Laure CANAS DA SILVA, Head of Regulatory at Edmond de Rothschild Monaco, is also President of the recently created Monegasque Association for Sustainable Finance (AMFiD). A role of influence.
Why did you create AMFiD?
The association's main objective is twofold: to facilitate exchanges between ESG correspondents of financial institutions and to promote a sustainable culture in the financial industry in Monaco. The stakes are high, which is why the association was created with the support and impetus of the Monegasque Association of Financial Activities and the Councillor-Minister of Finance and the Economy, Mr Jean CASTELLINI.
The founding members of AMFiD: Stéphanie AGREFILO (Société Générale Monaco), Eric TOURNIER (CMB Monaco), Franck BIANCHERI (Penta Advisory), and myself are very keen to emphasise the extent to which sustainable finance is the result of a natural evolution.
What do you mean by this?
Awareness, the fact that the positive impact of responsible choices is being distilled in people's minds, has mechanically triggered transformations within companies which are reflected in clients' portfolios. It is in this sense that I am talking about a natural evolution towards ethical and sustainable investments.
Apart from the members of the AMAF, do you plan to work with other partners?
While finalising the structure of the association, we want to bring together all the ESG correspondents registered with the AMAF, to establish quality partnerships with many players in the Principality and to continue the initiatives taken by the Government, particularly in terms of training. We also plan to exchange with students from the International University of Monaco on projects related to sustainable finance.
What is your roadmap?
Our action will be based on five major points:
- Promote the exchange of information, ideas and experiences between members.
- Act as a relay for ESG correspondents to promote environmental, social and governance criteria
- Organise conferences to meet and train ESG correspondents in the Principality and abroad.
- To disseminate and promote sustainable finance in Monaco and abroad with a view to conforming to international standards
- To propose all initiatives to contribute to the development of sustainable finance
Sustainable finance is already a tradition in the Principality, where many initiatives have been put in place...
Edmond de Rothschild (Monaco) has indeed signed the National Pact for Energy Transition. We took part in the Climate Fresco (a collaborative workshop enabling people to understand the main climate issues in order to take action) initiated by the parent company, and we are pursuing our sustainable development mission, in particular via a Sustainability Committee.
Globally, financial institutions have positioned themselves in sustainable finance according to their corporate culture and their long-term strategy, particularly in private equity or funds dedicated to environmental infrastructures.
Europe has made the fight against "sustainable finance" greenwashing a priority. Is regulation sufficient in Monaco?
In order to avoid confusion due to the multiplication of labels and to fight against greenwashing methods, training, coherence through a common language and product transparency are effective tools that we are going to put in place.
The reputational risks generated by greenwashing are already firmly rooted in the minds of the industry's employees. Hence the importance of total transparency on investments: what ESG criteria are taken into account? What are the risks involved? What are the sustainability factors? Clarity is essential to meet the requirements and priorities of the Principality and our clients.
Is AMFID an element of attractiveness for the Principality?
More than an element of attractiveness, it is a body of influence: we hope to identify and then very soon adapt the various ESG criteria of the parent companies of our financial institutions to the Monegasque context. This is a real challenge given the Principality's ambitions to become a model country in terms of green finance.