G+D working on sustainability goals in line with the vision of GCC countries

Giesecke+Devrient (G+D), a Munich-based global security technology company is working on constantly improving its sustainability footprint – which corresponds with the environment-friendly, transformative vision of GCC countries and the UAE in particular. This goal of G+D and other high-end technology companies is parallel to rising energy costs and increasing supply chain requirements.

Global challenges such as climate change and social issues are not one-dimensional but affect many different areas of modern life, feels Dr Ralf Wintergerst, chairman of the Management Board and group CEO, Giesecke+Devrient, and chair of the North Africa Middle East Initiative of German Business (NMI) during his recent visit to the UAE.

G+D secures payment transactions, offers trusted connectivity solutions for mobile devices in the Internet of Things, safeguards identities, and protects systems, networks, and confidential data. Wintergerst outlined the endeavors of G+D along the supply chain, production, and life cycle. It includes all product categories – from public currencies (banknote and security paper production) to SIM card / smart card production (incl. “green SIM” and stakeholder initiatives such as using ocean plastic for new products).

“The importance of sustainability should not be underestimated. It is one of the most important tasks globally and one of the central challenges of modern societies. Acting, thinking, and doing business sustainably is the key to a future worth living. If we want to be successful in our fight against climate change, the spheres of politics, society, and business have to work together very closely,” he said.

He gave the example of the UAE, improving its sustainability by focusing on non-oil trade.

“The UAE is leading by example here, just think of Vision 2021 or the ban on plastic bags that came into force a few months ago. Expo 2020 Dubai also clearly underscored once again the path this region is taking.”

“It is difficult to achieve the climate targets and also make significant progress on social issues. This requires major steps and a joint effort by a large number of stakeholders along the way. At G+D, we try to take all stakeholders with us: customers, employees, suppliers, NGOs, and donors. With these groups, we work to improve our own footprint. Whether through the reduction of plastic in our products, recycling programs for our payment cards, or strategic cooperation with environmental and social partners.”

“Just recently, G+D announced that we will replace all virgin plastic in our payment card bodies with completely eco-friendly materials by 2030. This is one example of our new, comprehensive ESG strategy.”

When asked about fintechs that also offer digital and card payment solutions or connectivity solutions Wintergerst welcomed the growing competition in the market.

“Competition is generally a good thing. Especially when it comes to issues like sustainability, we need more of it. G+D is in a very good starting position here. On the one hand, we are a technology provider for fintechs. Our portfolio ranges from card production and personalization for financial service providers to solutions for digital payment and cloud services. These help fintechs and banks to broaden their customer offering and, above all, make it sustainable.”

On the other hand, Wintergerst also sees G+D as a fintech – for example in the area of a Central Bank Digital Currency (CBDC). “With G+D Filia, we have developed a solution to help central banks investigate and introduce a CBDC that also incorporates commercial banks, fintechs, merchants, and other players.”

Wintergerst believes that blockchain-based cryptocurrencies are not suitable for modernizing the financial system.

“The reasons for this are quite diverse. The last few months have shown very impressively that cryptocurrencies are first and foremost objects of speculation that can rise quickly in price but can fall rapidly as well. The enormous volatility alone makes them unsuitable as a reliable means of payment.”