Catalyzing Finance for a nature-positive growth
26 Dec 2022
Dear Reader,
It has never been more important to take immediate, real-time action to combat climate change. Many people use social media as a source of inspiration for adopting a sustainable lifestyle such as the Netflix series "Our Planet" narrated by David Attenborough, TED talks and inspiring speeches by climate activists such as Greta Thunberg, Leonardo DiCaprio, and William Nordhaus illustrate how the planet can become uninhabitable over time if we do not take steps to stop it.
After a strong message from Kristalina Georgieva, MD of IMF on COP27 which happened at Sharm El-Sheikh, Egypt in Nov ’22 to change the financial services landscape for the better, ESG (environmental, social, governance) has risen to the top of the regulatory agenda with a strong momentum. For banks and insurers, the financial risks of climate change are in sharp focus as regulators set out expectations for stress testing and climate risk management.
Asset and fund managers and asset owners are being required by regulators and investors to embed sustainable investment throughout their businesses and to consider the full spectrum of ESG. A fintech company in Sweden, Doconomy’s credit card not only helps users track and measure their CO2 emissions associated with their purchases, but also helps limit the climate impact of their spending. HSBC, as a part of its initiative for net zero emission, has stopped financing new Oil and Gas companies. The AGFC is a platform that bolsters Pan-African collaboration and provides African Governments, green and climate finance organisations, and investors to scale up the mobilisation of climate finance and to implement future-proof green policies and institutions. Leading Technology Companies Launch “Ethereum Climate Platform” Initiative to invest in ongoing science-based climate projects which promise for decarbonization of Ethereum’s past emissions
by leveraging Web3 native technologies, infrastructure, funding mechanisms and governance protocols.Pacific Catastrophe Risk Insurance Company (PCRIC) has planned to launch an early-trigger drought protection product to Pacific countries to mitigate disaster risk finance for extreme weather linking anticipatory action, rapid response and debt restructuring. Berlin-based fintech Ecolytiq, which aims to help banks sharpen their eco-credentials, is offering its entire[1]product suite for free during the COP27 meeting of nations focused on the climate crisis.
Our Hon’ble Prime Minister, has also announced India’s aim of achieving net zero emissions by 2070 with far-reaching new initiatives in renewable energy, e-mobility, ethanol blended fuels, and green hydrogen as an alternate energy source. In the upcoming G20 in 2023, India is assuming the Presidency with the motto of ‘One earth, One family, One future’, with environmentally sustainable choices for globally transformative actions.
Highlights of #Issue 15 of FinTalk are:
- Home grown StartUp Stories: A pool of Unicorns
- If GPS is not good enough use VPS-Visual Positioning System
- Account aggregator transactions set to soar
- Sustainability and Metaverse: How Metaverse Is Changing Big Data and How to Adapt in the Future?
- Digital Rupee: How is RBI retail e-Rupee different from UPI, NEFT, RTGS?
With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
PS:
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The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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