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 practices.
The financial world can no longer see its future as separate from the environment and climate change developments. In 2020 alone, natural hazards resulted in $210bn of damages and the Bank of England estimates as much as $20trn of assets could be at risk from climate change.
To help banks and their stakeholders with this transition, this year’s study builds on previous Mazars reports published in 2020: “Responsible banking practices, benchmark study” and “How banks are responding to the financial risks of climate change”. This year, following stakeholder feedback and interest, it examines a wider sample of 37 banks based in Africa, the Americas, Asia-Pacific, and Europe. Using these banks’ 2019/20 publicly available reporting, we identify evolving best practices and developing trends in their management of climate change risk and broader social and governance issues.
Ranking the 37 banks into four categories – outstanding, leaders, supporters and followers – it is encouraging to see that one bank is ranked as outstanding, achieving a positive score in more than 95% of the criteria set in our assessment. It is also remarkable to see more banks rank as leaders and supporters compared to last year’s findings, and fewer (just seven) rank as followers.
However, challenges remain, and our benchmark study reaffirms that strong sustainability practices often come hand-in-hand with consistent industry guidelines and requirements provided by local regulators and governments.
Responsible banking practices - benchmark study 2021.pdf
Leila Kamdem-Fotso Partner - Financial Services - London
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.
Мазар та Офіційний форум валютних та фінансових інституцій (OMFIF) пишаються тим, що створили глобальний звіт, який надає унікальну інформацію про поточні та майбутні еволюційні фінансові регуляції, спрямовані на попередження зміни клімату. Як корегуються політики в різних світових юрисдикцій для оцінки та контролю кліматичних ризиків? Як ці дії, можуть розвиватись в майбутньому? Дізнайтесь про це в нашому дослідженні та чекайте кардинальних змін у законодавстві.
For people, businesses and society, 2020 was a year like no other. With the global Covid-19 crisis many have faced extreme challenges; people and families across the world have lost loved ones too early and suffered previously unthinkable restrictions to their lives and livelihoods as governments, companies and other institutions battled to contain the virus. The unique challenge for business has been how to respect the necessity to preserve life while fulfilling its duty to meet society’s needs in a financially sustainable way.