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Joining forces to address climate change

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Joining forces to address climate change

Switzerland’s wealth management banks are engaging against climate change by defining 16 priorities for action as part of an industry initiative led by the Association of Swiss Asset and Wealth Management Banks (VAV). Focusing on sustainable finance will be a determining factor for successful wealth management and the industry as a whole.

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Climate change is real and its effects on our society and economy are widespread and clearly visible. The Paris Agreement on climate change shows us the path we all need to take. Together with Switzerland’s other wealth management banks, EFG wants to play its part to help achieve the Paris objectives, both as members of society and as part of our responsibility towards its clients. At the same time sustainable investment presents a major opportunity for the industry as it becomes an increasingly important topic for private and institutional investors.

Giorgio Pradelli, CEO of EFG International AG, says: “I believe that sustainability is all about choosing the right path to balance economic, environmental and social interests. The needs and expectations of the next generations can be met by actively allocating capital resources to technological innovations that drive sustainable development.”

This is why EFG joined forces with the other members of the Association of Swiss Asset and Wealth Management banks (VAV) to help shaping the transformation process needed within the economy.

As a first step, 16 priorities for action across the three key areas “Transparency and disclosure”, “Investment solutions and training” and “Reducing greenhouse gas emissions” have been developed and approved.

The association has published a report, which illustrates how and why the VAV and its members are following through on their commitment. By focusing on this topic, the member banks actively help to position Switzerland as a leading hub for sustainable investments and contribute to the competitiveness of the Swiss financial industry.

The publication can be downloaded here.