Banking on Purpose: How Banks Can Put Sustainability at the Heart of Their Business Strategy
Since 2019, the UK has reinforced its efforts to combat climate change, intending to execute a carbon net zero reduction by at least 100 percent by 2050. As a result, a considerable shift in policies, operations and initiatives has reignited across critical UK sectors such as housing, automotive, financial services and retail.
Collaboration is at the heart of a sustainable future. With this mantra spearheading a global approach, it has become critical that supply chains across all industries adopt new technological and financial solutions. Currently supply chains contribute to 80 percent of global carbon emissions.
Not surprisingly, financial service firms have been heavily impacted by the shift, adding a heavy responsibility to eliminate bad behaviors and promote good practices within both internal and external stakeholders across the sector.
The focus on environmental, sustainability and governance (ESG) within the sector has increased each year, but there is more that the financial service firms need to do to drive greater impact for the societies they operate within. There are many ways to accelerate change as a financial service, but what we’re starting to see at the heart of this change is what we like to call ‘banking on purpose’, which connects both board and consumers in their vision for a greener future, while also driving greater prosperity for the communities they support.