In March 2021, the Minister of Finance and Economy, Jean Castellini, launched the Monaco Sustainable Finance initiative, designed to reflect a whole series of actions on the environment and sustainable economy in the Principality. On Wednesday, the initiative featured the first Monaco Sustainable Finance forum, held at the Novotel and attended by innovative businesses and organisations from Monaco’s financial sector.
In his opening address, Jean Castellini emphasised the investment strategy adopted by the Constitutional Reserve Fund in the field of the energy transition and the joint initiative with the Monaco Association for Financial Activities (AMAF), which resulted in the creation of the Monaco Association for Sustainable Finance (AMFID).
The Minister also highlighted the importance of financial and technological innovation in this transition, as well as the role of organisations such as MonacoTech or the Monaco Innovation, Impact and Acceleration Fund (F2IAM) in helping the local economy to become increasingly “sustainable” (business start-ups, job creation, making it easier to keep innovating in the Principality, etc.).
Mr. Lionel Galfré, Director of MonacoTech, then presented the national incubator as well as a startup it hosts: "Oghji", which aims to create digital, connected and eco-responsible electrical panels.
Then, "Onyx", a startup that makes photovoltaic glass, notably installed on the roofs of the Villa Florestine, was presented by a representative of the company R2M Solution, distributor of these products.
Finally, other speakers at the event, foremost among which were the Mission for Energy Transition and SMEG, the Monegasque electricity and gas supplier, discussed the actions implemented as part of the Green Fund to promote energy efficiency and the roll-out of sustainable solutions in industry, such as ocean thermal energy loops.