In June 2021, the G7 Summit has been held in the United Kingdom in Cornwall. Some of the most important world leaders have all gathered together to discuss the “Green Industrial Revolution” in order for the Earth to grow back greener. This is of course (both politically and diplomatically) an important message, that had to be sent out before the COP26 that will be organized later this year in Glasgow.
It could be arguably the most important climate change summit, which will bring states, campaigners, and experts together in order to agree on coordinated actions towards fighting climate change. The British government has highlighted how the world needs to find a common language with China and Russia, with Vladimir Putin and Xi Jinping being one of the invited guests.
Banks’ efforts into making this possible
Some of the high-profile guests have been invited to take part in the event, one of them being Sir David Attenborough, who has been already a speaker at COP24 in Katowice. This year, he has been chosen to become the People’s Advocate and is supposed to represent the societies. During the G7 Summit, prominent politicians, such as Emmanuel Macron (the President of France) and Prince Charles have met the banking sector leaders. Their discussions focused on redirecting the flow of private finance towards more sustainable investment and the climate agenda present in France.
Some UK-based banks, including Ecology, Tide, Triodos, Barclays, and Handelsbanken, have now formed a new group that brings together some private and public sector figures, and it looks like their commitments may be becoming the truth. The initiative is called the Bankers for Net Zero, and it was set up by the APPG (All Party Parliamentary Group) with the advisory on the transformation and Fair Business Banking, that was provided by Re:Pattern and Volans. Their main goal is to demonstrate how capital and banks could be helpful on the path to a future that is 100% net-zero. Disruption Banking spoke to the CEO of Volans, Louise Kjellerup Roper, about this matter.
Volans’ take on the topic
Kjellrup Roper outlines the spectrum of works that Volans undertakes and presents the solutions that could become really useful for all sorts of activists. They have started to tighten the cross-section works between sustainability and innovation. The firm believes that businesses are the key factors that could help the system to shift in such a way, that we will avoid societal, biodiversity, and ecological disasters. There is still a lot of research being done, on how the future of businesses may be impacted by the current and forthcoming social and environmental trends.
Volans does not exclude companies, as they support their transition. The ‘Tomorrow’s Capitalism’ inquiry has been held between 2018 and 2020, where the simple question of how the businesses could contribute to the changes in the economic system was being answered. It has been backed financially by Unilever, Covestro, and some other big players. Some valuable insights have been reached in a process, such as the critical state of the relationship between companies and the system. This state is not comfortable for neither of the sides, and the companies will only benefit from the knowledge on how to communicate their strategies on achieving the net-zero.
Luckily, the companies that have engaged in the project, are varied. These are not only some institutions that have a direct interest in the shift, such as the renewable energy companies. Also, some “forward-thinking” businesses have been engaged in order to provide a better and greener future for everyone.
If you want to get to know more about the struggles of the economies, systems, banks, companies, and every other institution that tries to be a part of a positive change, you should definitely check out the brilliant piece by Disruption Banking Harry Clynch. To access his article, where he presents an analysis, and the prospects of the zero-net strives, simply use the following link: https://disruptionbanking.com/2021/07/08/how-can-banks-finance-the-transition-to-net-zero/.