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-: Banks are in a unique position
to have and create social impact,
given the range of clients that they have
and all the different aspects of their business.
When we think of social impact in banking
one thinks traditionally
about diversity, equity, and inclusion
with their own employees.
We think of that as sort of Scope one or Sphere one.
They think about and we think about financial inclusion,
financial wellness,
which are things that you can help your retail clients with.
But the real opportunity to become
a socially transformative business
is in what we call Sphere three.
Sphere three being the levers they have
when they work with their corporate clients
and investment banking clients.
And for an asset manager, the companies that they own.
And that's all around the engagement
that they have with those companies,
how they help their clients change their own
social impact practices.
For example, through helping them issue a social bond
or a sustainability link loan with social KPIs tied to it.
I think the second important thing to think about
is that the climate agenda could be lost
if we don't ensure that the benefits and costs
of the transition to a green economy
are shared equally across different social economic groups.
And that's why the concept of just transition
is very important.
And many bankers I talk to now say that they don't believe
that they should think about climate and social separate
but that really they need to be integrated together.
And I think this is how we're gonna be working
with our clients going forward.
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