- Global ESG and Climate Risk Spending Trends Unveiled in Survey
that Highlights Regulatory Compliance as Top Challenge
CHENNAI,
India, July 16, 2024 /PRNewswire/ -- BCT
Digital, a global digital transformation company delivering
FinTech, RegTech and SustainTech solutions, in collaboration with
Chartis Research, has published the findings of their extensive ESG
and Climate Risk Survey. Titled 'Chartis Market View: ESG and
Climate Risk Survey', it analyzes how global financial institutions
are integrating ESG and climate risk factors into their risk
management and investment decision-making processes.
The survey captured insights from 77 ESG and climate risk
practitioners representing financial institutions with AUM ranging
from $1 bn to $500 bn based in the APAC, North America, Europe and the MENA region. It is found that
over 72% of financial institutions plan to spend upto $500,000 or more on ESG technology.
Most firms review their ESG strategies quarterly, spending an
average of $250,000 to $500,000 annually, with North American and
European institutions likely to exceed $500,000.
When it comes to ESG, 52% of the respondents indicated
regulatory compliance as the primary challenge followed by risk
assessment (48%). For climate risk, the challenges are meeting
regulatory stress testing expectations (67%), accurate Greenhouse
Gas Accounting (56%) and integrating climate risk operationally
into product lines (50%).
Jaya Vaidhyanathan, CEO, BCT
Digital, said, "We are happy to present this survey that
uncovers trends, challenges, and priorities within the ESG and
climate risk space, addressing questions such as the evolution of
technology markets, demographic impacts on risk planning, and the
primary drivers of firms' strategic agendas. There is a lack of
uniformity in ESG and climate risk reporting standards; different
countries may have their own frameworks. This disparity makes it
challenging for multinational corporations to maintain consistent
reporting. We are ready to tackle the growing needs of the ESG and
climate risk markets, and based on this survey, confident about
addressing the intersection of these two fields."
About BCT Digital:
BCT Digital, a global digital transformation company, focuses on
delivering FinTech, RegTech, and SustainTech solutions to
international banking and financial markets, and key industry
sectors. The core of BCT Digital's offerings lies in the ability to
identify gaps and build solutions that are suited to India and scalable to the global markets. To
learn more, visit https://www.bctdigital.ai.
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