Coriolis Technology is proud to work with ITFA in proposing an ESG solution for the needs of the financial services industry in their joint white paper which was launched on the 12th of April at the Coriolis Technologies Kosmos Working Group.
Post COP26, analysts and commentators alike were talking about 2022 as though it was likely to be the most important year for sustainability since the Paris Climate Accord. Alongside this, regulators in the EU in particular introduced stringent mandatory reporting requirements in the form of the Sustainable Finance Disclosure Regulation and the EU Taxonomy, as well as in the form of the imminent Supply Chain Act.
All of these measures will be introduced during the course of 2022 and by 2023 there will be requirements to report on both the “E” and “S” aspects of #esg (Environmental, Social and Governance) criteria. More recently, the EU’s reliance on Russia for oil and gas in particular has put a spotlight on the need to source energy from alternative suppliers as well as from alternative means. As a result of all this, the “G” in ESG has increased in importance as well.
The wake-up call to action is clear: banks can make a difference by preferentially pricing ESG-compliant products. However, until we know exactly what ESG measurement is, this will be extremely difficult to achieve. The whitepaper sets out the needs of the financial services community as well as a suggested solution.
In the April Coriolis Technologies Kosmos Working Group, Dr Rebecca Harding hosted a Fireside chat with ITFA Committees on the regulatory context of the ITFA & Coriolis Technologies White Paper with:
The panel discussed issues related to:
The Paris Agreement states that “To stay below 1.5 °C of global warming, emissions need to be cut by roughly 50% by 2030”. Everyone, from policymakers and regulators to banks and investors will need to understand the symbiosis between the planet, economic activity and economic development. This is an age-old geopolitical problem in the true sense of the word – a conflict over resources between nations, social groups and individuals, and the failure to resolve it is perhaps because of its intractable and universal nature.
To help you stay ahead of incoming ESG regulations Coriolis Technologies has aggregated pending regulations across the trade industry so you can track them in one place. The tracker includes:
– EU Taxonomy;
– Sustainable Finance Disclosure Regulations (SFDR);
– EU supply chains;
– German supply chains; and
– UK Sustainability Disclosure Regulations
Our Sustainability tracking solution is currently in being tested by our Kosmos Working Group (KWG): a non-competitive working group, including banks, insurers, and professional bodies. Click here to learn more about the KWG. We expect to open the solution up to a wider audience towards the close of 2022.
Submit your details and we will add you to our database and update you on the progress of development and the release date of version 2.0. Alternatively, contact us directly here.
Please note, that your online safety and security are important to us. We understand the sensitivity of your data and will never pass your information on to any third party. Your data will be added to our private database so that we can notify you of any upcoming releases and send you our monthly updates.
The outlook for the coming months looks difficult for UK exporters, especially given the current geopolitical situation. Our projections suggest that there could be a mild uptick during May, however, the June and July forecasts show that exporter counts will flat-line at best; at worst, any May growth will be short-lived.
Since the UN announced the Paris Agreement in 2015, analysts and commentators have discussed the many implications of the underlying aims across global industries. During COP26 at the end of 2021, there was an urgency to maintain momentum as the 2030 deadline looms closer. Time is running short for a solution, and automated ESG scoring technology offers a valuable mechanism for the industry to move forward with an intuitive scoring system that works to help banks and businesses avoid penalties from regulators and manage reputation in a true and objective way.
In essence, any resolution to the problem means moving from punitive solutions to ones that “nudge” behaviours. This resolution means taking our aspirations and goals to deliverable and measurable actions. In essence, the UN has outlined exactly ‘What’ we need to measure to become globally sustainable and has given us guidelines from which we can map all ESG (Environmental, Social & Governance) activity.
