Around the globe, investor, stakeholder and customer demands are pushing businesses to pay more attention to ESG factors when it comes to their commercial decisions and overall business strategy. Regulatory initiatives are similarly being adopted worldwide, requiring firms to account for their greenhouse gas emissions and more. One thing is certain: the financial sector needs to play a leading role in helping businesses and economies shape a practical roadmap to achieve net-zero carbon emissions by 2050.
To help provoke debate, discussion and progress on #FinanceForGood practices, Mazars is committed to sharing expertise on the adoption of sustainable practices, and partners with industry leaders and think tanks to conduct in-depth research on the state of play of the financial sector. Discover our full, and continually updated, selection of #FinanceForGood insight and perspectives below.
Up against great economic and societal upheaval as a result of Covid-19, banks around the world continue to take sustainability seriously and firmly acknowledge the related risks and opportunities, for the market and wider stakeholders alike. For the second year running, Mazars publishes its responsible banking practices report to assess how banks embed sustainability into their commercial...
Mazars and the Official Monetary and Financial Institutions Forum (OMFIF) are proud to have come together to produce a global report providing unique insight on current and upcoming financial regulatory evolutions aimed at tackling climate change. What policy adjustments are being undertaken in different jurisdictions around the world to assess and control climate risks? How are these actions...
17/09/2021 The tone at the top typically establishes the foundations and values upon which a culture of sustainability is built. Developed at board level and communicated consistently across an organisation, ESG values need to be reflected in a bank’s governance structure if they are to last.
15/09/2021 The continued popularity of funds with an environmental, social and governance (ESG) focus has put global ESG assets on track to exceed $53tn by 2025, up from nearly $38tn at the end of 2020(1).
09/09/2021 Developing innovative products and harmonised frameworks across banking activities is crucial to achieving sustainable finance objectives and contributing to global transition targets. Yet, a lack of standardised reporting frameworks means identifying and comparing sustainable products and services remains a challenge.
07/09/2021 A growing interest in environmental, social and governance (ESG) issues is driving record inflows into the ESG-led investment sector. During 2020, sustainable funds available to European investors attracted net inflows of €233bn1, which saw assets under management hit the $1.1tn milestone, accounting for almost 10% of total European fund assets.
06/09/2021 Banks are adopting risk management practices that account for climate-related risks in response to growing recognition that climate change negatively impacts operations and revenues.
27/07/2021 Recently, initiatives to tackle climate-related and environmental risks in the financial services industry have begun across the world. These initiatives followed the adoption of the United Nations Paris Agreement on climate change, the 2030 agenda for Sustainable Development and the European Green Deal.
15/06/21 Infrastructure is of paramount importance to global economic development and sustainability. It underpins access to essential goods and services and will enable vulnerable countries to adapt to weather-related risks from climate change.
12/03/2020 Banks across the world are facing complex sustainability questions, from assessing climate-related risks to maximising green financing opportunities. Up against an unprecedented pandemic, investors, regulators and banks continue to firmly acknowledge the importance of solving environmental, social and governance (ESG) issues.
12/03/21 European sustainable finance regulations evolved considerably in 2020, and the European Banking Authority (EBA) is continuing this trend into 2021. It recently published a discussion paper assessing the potential inclusion of Environmental, Social and Governance (ESG) risks in the supervisory review and evaluation process (SREP) performed by national competent authorities (NCAs)
04/03/21 Clarity of information provided to various stakeholders is a growing issue for financial organisations. Despite the efforts to increase transparency in recent years, historically, this has not always ensured the clarity of the information published. It’s a factor that has contributed to limiting public confidence in responsible investment. This is because it is only relatively recently...
04/03/21 When taking environmental, social, and long-term asset portfolio issues into consideration, insurance companies must assess the specific risks they face. As a result, the associated obligations of transparency mean that the entities concerned must adapt their risk management policies.
04/03/21 Amid a global pandemic and a rising threat of climate change, today’s society expects financial organisations to uphold strong environmental and societal values. Given their critical role in the growth of the economy and citizens’ lives, insurers face close scrutiny.
09/02/21 The pandemic has had a significant impact on our entire ecosystem. We have seen global CO2 emissions fall by a record 7% in 20201 benefiting the environment. Yet, at the same time, we have seen adverse consequences for the mental health of staff working remotely, with almost half (49%) of those working from home saying they have felt lonely or isolated2. Certainly, while previously...
02/12/2020 Climate change has ruinous effects on the environment and is increasingly understood to be a major threat to economic stability. Financial institutions around the world, in response, are taking action by offering investment and lending products linked to clients’ sustainability credentials and achievements. In a recent interview with Mazars, Zoë Knight, Group Head of the HSBC Centre...
13/10/20 As the world gears up for the transition to net-zero, the European Union is setting ambitious targets with respect to its own environmental footprint. For instance, by 2030 the EU is looking to reduce European greenhouse gas emissions by at least 55% compared to 1990 levels; increase the share of renewables within Europe’s total energy consumption to 32%; and achieve energy savings of...
Sustainable finance is expected to be a crucial factor in the post Covid-19 economic recovery period and regulators are encouraging banks to actively embed climate-related risks in their business operations and risk management frameworks. Against this backdrop, Mazars has analysed how 30 of the largest banks worldwide have been responding to climate-related financial risks.
11/06/20 American entrepreneur, Malcolm Forbes, once described diversity as “the art of thinking independently together”. Today, diversity is beginning to emerge as a quintessential workforce norm and institutions have started to acknowledge the differences in their staff compositions that are deeply ingrained in the fabric of their organisational culture. With many challenges remaining, the...
Gender balance in central banks is improving but progress is slow, reveals index and report from Mazars and the Official Monetary and Financial Institutions Forum (OMFIF). The OMFIF Gender Balance Index tracks the presence of men and women in senior positions at central banks, sovereign funds and public pension funds. The study, now in its seventh year, scores and ranks institutions based on...
20/05/20 Gender equality, while not systematically embedded in national laws, is clearly set in European law. The Capital Requirements Regulation (CRR) requires financial institutions to adopt a policy promoting diversity within their management bodies and, for the most significant ones, to set targets to reach gender-balanced boards.
With Environmental, Social and Governance factors, and responsible banking practices more broadly becoming an essential focus for the banking industry, Mazars has assessed how banks are embedding sustainability into their commercial practices.
15/05/20 What is the purpose of a bank? Does it have a responsibility to society at large, over and above its duties to its shareholders, customers and employees?
04/05/2020 At first glance, regulatory authorities appear to have deprioritised the issue of climate change. However, a closer look would suggest otherwise and climate change in reality remains a key long-term priority of national and European regulators.
08/04/2020 As climate-related threats increasingly dominate our environment, attention is now turning to the impact on global financial stability. Mark kennedy looks at the effect on the financial services industry and how the regulatory landscape is likely to change.
31/03/2020 Why integrating ESG should be a strategic priority in financial services.
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