IFGS 2023: Inaction is not an option in climate crisis

Data, innovation and communication are needed to build a better tomorrow

ESG and fintech—and how the sector can build a better tomorrow with these principles at its heart—were top of the agenda this morning at the Innovate Finance Global Summit (IFGS) 2023.

Inaction is not an option. This was the key takeaway, and a strong statement from the panellists, for the first talk of the day.

Sherry Madera, senior vice president of public policy and government affairs at Mastercard, stressed the need to act to save the planet from the very worst of the climate crisis.

Madera said that businesses need data and innovation to achieve this, which fintech is well placed to support, explaining: “What you can measure, you can manage. And we need data to do this.”

Having data will enable businesses to see what they are doing well, where they need to improve, and the progress they are—hopefully—making year-on-year, which provides confidence that goals are being met.

Fintechs also need to better communicate and promote their achievements in this regard, so they can appeal to investors and customers focused on sustainability.

Gihan Hyde, chief executive officer and founder of CommUnique, said that many fintechs are doing amazing work in sustainability but lack the data to show it, or are failing to communicate their successes.

Hyde urged them to upsell more and arm themselves with better communication tools. This will lead to greater confidence and more investment.

Susanne Chishti, chief executive officer of FINTECH Circle, concluded: “Act now, we don’t have time left to wait and see what others are doing individually to improve our lives.”

Image: Canva

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.