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Source: MakeLemonade.nz

Tāmaki Makaurau – FintechNZ wants to see more commitment to green tech to help climate change and move toward a sustainable financial services sector.

Reducing carbon emissions to net zero is now as urgent as ever – but so is adjusting to the hazards of a warming world.

The recent global heat waves and devastating floods are just some of the warning signs of what is to come, making adaptation to climate change urgent and imperative in order to save lives and economies.

FintechNZ is staging a virtual event on October 20 to discuss how the financial sector can adapt to climate-related reporting. Minister for climate change James Shaw will speak at the event.

FintechNZ acting executive director Jason Roberts says the need for finance companies to act now is greater than ever before as New Zealand charts a path to recovery from a global pandemic and prepare for a resilient future.

“The general investor and many businesses are not only aware of the challenge, but often the rewards are just as good instead of investing in fossil fuels, for example, hRoberts says.

“Finding and accessing funds is much easier now that we have next generation platforms such as Sharesies Hatch and Kernel that allow investors to choose portfolios of interest.

“Financial markets globally are playing a major part in shifting investment away from emission-intensive activities and towards a lower emission economy.

“The public should also grow their investments with companies that are supportive of, not against climate change.

“Singapore, in 2018, had 495 out of 627 listed companies filing sustainability reports and in 2019 launched their green finance action plan.

“It’s estimated nine out of 10 companies in the Standard and Poor’s 500 Index publish sustainability reports.

“By comparison about 25 out of 150 NZ listed companies publish sustainability reports and have metrics that they’re progressing to.

“Compliance to reporting requirements places additional pressure on the financial sector in New Zealand but the fintech sector is always accountable when regulation is enforced.

“Climate change is not new. It’s been around since the 1960s. It’s only because of the increase in the number of black swan events such as storms, hurricanes, fires and flooding that everyone’s suddenly started panicking.

“Companies that can see this as an opportunity and be nimble have real potential and there are plenty of examples of this worldwide. New Zealand has a part to play in reducing emissions and is doing so already.”

While many leading Wall Street firms are making climate pledges, these are not always backed up with action. New Zealand’s banks and investment firms must now integrate public climate policy into their business objectives and activities.

WealthtechNZ co-chair Leeanna Kohn-Hardy, who is a speaker next week, wants to see more committed conversations around green fintech and create a positive government and industry working group to see how fintech can solve a sustainable financial services sector and tackle climate change.

“Green fintech can leverage New Zealand into a greener economy more connected to help climate change. FintechNZ wants Kiwi firms to develop platforms to analyse the environmental impact of investments,” she says.

For further information contact Make Lemonade NZ editor-in-chief Kip Brook on 0275 030188

Photo: Jason Roberts

MIL OSI