On Friday 19 March, the Principality’s new joint working group, made up of members of the Monaco Association for Financial Activities (AMAF) and the State, came together to launch a new initiative based on sustainable finance.
Monaco is one of the main European centres for private banking activity, alongside Switzerland and Luxembourg, and the Principality hopes to lead by example in terms of sustainable development. More and more key players in the financial world, from bankers to private business owners, are making an increased effort to apply a sustainable approach to their decision-making processes. Not only this, but the industry now has a heightened awareness about their responsibility to help solve global challenges and the role they play in combatting climate change.
Protect the planet by supporting technological innovation
“Sustainable finance means extending a certain number of initiatives and commitments set up by our Sovereign, designed to help the financial sector protect the environment,” explained Jean Castellini, Minister of Finance and the Economy, during an interview with news channel Monaco Info, after the working group “Monaco Sustainable Finance” met for the first time. The Government Minister also reminded viewers about the concepts of blue and green finance, which are being showcased this week at the Monaco Ocean Week event: “Finance that respects the environment and supports technological innovation through sustainable development.”
“We need our actions and investments to be in line with our commitments to the planet,” explained Jean Castellini, before going on to add that “to be honest, we no longer have a choice: the younger generations, in particular family offices, are looking for meaning in their investments, not just their perfomance.”
“Monaco Sustainable Finance” is an ambitious initiative and this working group has three objectives it hopes to achieve in the near future: protect the planet, develop new practices and champion innovation by investing in new technologies.