With debates at COP27 raging and the future of our planet at a precarious position, it is imperative that every single sector has one eye on the adverse impacts on climate change that its operations may bring.
To that end, work by the Global Alliance for Banking on Values (GABV) is extremely important when it comes to the future of banking; over the years, plenty of banks and financial institutions have made lofty claims to back investments that are good for the planet, yet have translated to little or no visible actions. Indeed, there is little to no reason for financial institutions to continue to support the expansion of industries that are causing global warming to aggravate at an alarming pace, such as fossil fuels.
Accountability has never been more vital, and it is good to see such a global alliance work to hold the financial sector across the planet accountable for its actions, call out the phenomenon of “greenwashing” which continues to be a nefarious tactic employed by several corporations, and ensuring that investments are indeed channelled to places where they do not simultaneously hurt the planet.
It bears repeating over and over that despite many other threats such as pandemics and wars, climate change remains the single biggest existential threat to humanity in the 21st century, and it will take nothing but a concerted effort, where the global financial sector will and must play a significant part, for the people of the world to even begin to think that we have a chance to survive.
