“ABBL’s endorsement of these principles reiterates its commitment to support the development of sustainable finance in Luxembourg. It is now up to its members to follow its example and implement concrete actions to enable sustainable finance to flourish and become more widespread, particularly through a sustained education effort.”
The United Nations Environment Program Financial Initiative (UNEP FI) is a partnership between the United Nations Environment Program and the global financial sector, created following the Rio Earth Summit in 1992 to promote sustainable finance.
Established in 1939, the ABBL represents the majority of financial institutions as well as regulated financial intermediaries and other professionals established in Luxembourg.