The COVID-19 global pandemic has turned our world on its head, and while it’s been devastating for society in many ways, some of the lessons to come out of it could contribute to positive social change. During a climate-focused plenary at our yearly Digital Client Exchange event last November, we took a look at financial institutions’ role in reversing global warming and in promoting positive environmental change, and at how corporate social responsibility (CSR) in banking can help tackle the climate crisis.
Dr. Carsten Wengel, G+D Head of Sales & Distribution in the Card & Digital Payment business, states, “I would say the pandemic is a defining moment. It changed awareness – also for the financial services industry – about what is really important. It’s not just about economics, it’s also social and environmental priorities.”
Indeed, the role of banks in our community extends far beyond their central role in the economy. Banks have the power to influence customers and stakeholders, and can use this power to help shape a better world and act against global warming. Swedish fintech startup Doconomy empowers consumers to track their individual carbon footprint, based on their card and online purchases. Mathias Wikström, CEO of Doconomy, believes that the retail banking sector is ideally positioned to effect meaningful change.
For consumers, green fintechs such as Doconomy can help lead to reflection and a change in behavior. By increasing the environmental awareness among consumers and urging them to make climate-protection-related decisions, financial institutions can drive a positive transformation.