Data availability holding back financial services firms' climate transition plans

Research reveals financial companies' net zero concerns

Mike Sheen
clock • 1 min read
Data woes holding back climate transition plans

Data woes holding back climate transition plans

The lack of available relevant data is the single greatest challenge preventing financial services firms from adequately addressing climate risk, which two-fifths of companies expect to escalate over the next five years, new research suggests.

A survey of 122 banks, insurers, and wealth and asset managements conducted by Willis Towers Watson found that 80% of respondents cited data availability as the biggest obstacle to addressing climate risk, while 75% and 62% cited difficulty in making quantitative assessments and lack of expertise respectively. Race to Zero strengthens and clarifies minimum net zero criteria for members The survey also revealed that 40% of respondents expect climate-related risks to their businesses to escalate over the next five years, with 75% citing transition risks as their key focus, compared to 6...

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