On Tuesday morning, the Chief Executive Officer of the Luxembourg Stock Exchange joined our colleagues at RTL Radio for an interview.
After having filled the role of CEO since 2012, Scharfe is set to retire next week. During the interview, he conveyed his belief that all the actors on the Luxembourg Stock Exchange are capable of further developing in more sustainable manner: "I see great potential for improvement and think now is the time to be courageous."
According to Scharfe, the Luxembourg Stock Exchange has a global market share of more than 50% in the domain of green energy. He was however reluctant to acknowledge efforts of "greenwashing", noting that one has to understand that restructuring business takes time. While some still have to rely on fossil fuels for their own operations, they are already financing entirely green projects, which are then included in the exchange.
Scharfe further talked about the importance of encouraging businesses to take a clear position on green energy, explaining that if Luxembourg wants to achieve its climate goals, the transitions have to be made rigorously. More than a third of the funds in the Luxembourg Stock Exchange, which currently range around €5 trillion, are already invested in green energy. "And the sector is rapidly growing", Scharfe emphasised.
One of the greatest challenges in the financial sector is the recruitment of young talents, Scharfe believes: "It has become more difficult to get young people enthusiastic about finances, unless we manage to convince them that sustainable investments are the right way forward. We have to show them that we can actually help create a better climate, protect our environment, and strengthen our society." Scharfe concluded that recruitment efforts still have to be reinforced, which could be done by cooperating more closely with universities.
Once Robert Scharfe has left his post as CEO, Julie Becker will take over reigns at the Luxembourg Stock Exchange.
