Greenomy’s Alain Mestat (right) and Spuerkeess’ Rudi Belli (left) want more Luxembourg banks to adopt Greenomy.  Photo: Courtesy of Spuerkeess/Alain Mestat. Montage: Maison Moderne

Greenomy’s Alain Mestat (right) and Spuerkeess’ Rudi Belli (left) want more Luxembourg banks to adopt Greenomy.  Photo: Courtesy of Spuerkeess/Alain Mestat. Montage: Maison Moderne

Sustainable finance reporting SaaS platform Greenomy has managed to gain access to Luxembourg’s financial institutions, announcing on 20 February a collaboration with state bank Spuerkeess. Delano talked to Greenomy’s Alain Mestat and Spuerkeess’ Rudi Belli about the ambitions behind the partnership.

As the EU continues to vote on and adopt regulation on ESG, banks, institutions and companies have to remain vigilant to avoid missing out by accident. The Sustainable Finance Disclosure Regulation (SFDR), which puts an accent on transparent ESG reporting, puts further pressure on different economic players.

The collaboration between the Belgian company Greenomy and the Luxembourg bank Spuerkeess therefore felt like a given for both parties: on one side, Greenomy, which has been described as “a turnkey SFDR reporting SaaS platform,” helps clients prepare their ESG reports while considering the new European regulations on sustainable finance (EU taxonomy, SFDR, NFRD/CSRD). It also allows the banks and credit institutions it works with to follow the evolution of companies’ sustainability journey and adapt interest rates accordingly.

On the other side, Spuerkeess, a state bank that considers itself as a “transition enabler”--as head of sustainability Rudi Belli put it--has the ambition to “onboard our clients on a sustainable journey.” Both parties said they want to help others meet carbon emission cut targets.

“Comparing different tools of this sort and choosing one was a whole process, but after three months, we agreed that Greenomy was the solution for our bank thanks to its knowledge on the EU taxonomy and the financial activities scope it covers,” Belli recounted.

A Luxembourg anchor

For Greenomy, which is part of the Euroclear Group following a large investment from the group, “having Spuerkeess as a Luxembourg anchor client will provide us with local brand recognition,” said Luxembourg senior adviser Alain Mestat. “We have an added value in the area of sustainable reporting, and we understand that Spuerkeess is able to implement our SAAS platform.”

The tool adapts over time, to respond to regulatory updates put in place by the EU and provide an accurate diagnostic. It also provides companies with an analysis of their status, as either a light green or dark green company. “It’s not about judging if someone is good or bad, but about showing them where they stand in light of EU regulation,” said Mestat about Greenomy’s ambition.

The results brought by the tool should also allow the bank to consult with their clients because “we don’t want them to end up being penalised,” said Mestat. Belli completed: “It will become a matter of cost for companies to access the financial markets in the future.”

Seeking more participants

For the bank, it’s out of the question to gatekeep Greenomy’s technology. It doesn’t want to be an exclusive partner and wants other banks to join because “it makes no sense to have each bank interpret the regulation separately and ‘invent the wheel’ over and over again,” especially at the pace at which the regulation evolves.”

The fintech, which already works with a few institutions in the EU, sees eye to eye with its partner on this. “Greenomy is an ecosystem--we work with other clients and banks in the EU.” To be able to make it as rich as possible, it needs other banks to join up. Mestat said, “Our collaboration with Spuerkeess is like an ice breaker to allow us to develop our Luxembourg market.”