BlackFin Tech, whose mission is to shape the future of financial services, has recognized Worldfavor as an influential and impactful working tool in the context of sustainability. BlackFin Tech works towards financing projects leading to a better future. This is why they carefully observe emerging players that are trying to make banks, and the financial ecosystem as a whole, work greener. And in this watch, BlackFin Tech found and recognized Worldfavor.
European Commission forces companies to be transparent on their ESG policy
This feature, written by Solène Brébant at BlackFin Tech, covers the importance of transparency with connection to ESG-data and how B2B businesses can help move financial institutions towards a more sustainable future.
Solène writes that because traditional financial players are a contributing factor in global warming, regulation plays an important role in the change of the entire industry. Regulation is not the only reason that explains why businesses and financial institutions are willing to work greener. Solène carries on and writes that while more and more companies take actions for the environmental cause, setting a regulatory framework that prevents them from greenwashing is of utmost importance. She writes that as a matter of fact, the European Commission put sustainable finance at the top of its priorities which now forces companies and financial institutions to be transparent when it comes to their ESG policy. Transparency is something we at Worldfavor strongly believe will become mainstream and we work towards this reality on an everyday basis.
Sustainability information is becoming as important as financial information
Solène writes that in the future, businesses and financial institutions will need solutions that allow them to access and analyze their ESG data to include them in their non-financial reports. These reports will eventually become just as important as financial reporting and will ultimately be submitted to regulators.
This is in line with what our own Co-Founder and COO Frida Emilsson talked about at her presentation Raising the bar for sustainability information – how sustainability information has become as important as financial information at the National Sustainability Congress in Amsterdam. Where Frida said that “The development of the EU taxonomy is forcing us to really connect sustainability and financial reporting for the first time”.
She makes an excellent point about how reporting tools allow financial institutions and businesses to be compliant with evolving regulations. Solène writes that in Europe, ESG regulation is based on three pillars – NFRD, SFDR and taxonomy. She makes a statement about how to become a market leader, the data collection process needs to be as automated as possible — because the data needed are often not available online and spread among internal and external sources.
Thank you Solène for a thorough feature, and thank you BackFin Tech for the honoring recognition.
