Achieving net zero is one of the biggest challenges for financial institutions and leading banks today.
Indeed, many announced plans to chart a course to a sustainable feature a few years back, before the advent of the COVID-19 pandemic shifted attention to immediate liquidity issues in turbulent times.
But, as economies have started to stabilise, reaching net zero is once again firmly on the agenda for the world’s leading financial organisations.
Sustainable finance: Top of the agenda
Just recently, HSBC announced a bold new Net Zero Transition Plan which it hopes to achieve by 2050. It has already started on its journey too, partnering with Google Cloud to support climate tech startups in the ‘Google Cloud Ready–Sustainability’ ecosystem.
Sustainability touches all corners of the financial ecosystem, not just large banks. Indeed, net zero initiatives in payments are becoming increasingly important for consumers, with a recent Worldpay survey finding that 73% of all shoppers said sustainability and the environment might contribute to where they shop in the future.
And, in exclusive comments provided to FinTech Magzine, Worldpay’s Head of Global Enterprise, Gabriel de Montessus, says: “Collaboration across the industry to establish standardised eco-friendly practices and raising awareness among consumers about the environmental impact of their payment choices are crucial for fostering a sustainable payments ecosystem.”
The leading conduits for this collaboration are, indeed, fintechs. Startups like ecolytiq are moving the needle for financial institutions to offer carbon footprint tracking so that consumers can see the environmental impact of their purchases.
Co-founder and CEO of ecolytiq, David Lais, told us more at Money20/20 USA 2023.
