Company insight
Real innovation requires far more than just digitalising existing systems, according to Liechtenstein, it requires a whole new collective mindset. No time to wait
A change in thinking and corresponding reforms are necessary for this to succeed. And this is exactly where we still struggle. Clear commitments combined with measurable targets are indispensable. The Cop26 climate summit in Glasgow once again demonstrated that even if we implement all these commitments, we will not reach the 1.5º target, but will end up with 2.4º and will have to reckon with about 600 million climate refugees. The time of waiting, pondering, analysing, and promising is over.
(GFANZ). Under this alliance, 450 financial institutions from 45 countries, responsible in total for $130tn, have committed to net zero. The banking industry is part of this alliance and has come together under the umbrella of UNEP FI to form the Net-Zero Banking Alliance (NZBA), covering more than 50 members from about 30 countries, with total assets of $40tn. With LGT Group in April, the LLB in August, and VP Bank in September, all three of the major Liechtenstein banks have joined the NZBA. The membership
“Liechtenstein, its economy and its banking centre will continue to work actively on the transformation to sustainability.”
Only through measurable and verifiable targets can greenwashing and marketing bubbles be countered. This applies to individual institutions, the entire economy, and politics. The recognised need for action must be followed by concrete actions at all levels. Right now, probably the most credible commitment in the financial sector is the Glasgow Financial Alliance for Net Zero
Chief Executive Officer /
www.ns-businesshub.com
of the three largest banks shows Liechtenstein Banker’s Association’s clear commitment to a climate-positive future. Accounting for more than 85% of its assets under management, Liechtenstein occupies a leading position among the banking centres that have set themselves a clear roadmap to net zero. LGT, for example, wants to reduce net emissions in its operations and those of its investments
group-wide to zero by 2030. VP Bank wants to operate in a climate-neutral manner by 2026. And the LLB Group will become climate-neutral in 2021 thanks to complete compensation of its greenhouse gas emissions from banking operations – including its commuter emissions, through investments in carbon-reducing projects.
Thinking in generations Liechtenstein, its economy and its banking centre will continue to work actively on the transformation to sustainability and taking its responsibility seriously. It’s important to seriously ask the sector what kind of future we want to live in.
None of this will be possible without developed countries financing the transformation of developing countries. The money is available, the digital foundations are available, the knowledge and awareness is available. What is now needed is consistent action, and a new culture and mindset.
If we are able to achieve this, especially within Liechtenstein, then we will truly live up to our claim of “thinking in generations”. ●
www.bankenverband.li 21
PopTika/
Shutterstock.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48
