Frankfurt am Main Far beyond meeting regulatory requirements, banks need to train their employees to help shape sustainable economic development. Transformation expertise and sustainable financing solutions are becoming drivers of revenue and profit.
The banks participating in the Net Zero Banking Alliance Germany (NZBAG) have set themselves the task of formulating minimum standards for the qualification of a bank’s employees. This is necessary as a supporting measure to make the German banking system a pillar of a „leading marketplace for sustainable finance“. The final report of the German government’s Sustainable Finance Advisory Council points out that „sustainable finance competence […] is key to building a resilient financial sector. In order to achieve forward-looking decisions and results, knowledge of the concepts, goals and content of sustainability transformation is indispensable.“ Several banks are already working on developing training concepts for their employees.
Training in German banks has changed significantly over the past two decades. In the mid-2000s, German banks invested heavily in employee development and training, but after the 2008 financial crisis, the focus shifted almost exclusively to regulatory compliance. For Germany to become a leading market for sustainable finance, sustainability training needs to become more forward-looking and go beyond regulatory concerns.
The recommendations and proposed training content are intended to:
Support banks in conducting basic climate change training targeted at all employees at all levels and in all functions;
Provide practical guidance to raise awareness among bank employees about transformation opportunities, increase their ambition, and understand their central role;
Promote a positive outlook on future business;
Empower bank employees to communicate the transformative role of banks to customers and the interested public;
Provide a standardized curriculum; and
Assist banks in analyzing, selecting and advising training providers.
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