Banks ditch sustainability as economic headwinds slows progress
- On June 15, 2023
- By GrowthInvest Marketing
SUSTAINABILITY is falling down the list of priorities for many UK banks, after a new study found the number of banks stating sustainability was a key part of their business strategy had plummeted by 40 per cent in a year.
Only 60 per cent of banking leaders in the UK say sustainability is an important part of their strategy, down from 100 per cent just a year ago, according to IT firm Mobiquity’s Benchmark for Sustainable Banking Report.
The report said sustainability considerations are dropping down the agenda as falling consumer confidence and rising interest rates sharpen the attention on banks’ bottom lines.
The report, based on a survey of 150 UK banking executives conducted by Censuswide, suggests that banks are less concerned about offsetting unsustainable practices than last year. 29 per cent are currently offsetting through carbon credit schemes, down from 50 per cent last year.
The number of banks with an executive at board level overseeing sustainability strategy has decreased from 83 per cent last year to 54 per cent.
Peter-Jan Van De Venn at Hexaware Mobiquity said that although banks had made progress in recent years on sustainability, “much of that work is now being undone.”
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