In this period of climate emergency, financial services firms are cognisant of the regulatory and stakeholder pressures on them to change the way they operate. Notably, the Sustainable Finance Disclosure Regulation (SFDR) and the UK government’s decision to enforce mandatory Task Force on Climate-Related Financial Disclosures (TCFD) reporting from April, adds further regulatory implications for 1,300 of the UK's largest registered companies and financial institutions. 

Subsequently firms are prioritising their ESG strategies, with capital increasingly flowing into sustainable investments and green financing initiatives. Transition to net zero for firms is made more complex by significant data and technology limitations to accurately report on actions they are taking not only for their own business, but also what their customers and suppliers will be doing. 

As regulatory bodies and policymakers now require clear and detailed ESG disclosures, as well as environmental performance reporting, firms will need to ensure robust data management and regulatory reporting systems. But where do firms begin on this journey to carbon neutrality, when the system itself fails to provide a consistent approach in how firms should measure impact, progress, and benchmark success to meet their ESG obligations? 

Hosted by the Financial Times and in partnership with Snowflake, the Financial Services Data Cloud, this panel discussion explored how financial services companies are working to turn their net zero ambitions into reality. Alongside Deloitte and NatWest, we considered what more needs to be done to enhance their sustainability data capability, and looked at innovations that may help provide much needed oversight and transparency for regulatory reporting.

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