Europe should strengthen climate protection

The years since the Russian attack on Ukraine were considered challenging for financial service providers who take into account sustainability criteria. With the choice of Donald Trump as the American president, they feel real headwind: exit his country from the Paris climate agreement, systematic exclusion of ESG criteria (environment, social affairs, corporate management) from the investment for pension funds and more exploitation of fossil raw materials.

In addition, the EU Commission wants to modify its Green Deal and force companies less to transparency about sustainability risks. The two major sustainability banks in Germany, the cooperative GLS Bank and the Dutch Triodos Bank, who are also active in Germany, feel this paradigm shift. However, he has not hurt them on business – rather the clear profile even helps them to win customers. “According to the insurance industry, the damage caused by environmental disasters is as high as ever,” said GLS board member Dirk Kannacher on Thursday when he presented the number of balance sheet figures. “Even if the United States says we can continue to drive gas and oil, the funding will be so expensive that it is not worth it economically.” Politics should be different from climate protection. In his view, European politics should focus on climate protection, since there is only an alternative: either the conversion of the economy will be financed or the subsequent damage removal. Sustainability pay off financially. His colleague Christina Opitz also advised that Europe should differentiate from the United States. “The United States sets a pile of broken glass and will pay it expensive. As a small sustainable bank, we want to strengthen that, ”she said. The CEO of TRIODOS Bank from Zeist at Utrecht, Jeroen Rijpkema, admitted that the Netto-Null climate center had to rethink in view of changed legal provisions. Nevertheless, the goal, which has existed since it was founded in 1980, remains: “Our endeavors to finance solutions for climate change and to promote systemic change in the financial sector.” Triodos strives to the stock exchange Euronextin. Apart from that, the numbers are not comparable due to special effects. The GLS Bank based in Bochum has increased its balance sheet by eight percent to 10.7 billion euros. Similarly, loan activity increased to 5.7 billion euros. She won 11,000 new customers, the average age promised long relationships at 41 years. Interest and commission surplus as well as the raw surplus grew with similar rates, the dividend is slightly lower at two percent than in the previous year (2.5 percent), but higher than in the low interest rate phase. For the first time, the volume of in-house ESG funds fell-a sign that the changed debate situation around sustainability does not remain without consequences. The result of the Triodos Bank (total assets 17 billion euros, plus 4.6 percent) is characterized by a provision that serves to finish shareholders because the bank is aiming for a list of the Euronext stock exchange. Therefore, no dividend is released. While the customer deposits increased by five percent and the commission surplus by 2.8 percent, the underlying net profit decreased without the provision from 77.2 to 71.9 million euros.

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