When working together, banks and NGOs can ensure a real-world impact. Banks provide financing for sustainable projects, while NGOs raise awareness and propose projects for funding. In this interview, Nicoletta Centofanti, CEO at LSFI, explains how banks and NGOs should collaborate together to drive positive social impact.
Banks play a crucial role in the transition towards sustainability by financing sustainable projects through their lending and portfolio activities. Similarly, NGOs are key in raising public awareness and identifying the needs of our society and planet. They are also key at proposing projects or enterprises for banks that could be financed. The collaboration between these two entities is essential: on the one hand it ensures that appropriate products are developed, and impactful projects or enterprises are funded, on the other hand it fosters the monitoring of the impact on the real economy investments. In addition, NGOs and banks can work together to identify the best practices and develop methodologies for the transition towards sustainability. For example, several existing methodologies and tools to transition towards sustainability have been developed by non-profit organisations and are now used by financial institutions to decarbonise their portfolios or to integrate sustainability criteria into investment decisions.
The transition towards sustainable finance requires the involvement of all actors, from governments and financial institutions to the civil society and general public. Forming partnerships among these different players, is essential to ensure that the transition is as effective and efficient as possible, as each actor brings unique and complimentary expertise. For example, when NGOs and banks collaborate, they reach larger communities, finance necessary (but maybe less “mainstream”) projects, assess societal needs, and cover the existent gaps.
In the realm of sustainable finance, the ultimate objective is shared. It is crucial for all parties to understand and embrace this common goal. Instead of working in isolation or opposition, leveraging each other's strengths can significantly advance the transition. Collaboration is key to drive progress and ensure sustainable finance advances further and at speed.
The LSFI supports capacity building both within the financial sector and among the general public. For the financial sector, we host working groups that address key challenges such as education and training, climate measurement and reporting, and ESG data. These working groups provide the financial sector with practical tools to overcome current challenges and enhance skills.
Additionally, we produce reports and studies on sustainable finance, offering in-depth assessments and quantitative data crucial for understanding the current state and future needs of sustainable finance. We also organise technical webinars and events. For example, on September 18th and 19th, we are hosting our first LSFI Summit, which will include masterclasses to help financial professionals gain in-depth knowledge on critical topics such as human rights, private investment mobilisation, biodiversity, and stewardship.
For the general public, we organise regular awareness sessions targeting universities, fintech companies, school students, and others to explain what sustainable finance is and how it involves everyone.
Probably one of the first example in Luxembourg, among others, is the etika – Spuerkeess collaboration. etika and Spuerkeess created in 1997 the Alternative Savings Account, the first sustainable banking product in Luxembourg, including strict criteria of transparency and sustainability and whereby their deposit customers enable funding of social and ecological projects at favourable interest rates. In this context, every year, etika organises the Velotours, a way to get to know the projects supported by the two partners via an ecological means of transport.
There is an urgent need for rapid transition to global sustainability. Business and industry have enormous social and environmental impacts. "Why does it matter?" is a bi-monthly blog that aims to elucidate this important topic through the eyes of our experts.
Don't miss out our experts' practical tips for your daily life and be part of the positive change.
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When working together, banks and NGOs can ensure a real-world impact. Banks provide financing for sustainable projects, while NGOs raise awareness and propose projects for funding. In this interview, Nicoletta Centofanti, CEO at LSFI, explains how banks and NGOs should collaborate together to drive positive social impact.
What are the major issues regarding CSR and sustainability in Luxembourg, and what specific obstacles do the country’s economic players face when they seek to establish sustainable communities? In this interview, Laetitia Georgel and Sophie Öberg from IMS Luxembourg tell us about the involvement of Luxembourg companies in the field of corporate social responsibility and sustainability, and offer five practical tips for building sustainable communities.
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How can financial institutions leverage technology and data analytics to mitigate environmental risks within their investment portfolios? What are the strategies adopted by banks to align their financial services with sustainable development goals and how they can incentivise customers to adopt eco-friendly banking habits? In this interview, Julien Froumouth, Sustainable Finance Adviser at ABBL, addresses the role of Luxembourg's banks in financing renewable energy projects and supporting the transition to a low-carbon economy. Furthermore, Julien provides five tips for readers to assess a bank's corporate behaviour regarding environmental responsibilities.
In this interview, Mariana Ruiz, Senior Social Development specialist at the European Investment Bank, tells us how banks can promote social justice by integrating human rights considerations into their lending practices and investment decisions. Do not miss Mariana’s five useful tips to make informed choices that align with your human rights principles.
Financial incentives encourage companies to adopt more environmentally-friendly practices. Both governments and the private sector play a crucial role in this dynamic. Luxembourg is implementing legislative measures to reduce the amount of plastic waste, while providing practical advice on concrete actions at a local level. Charles-Albert Florentin, Cleantech Cluster Manager at Luxinnovation, shares his expertise on sustainable innovation in Luxembourg, with a focus on the global impact of financing to combat plastic pollution.
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Sustainable mobility offers significant benefits and challenges for organisations. Strategic approaches are essential to reduce emissions and promote greener transportation. Falk Fernbach, Director of Strategy and Innovation at LuxMobility, shares his insights on the matter and presents our readers 5 tips related to sustainable mobility.
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Climate change risks are a growing concern for companies, including financial institutions, as they can be caused by physical effects, weather changes, or emissions reduction efforts. Integrating sustainability and climate risks into business strategies is crucial for a sustainable economy. Jean-Philippe Peters, Partner at Deloitte Luxembourg and Maria Josefin Johansson Juup, Senior Manager at Deloitte Luxembourg provide us with insights, as well as 5 useful tips for companies developing a climate risk management framework.
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The financial industry can contribute to the European Green Deal by avoiding negative investment and promoting sustainable finance. There has already been cooperation between Spuerkeess and etika since 1996. In the current environment, sustainable economic activities remain a priority. We spoke with etika’s Ekkehart Schmidt about the latest developments and five useful tips on how we can all drive sustainable change in the financial industry.
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Luxembourg's industrial sector is transitioning to renewable energy and has to overcome challenges like high electricity costs and infrastructure investments. Strengthening manufacturing capacities and promoting green reindustrialization is crucial for the economy. We spoke to Dr. Gaston Trauffler, head of industrial policy at FEDIL who provided insight and five useful tips for our readers.
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Why is corporate culture fundamental to ESG (Environmental, Social, and Governance) compliance and how does it set the tone for ethical behavior and responsible business practices? We spoke to Anthony Smith-Meyer, Executive Director at the Institute for Financial Integrity, and Sustainability (IFIS) who provided insight and five useful tips for our readers.
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How do banks prioritise investments in renewable energy projects and how do they incorporate climate risk assessments into their practices? In this interview, Isabelle Delas, CEO at LuxFLAG dives into the emerging trends in the banking sector and provides five practical tips for those seeking banks that integrate sustainable practices into their day-to-day operations.
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Data literacy is becoming increasingly important in today’s digital age. It refers to the ability to understand, interpret and communicate with data effectively. In a world where data is constantly generated and used to inform decision-making, having data literacy skills is crucial for individuals and organizations alike. What aspects matter in this field? We spoke to Bernard de Villepin, Data & AI Manager and Business Coach at PwC Luxembourg who provided insight as well as five useful tips for our readers who want to enhance their data literacy.
