Introduction by Aida Cassola, Brand & Marketing Manager, APS Bank
Ms Aida Cassola welcomed those joining MSF. She provided an introduction of MSF Speakers and outlined the programme of MSF.
Welcome address by Marcel Cassar, CEO, APS Bank
The APS Bank CEO referred to last year’s Forum where Sustainability was discussed during the height of the COVID-19 pandemic. He states that Sustainability and ESG are becoming interchangeable. He defined sustainability as meeting the needs of today without threatening the future.
The CEO stated that banks are at the heart of business decisions. He warned that such decisions should not lead to environment degradation. He referred to the 3 Ps - People, Planet and Prosperity.
The CEO stated that the aim of the creation of the Forum was to discuss the 17 SDGs of the UN.
He stated that the pandemic affected gender equality, poverty, and education, with higher inequality being a consequence, thus reversing gains in the SDG goals. He advised that to get SDGs on track again, economic recovery should focus on dealing with these issues.
The CEO also stated that one should also add another P for Peace, where resources are used for welfare and not for war.
He argued that Malta still has challenges despite the progress registered, e.g., traffic. Mr Cassar also mentioned that lack of adequate planning is an important element to consider.
He concluded that banks must contribute to SDG targets by adopting processes and undertake business which contributes to ESG. Mr Cassar stated that banks need to ask whether they are contributing to sustainability, when taking decisions. He recommended that persons need to be trained to be sustainability minded.
He concluded that the aim of the Forum is not to reach conclusion on sustainability, but to continuously raise the main concerns and discuss them.
Official message by H.E. Dr George Vella, President of Malta
The President of Malta praised APS Bank’s efforts in organising this Forum.
He referred to the 1992 Sustainability conference among others, which concluded that there is need to balance between the economy and ecology.
He pointed out that quest for sustainability is a fact for survival and of ensuring the future.
Reference was also made by the President to Pope Frances Laudato SI, to combat poverty, fight poverty and protect the environment.
His Excellency recognised that despite its acknowledgment and appreciation, the concept of sustainability is an elusive one. This is mostly due to how economic performance is measured. It is recognised that work has been undertaken to incorporate ESG factors in measuring economic performance.
He concluded by saying that “Tieħu bla ma trodd, is-swar tħott”, literally translated means that “Consuming without replacing would deplete anything”.
What was COP26? What were the outcomes and what actions has Malta agreed to? Presented by H.E. Katherine Ward LVO OBE, British High Commissioner to Malta
The British High Commissioner to Malta highlighted that there is no greater global challenge than climate change. She focused on the discussion undertaken in COP26.
She explained the aim of COP meetings and referred to the first COP meeting in Paris. During that meeting it was agreed to deal with emissions. She also pointed out that every single COP meeting referred to the first COP meeting’s conclusions.
The British High Commissioner to Malta stated that during COP26 targets were agreed upon to address Climate Change. The aim is to meet yearly to assess progress on the commitments made by participating countries.
She noted that the percentage of countries with Nationally determined contributions have increased over the years. An important achievement was the Paris Agreement Rulebook according to H.E. Katherine Ward LVO OBE.
She referred to the agreement reached in COP26 of phasing out of coal.
The British High Commissioner to Malta also referred to the agreement reached during COP26 to financially compensate countries which are losing out cause of climate change.
Action was agreed upon during COP26 to protect trees, which are important allies in combatting climate change.
Another action agreed upon was transition from petrol fuelled vehicles to electric vehicles.
In conclusion, she highlighted that COP26 Pledges Signal 1.8°C of Warming.
The British High Commissioner to Malta concluded that Malta was a very active participant in COP26. She referred to Malta’s pledges to end and reverse deforestation by 2030, among other commitments.
How is Climate Change Impacting Malta? Presentation by Prof. Charles Galdies, Associate Professor, Division of Environmental Management and Planning, Institute of Earth Systems
Charles Galdies indicated that he will base his presentation on two important reports. These are Climate Change 2021 and the Mitigation of Climate Change.
During his presentation, Charles Galdies quoted figures and conclusions from these reports.
He referred to the material used of fossil fuels and fluorinated gases which both heavily contributed to Climate Change. He presented an infographic showing that the Mediterranean is a hotspot for climate change.
He explained that the impacts of climate change in the Mediterranean is due to harmful emissions.
Prof. Galdies presented another infographic, outlining drought conditions in Europe.
Going forward, Prof. Galdies pointed out that if we deal efficiently with climate change, sea level will still rise 3 metres going forward. In case of Malta, this means that the coastline can be easily inundated. He further explained that global warming will affect Malta’s economy adversely, such as tourism, infrastructure, and farming.
What is Malta doing to reach its targets? Keynote speech by Prof. Simone Borg, Climate Action Ambassador
The Climate Action Ambassador opened her speech by stating that it is paramount to discuss climate change. She referred to the IPCC report quoting it ‘that it’s now or never’.
She elaborated on actions to be taken to address climate change. She stated that the whole society needs to act to deal with climate change and reach carbon neutrality by mid-century. During COP26, most of the countries agreed to act. Yet, she noted that this should be accompanied with actual action.
She referred to the EU actions to reach carbon neutrality.
She also referred to Malta’s strategies in this area, including net carbon neutrality. The speaker stated that given Malta’s size, the cost will be high. However, Malta has still committed itself to reach the EU targets.
Prof. Borg stated the Government’s role to regulate in this regard and providing capital investment. Yet, the private sector has an important role to play. Citizens need to contribute by not resisting change.
She referred to Malta’s need to continue invest in renewable energy, given Malta’s past actions in using cleaner ways to generate energy.
She concluded that measuring performance is crucial so one can assess and act accordingly.
What are businesses doing to combat climate change and how are they overcoming obstacles? Panel discussion, including:
David Xuereb, Perit, Past President of the Malta Chamber of Commerce Enterprise and Industry
David Xuereb highlighted that all citizens have a role in combatting climate change. He argued that despite Malta’s smallness, the country can turn these challenges into an opportunity with the right attitude.
He also stated that Malta needs to learn and understand how to profit from such opportunities.
He concluded that the Maltese people should discuss these issues and how all can contribute to decarbonisation.
Giovanni Bartolotta, Chief Risk Officer & ESG Committee member, APS Bank
Embracing ESG is not a choice anymore, but a must and thus the development of an ESG strategy is very important according to Giovanni Bartolotta.
He recommended that strong governance is required to meet ESG objectives and these are dependent on five pillars as follows:
The Board which sets the tone and approves an ESG Strategy.
Establishing what the ESG Strategy is and embed it in the business planning cycle.
This Strategy is to be translated through policies and procedures, e.g., Responsible Lending policy.
Establish risk management processes to assess, monitor and control ESG risks. This includes stress testing by taking into consideration long time horizons (10 years).
Adequate reporting and disclosure.
The Chief Risk Officer of APS Bank emphasised the importance of transition. He advised that resources are to continue to be invested in these areas, which contribute to tackling sustainability.
Gonca Kara Demir, EIT Climate, KIC Hub Malta
Ms Gonca Kara Demir provided a short overview of EIT Climate, KIC Hub Malta as follows:
The company promotes the concept of social enterprise, which are self-sustainable.
In social enterprises profit and impact on sustainability work in harmony.
Several CEOs refer the social enterprise model as the way forward.
Ing. Mario Schembri, Founder, AIS Group
Mario Schembri provided the following remarks:
The biggest influence for businesses is customers, as they have an important role to play. However, in reality it is regulation that is leading the fight on sustainability.
Unless customers tailor their demand towards sustainability, local businesses are not expected to act much.
Suzanne D’Amato Gautam, President of SEAM and Founder & CEO of Eco Market Malta
Suzanne D’Amato Gautam provided the below views:
Trying to bridge the gap between what is needed and what is currently being done is paramount. This includes education, innovation, and new products.
Supporting local business to overcome CO2 emissions in Malta.
Trying to catalyse the ecosystem.
The previous points can be achieved by stakeholders working together.
Questions
A query was made on how Malta can adapt to Climate Change. Suzanne D’Amato Gautam replied that there needs to be government policies to tackle this issue. Yet, actions can be taken by individuals such as growing food at home.
A question was about customer education. Suzanne D’Amato Gautam noted that this can be tackled by supporting small firms, as mostly these are the ones which are providing alternatives. Mario Schembri referred to the new water concept, of filtering wastewater enough to make it drinkable again.
A query was made on who will be the biggest loser. Giovanni Bartolotta referred to the emerging market. He pointed out that assistance can be provided by transferring the necessary technology.
A participant questioned whether the younger generation is actually being involved in the fight to climate change. Gonca Kara Demir stated that from their end they are taking action in this regard.
A query was made on the importance of micro mobility in Malta. Mario Schembri indicated that whilst this is seen by some as a solution, the necessary technology may still need to develop further.
How can we all limit our carbon footprint in our everyday life? Presentations
Fashion for climate action - Tonya Lehtinen, Founder and Director of Vogue Xchange Social Enterprise
Tonya Lehtinen provided the below views:
Clothing waste is simply a result of over-consumption and manipulative marketing actions.
Customers need to be part of the action in influencing the fashion industry.
Recommended for customers to inform themselves on clothing sustainability.
The speaker suggested the following:
opt for quality;
change your relationship with clothes; and
read the label.
Choices that matter: How our daily meals can make a difference – Emanuela de Giorgio, Founder of The Veg Box Malta and The Farmoury: Sustainable Hub Manikata
Emanuela de Giorgio discussed the below points:
The importance of sustainable food.
Need to support the social side of farming.
Creating local food by adequately compensating them.
Need to encourage more persons to join the farming industry.
Need to learn how to tackle food waste.
Such action will lead to the creation of a virtuous cycle.
To not buy out of season, do not waste food, read the label among others.
Separate right, make our future bright - Davinia Shead, Professional Officer – Media Outreach, PR & Communications, WasteServ
Davinia Shead highlighted the below pointers, regarding work undertaken by WasteServ:
Campaign on improving how people deal with recyclable material. Items disposed are to be cleaned beforehand.
People need to put more effort to separate their waste in line with the guidelines provided by WasteServ.
WasteServ is investing in new facilities called ECOHIVE.
What should we expect in COP27? What will be the key actions going forward? Presented by H.E. Mohamed Ibrahim Nasr, Director of Climate, Environment and Sustainable Department, Ministry of Foreign Affairs
H.E. Mohamed Ibrahim Nasr discussed the following:
Referred to Egypt’s role to organise COP27.
The COP27 success is the timely implementation of the commitments made by countries during COP26.
Egypt will focus on keeping the momentum, improve financing and that actions are on track.
The discussion will also include the needs of Africa vis-à-vis Climate Change.
Concluding remarks by Liana DeBattista, Chief Strategy Officer, APS Bank
Liana DeBattista referred to the points raised by most of the speakers.
She explained that several actions have been taken by individuals and the private sector. This indicates that effort is being directed to fighting Climate Change.
Liana DeBattista referred to the need to keep the pressure up and to work together, whilst noting the current fragilities in the geopolitical situations.
She quoted the President of Malta that “Tieħu bla ma trodd, is-swar tħott”.
She stated that if we make every moment matter, the actions of all will be fruitful.
She thanked all participants, speakers and organisers for the delivery of MSF.