FINANCIAL SERVICES
Fana ’ s CEO adds that the integration of complex carbon tracking and offsetting systems into existing financial infrastructures remains a challenge , as it “ requires substantial investment and technological upgrades ”.
The technology is there , though , to bring these tools to market . But using technology to create new carbon tracking tools – added compute power and AI included – creates higher energy requirements , as suggested by Francois .
Shuvo calls this conundrum a “ classic green paradox ” and an area banks should look to juggle carefully . “ Banks will need to look at infrastructure efficiency and , wherever possible , accelerate their journey to the cloud ,” he adds .
“Financial institutions are increasingly embedding carbon offset options directly into payment platforms ”
ROBIN YAN , CEO , FANA
The intersection of finance , sustainability and technology For financial institutions , the conundrum in meeting sustainability goals is how they champion net-zero initiatives leveraging technology while keeping energy consumption to a minimum .
Robin concludes : “ The role of innovative financial solutions like carbon tracking and offsetting in promoting environmental stewardship becomes crucial .
“ These tools not only foster transparency and responsibility in consumer behaviour but also enhance the capacity of financial systems to support global sustainability efforts .
“ By overcoming the existing challenges , banks and financial institutions can play a significant role in driving the adoption of environmentally conscious practices across industries .”
132 September 2024