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<v ->Banks are in a unique position</v>

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to have and create social impact,

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given the range of clients that they have

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and all the different aspects of their business.

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When we think of social impact in banking

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one thinks traditionally

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about diversity, equity, and inclusion

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with their own employees.

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We think of that as sort of Scope one or Sphere one.

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They think about and we think about financial inclusion,

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financial wellness,

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which are things that you can help your retail clients with.

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But the real opportunity to become

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a socially transformative business

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is in what we call Sphere three.

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Sphere three being the levers they have

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when they work with their corporate clients

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and investment banking clients.

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And for an asset manager, the companies that they own.

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And that's all around the engagement

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that they have with those companies,

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how they help their clients change their own

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social impact practices.

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For example, through helping them issue a social bond

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or a sustainability link loan with social KPIs tied to it.

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I think the second important thing to think about

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is that the climate agenda could be lost

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if we don't ensure that the benefits and costs

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of the transition to a green economy

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are shared equally across different social economic groups.

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And that's why the concept of just transition

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is very important.

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And many bankers I talk to now say that they don't believe

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that they should think about climate and social separate

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but that really they need to be integrated together.

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And I think this is how we're gonna be working

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with our clients going forward.

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