Accelerating the journey to net zero for Financial Services
In October 2021, a study by Microsoft in partnership with Dr Chris Brauer from Goldsmiths, University of London revealed that despite having strong sustainability goals and ambitions, 59% of UK organisations are set to miss the government’s 2050 net zero target. The study, which surveyed 1,707 industry leaders, 2,153 employees and an array of environmental experts and academics, also found that 74% of organisations have one foot in and one foot out’ on sustainability. In other words, while many organisations have made solid headway in developing sustainability strategies, often those plans are yet to translate into meaningful actions.
The financial services industry is no exception. At the current rate of progress, only 16% of the UK financial institutions surveyed will be net zero by 2050, significantly lower than the national average of 41%. Meanwhile, 73% are so far struggling to back up their climate commitments with tangible reductions in their carbon footprint.
Academics led by Dr Chris Brauer have created a series of short- and long-term steps that UK financial institutions can take to both improve their own sustainability performance and play their part in building a net zero economy.