Sustainability in financial services firms

Burning Question

Laura Wadding, Partner, Risk Advisory, Deloitte Ireland, warns that as the climate crisis intensifies, it’s becoming a key strategic risk issue for the entire financial ecosystem

Sustainability has never been more urgent than it is now. When the Intergovernmental Panel on Climate Change (IPCC) released its report in August outlining the scale of human-induced climate change, the message could not have been clearer: only by acting now can we hope to limit global warming. What might be less well known is the significant and influential role that the financial services sector can play in this effort. There are several key reasons why.

The world is moving towards a climate-centric culture, and banks, investment managers and insurers are expected to do the same.

Laura Wadding, Partner, Deloitte Ireland

Banks and insurers are a large part of everyone’s daily life, so there is an expectation on them to lead by example and to take on an advocacy role. Banks have extensive supply chains so they can influence the behaviours of suppliers as well as customers. For their part, customers are starting to demand more environmentally friendly products, while regulations will play a growing role in enshrining sustainability in financial institutions.

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