Written by 11:26 International, Sustainable Finance

WAIFC’s Global Footprint and Commitment to Sustainability: Hubertus Vaeth Reflects on Achievements as Co-founder

Hubertus Vaeth addresses the challenges faced by Frankfurt Main Finance, in the third quarter of 2023. During this interview, it is also highlighted the notable achievements of the World Alliance of International Financial Centers (WAIFC) and he shares his objectives as a co-founder.

What are the challenges of Frankfurt Main Finance in the upcoming months?

There are like always several. The biggest is: Germany is a society that values engineering above much else. The attractiveness of the financial sector for young talent remains a challenge. It’s the limit to our growth as a financial centre. As a result, we have strongly lobbied for what has just now passed the parliament and is known as the “Skilled Immigration Act for qualified professionals.” 

Along the same line, we had an online consultation on the expectations of the young generation called “Your Future in the Finance Industry with Valuable Insights”. Last but not least: Frankfurt became the seat of the Board and the Chair of the International Sustainability Board, the organization to define the global baseline in sustainability reporting. The first two of which have just been published: “ISSB issues inaugural global sustainability disclosure standards” & “Finance Montréal and Frankfurt Main Finance jointly sign statement of intent to support ISSB“. It is important to note that we have joined forces with Montreal to promote the wide acceptance. 

Any objective within the WAIFC as a co-founder?

It makes me proud to see how WAIFC evolved. To work with this dedicated and passionate team is a privilege. I’m particularly happy to see the expansion of our global footprint and that we became a beacon of true diversity. I hope that WAIFC would close ranks with the UNDP Financial Centres for Sustainability (FC4S) network to foster the before mentioned ISSB standards and .. eventually … make a joint showing of that support at COP 28? Let’s aim for that! In close connection with that, the capacity building in this space is key to achieving the net Zero transformation in a just and timely fashion. We should link up on that subject and help to achieve capacity building within our network as we are all having just that one beautiful planet.

Could you tell us about the most successful achievement of the WAIFC? 

I shy away to name one of the many projects in particular. Why? I believe that the whole of WAIFC is more than the sum of the parts of its various initiatives. Hence we should exactly allow this diverse range of topics to bloom. What I however like to highlight is, that the WAIFC has made itself heard. It is on the way to becoming a global voice for the financial industry. Getting heard and making the case for the benefits of our industry is what we all should aim for. 

To achieve that, a chorus is louder than a single voice. I believe we are on the way to achieving this in a very professional fashion under a harmoniously revolving leadership. That in itself is for me the most impressive achievement. This makes me hopeful that we can continue to grow our footprint and make our “chorus” heard ever louder and clearer.

Source: Interview with Hubertus Vaeth, Newsletter July 2023

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