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.
