The Luxembourg Sustainable Finance Initiative, a public-private body known as LSFI, has decided to create four new working groups to help the industry better come to grips with challenges posed by Environmental, Social and Governance issues.
The new working groups will seek to identify the needs of the financial industry, foster dialogue, share best practices, and overcome challenges. The groups will work on climate reporting and measurement, education, data, and innovation.
“We believe that fostering dialogue, promoting knowledge and best practices-sharing while finding synergies among different industries and sectors will be key to confronting the emergency we are facing and ensuring an effective and prompt transition of our economies,” said Nicoletta Centofanti (pictured), LSFI Interim General Manager.
Call for members coming up
The LSFI working groups are the first cross-sector groups on sustainable finance, it said. They will include actors and experts from different industries that can help find sustainable finance-related solutions applicable across the country.
A call for members of the working groups will be publicly announced in the coming weeks. The groups are due to be operational from October.
The decision to create the groups was made last week at the inaugural meeting of LSFI’s “stakeholder assembly”, attended also by Finance Minister Yuriko Backes and Climate Minister Joëlle Welfring. The ministers underlined the need to coordinate to “channel public and private investments in the right direction” and reiterated the role of the LSFI to help the sector navigate the sustainable finance path.
Sustainable finance ‘key tool’
“Recent events, from the pandemic to the energy crisis triggered by the war in Ukraine, have made it even more clear and urgent that sustainable finance is a key tool to build low carbon, sustainable & resilient economies,” said Backes in a LinkedIn post. “Looking forward to working together.”
The LSFI inaugural assembly was attended by over 20 representatives from different industries active in the sustainable finance field, such as the financial sector associations, NGOs, research and education, and the inclusive finance domain, among others.
The assembly is set to become a regular gathering of key sustainable finance stakeholders in Luxembourg.