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On Worldwide Girls’s Day (IWD), FinanceAsia just lately caught up with Denise Wong, co-head of Sustainable Banking Group, Asia Pacific, Barclays.
Wong (pictured) is predicated in Hong Kong and mentioned the financial institution’s efforts round variety, fairness and inclusion (DEI), efforts to cut back carbon footprints and the way banks can assist their shoppers throughout the Asia Pacific (Apac) area.
FA: Though there are restricted laws relating to DEI in Apac, how properly prioritised is DEI amongst senior administration at Apac corporates and what sort of initiatives are there to assist promote DEI?
Wong: At Barclays, our DEI efforts are mirrored within the progress we’ve made throughout our six core variety agendas – gender, incapacity, multigenerational, socio-economic, multicultural and LGBT+ and the initiatives inside every of our worker networks. Our perception is that the varied backgrounds, views, and experiences of our colleagues permit us to raised serve our clients and shoppers. We’re obsessed with constructing an inclusive office.
Providing sufficient go away for major and non-primary caregivers, together with for adoption, is a crucial element of enabling a various, equitable and inclusive tradition. We offer six weeks for non-primary and 22 weeks for major caregivers of full pay in lots of places throughout Apac, which provides important help and luxury to caregivers and aids the wellbeing of the whole household. On gender variety, we’re taking energetic measures to establish and develop feminine expertise, and enhance illustration throughout senior management roles, our group govt committee and on the board stage.
FA: In Q1 2024, what are among the key points on the minds of company and institutional shoppers in Apac relating to lowering their carbon footprints?
Wong: Because the Apac area continues to maneuver from dedication to implementation, the problems associated to decarbonisation are complicated and multi-faceted, and what’s ‘prime of thoughts’ varies relying on the place the corporate is of their sustainability journey. They’re additionally formed by different components together with, however not restricted to, business and geographic publicity, entry and availability of scalable decarbonisation options, and ongoing regulatory and market developments.
In Apac, there may be additionally a divergent development in power demand between superior and creating economies that contributes to the complexity of points and the general transition, and every market is at a special stage of capability and functionality constructing.
Navigating and addressing provide chain and scope 3 emissions proceed to be prime of thoughts, particularly for Apac firms with publicity to the US and EU the place compliance necessities are rising. We see extra Apac firms taking multi-disciplinary approaches to have interaction with their suppliers and clients, conduct audits, set insurance policies, collaborate with friends and business associations, and put money into carbon offset initiatives or renewable power sources as mitigant methods. Defining and executing the pathways in direction of a simply and inclusive power transition throughout the area will stay a key subject for many years to come back.
Apac can also be extremely uncovered to bodily local weather danger, and excessive climate occasions all through 2023 have actually put local weather adaptation excessive on the record of points to handle.
FA: Are Apac companies behind the curve when in comparison with European / US friends on the subject of transitioning to a low carbon economic system? Is greenwashing a problem in Apac?
Wong: Whereas the EU regulatory setting is extra superior, it’s troublesome to generalise solely primarily based on the place an organization is predicated. Many components are in play, and it’s a combined image throughout industries. For instance, China has been a driver of electrification within the street transport business and has been the world’s largest marketplace for electrical autos for a number of years, but the transition to wash transportation stays a problem within the freight transport business.
Greenwashing is a world challenge, and Asia is actually not exempt from this. We’ve got seen extra initiatives by governments and regulatory our bodies to determine tips, taxonomies, laws and requirements, business associations selling them, and corporations themselves rising transparency and accountability to handle this.
FA: How can banks in Apac assist corporates obtain their goals?
Wong: The transition to a low-carbon economic system requires collaboration throughout all stakeholders, and banks in Apac have a crucial position to play. Banks can proceed to take part in coverage and regulatory developments and facilitate capital stream to help the decarbonisation efforts of company shoppers. This consists of, however is just not restricted to, the event of inexperienced and sustainable finance, project-related finance, carbon markets, and different new market and product innovation and associated advisory companies.
FA: What particular steps are Barclays taking to assist shoppers in Apac?
Wong: We perceive the complexities round addressing local weather change and are able to help shoppers to fulfill their sustainability targets. We’re dedicated to progressing our ambition to be a web zero financial institution by 2050. We just lately up to date our Local weather Change Assertion to focus our capital and sources at these power firms engaged within the transition. Throughout 2023, we facilitated $67.8 billion of sustainable and transition financing and are dedicated to mobilising $1 trillion of sustainable and transition financing by the tip of 2030, which advantages our shoppers in Apac.
Our newly shaped International Sustainable Banking Group is targeted on supporting the sustainability wants of APAC shoppers by way of a tailor-made method to protection, advisory and execution throughout M&A, debt, fairness, and danger administration. Additional, by way of membership of business associations just like the Hong Kong Inexperienced Finance Affiliation, we actively assist facilitate the event of sustainable finance within the area.
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