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More and more we see new laws and regulations designed to combat climate change through the reduction of greenhouse gas emissions. These laws also concern the financial sector, making it a responsibility to ensure a sustainable, healthy system. Those who do not comply will face increasing problems in the market. The Frankfurt School of Finance & Management has been focusing on sustainable finance for a number of years. Therefore, the university administers and advises the Green and Sustainable Finance Cluster Germany – a collaboration of the Deutsche Börse and the Hessian Ministry of Economic Affairs.
On Tuesday, August 20, 2019, the cluster’s steering committee met at Frankfurt School to draw their first conclusions after the spring 2018 merger. Dr. Jörg Kukies, State Secretary in the Federal Ministry of Finance attended the meeting as a guest. On behalf of the Federal Government, he reacted positively to the Cluster’s efforts and measures to promote sustainable financial structures.
In order to reduce global warming and achieve climate targets, the financial market is of vital importance, according to Dr. Philipp Nimmermann, State Secretary in the Hessian Ministry of Economic Affairs, Energy, Transport and Housing, who also participated in the conference. "The cluster organizes the dialogue with financial institutions as well as the public".
Kristina Jeromin, Head of Group Sustainability, Deutsche Börse Group and Co-Head of the Cluster said that the financial industry has not been dealing with sustainability in a timely manner, and transformation is necessary.
Karsten Löffler, Co-Head of the FS-UNEP Center for Climate and Sustainable Energy Finance and the Cluster, stressed that the merger was designed to provide financial institutions with information to highlight both the risks and opportunities of the transition to a sustainable economic system.