As the digital payments sector expands, so too does its carbon footprint, and managing the challenge requires the support of a robust framework for measuring and managing emissions.
These two vital documents, intended to be used together – Carbon Emissions Framework: Measuring Emissions from Digital Payments and Carbon Emissions Framework: Get Started Guide – have been a collaborative effort from The Payments Association’s ESG Working Group and ESG expert Eric Zie. Eric is the Founder of GoCodeGreen, author of Decarbonise Digital guidebooks and Visiting Professor King’s College London and the University of Suffolk.
The Framework is supported by the ESG Working Group members and the wider TPA membership. We welcome any feedback from stakeholders across the industry and are willing to facilitate conversations that will enable progress and wider adoption throughout the industry.
“The ESG Working Group aims to drive meaningful change across the payments industry to improve the environmental, social, and governance aspects of payments. It is a collaborative effort that aims to nurture innovation and environmental responsibility, ensuring sustainability and ethical practices become core to our industry’s future. We aim to develop the tools that help organisations adopt ESG in an educated, low-cost and impactful way.”
The group developed an ESG Toolkit whose goal is to provide a living and breathing library of helpful resources that support companies in adopting sustainable and progressive strategies.
The toolkit brings together articles, podcasts, videos, reports and whitepapers published by The Payments Association in collaboration with the ESG Working Group.
It also features curated third party resources from trusted sources geared at helping payments businesses on thier ESG journey.
The Payments Association ESG Working Group is currently researching the development of an industry standard framework for measuring the carbon impact of payments transactions.
The vision for a standard framework is driven by the fact that organisations in the Payments space are increasingly concerned with measuring and managing their carbon footprint. While several, mostly large, organisations have already carried out in-house research, SMEs, potentially lacking resource, may have the desire but not the means.
The ESG Working Group believes that it is in the industry’s interest to have a ratified set of guidelines which could facilitate consistency, promote collaboration, and drive sustainable innovation.
The fintech industry has always been forward-thinking, but when it comes to ESG, it’s clear that we are behind.
ESG policies are vital for companies wanting to reduce their carbon footprint and protect the environment. They are also imperative to meet customer needs and achieve any long-term business goals as these issues related to climate change only become more pressing.
The time to act on ESG policies is now, they can no longer wither behind purely short-term and profit-led initiatives.
The ESG Working Group is constantly striving to contribute towards creating materials that promote ESG within the industry. These resources are intended to help you introduce and implement your ESG strategy, with insights from The Payments Association member companies. Together, we can make a difference.
In our latest episode of the Insights Podcast, Charlie Bronks, Crown Agents Bank, and Karine Martinez, Edenred, talk successful ESG policies, greenwashing and what effective green action really means.
Previously, Tony Craddock sat down with Steve Round, chair of the Ecology Building Society and co-founder of SaaScada, who delved into how integrating ESG factors can redefine the financial services industry. He discussed the unique challenges and opportunities facing legacy banks and fintechs in making genuinely inclusive financial products that cater to all income levels.
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