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Banks Can Ensure an Equitable Climate Transition

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Banks Can Ensure an Equitable Climate Transition

Boston Consulting Group,

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More banks need to incorporate social criteria into their climate change mitigation efforts.

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7

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Recommendation

While the transition to net zero is underway, some banks have joined the effort faster than others. Although the majority of bank CEOs recognize the significance of social responsibility measures in their climate change mitigation activities, far fewer implement them, according to this perceptive analysis from professionals at the Boston Consulting Group. They advise executives to include such initiatives in their plans, taking into account their potential impacts and how they affect various socioeconomic groups.

Summary

Banks must recognize their corporate social responsibility in their net-zero strategies.

Currently, not many banks incorporate socioeconomic factors into zero-fossil-fuel emissions strategies. Many senior managers fail to consider that adopting socially responsible activities is good business. Regulatory risk will decrease as banks discover government enticements and quasi-public opportunities to support a climate-aware transition. Banks can also attract clients wanting to incorporate social reform into their climate change mitigation efforts.

A recent worldwide survey of financial executives charged with managing environmental, social and governance (ESG) affairs revealed that 90% agree that the social aspects of climate-based bank operations matter. Yet only one-third of the respondents say ...

About the Authors

Douglas Beal et al. are professionals with the Boston Consulting Group.

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