The Luxembourg Sustainable Finance Initiative (LSFI) has announced the launch of a new assembly of partners bringing together the main actors of sustainable finance in the Grand Duchy.

In order to identify the needs of the financial industry, foster dialogue, share best practices and overcome challenges, the LSFI has set up a forum bringing together the main sustainable finance actors in the country.

At the inaugural meeting of the LSFI Stakeholder Assembly, the public-private non-profit organisation also announced the launch of four cross-sectorial sustainable finance working groups on climate reporting and measurement, education, data and innovation.

On Thursday 21 July 2022, the first meeting of the Assembly of Stakeholders took place in the presence of Yuriko Bakes, Luxembourg's Minister of Finance, and Joëlle Welfring, the Minister of the Environment, Climate and Sustainable Development. The two ministers highlighted the need for coordination to channel public and private investments in the right direction and reaffirmed the role of the LSFI in helping the sector navigate the path to sustainable finance and promote market standards and best practices.

This inaugural assembly brought together more than 20 representatives from different industries active in the field of sustainable finance, such as financial sector associations, non-profits, research and education and the inclusive finance domain, among others.

Going forward, the objective of this assembly will be to regularly gather key sustainable finance stakeholders in Luxembourg to facilitate exchanges and enhance coordination.

"During our first year of activity, the LSFI comprehensively mapped the sustainable finance landscape in Luxembourg to recognise all its strengths and challenges. We noticed increased interest, expertise and pioneering initiatives, but also a complexity around this fast-evolving topic and the need for coordination and shared solutions", explained Nicoletta Centofanti, LSFI Interim General Manager. "We believe that fostering dialogue, promoting the sharing of knowledge and best practices 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"

On this occasion, the LSFI also provided an extensive overview of its past and ongoing activities, in the form of the 2021 LSFI Annual Report. In particular, the LSFI announced the launch of four working groups aimed at filling existing gaps and proposing practical solutions.

Participants had the opportunity to present their sustainable finance-related activities and to express their challenges and expectations in relation to the LSFI. Among these, fostering interaction within industries, coordinating and implementing regulations, accessing data and tools and finding talent were signalled by stakeholders as some of their main concerns and needs going forward.

Starting in October 2022, the LSFI will launch four working groups which will support and advance the topics of climate reporting and measurement, education, data and innovation. These working groups will be the first to address these issues at a cross-sectoral level; they will include actors and experts from different industries who can help find sustainable finance-related solutions applicable across the country. The goal is to ensure coordination between the involved actors, have a regular exchange of information and propose solutions for Luxembourg, such as new training opportunities, additional climate measurement methodologies and innovative products for retail investors.

The call for working group members will be announced publicly in the coming weeks. The working groups will be set up with specific terms that specify their objectives and clarify the necessary expertise of participants in order to capture knowledgeable industry professionals from different and complementary backgrounds.