EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can Help
-
Discover how EY's finance consulting services can help your business capitalize on opportunities to drive profitable growth and drive transformative change.
Read more
Increased focus on Sustainable Finance
The climate change reality has come knocking on the CFO’s door. Regulatory developments as well as the recent extreme climate events have made Sustainable Finance rise in importance. It is entering the top 5 of the CFO’s priorities for the coming years.
As progress is made on the integration of climate-related risks and reporting thereof, the financial sector is focusing more and more on non-financial reporting. In general, the sector is increasing the maturity of its sustainability report already today to (i) prepare for the implementation deadlines of CSRD (Corporate Sustainable Reporting Directive), (ii) to meet the expectation of investors vis-à-vis transparency, (iii) to attract talent, and (iv) to convince customers of their ambitions. CFO’s are expected to include the preparation of non-financial reporting in their set of responsibilities going forward.
However, the challenge is to translate sustainability ambitions into concrete and traceable results. This, in turn, calls for tackling the data aspect of ESG. Indeed, the complex data needs, the new type of data required and the lack of availability within the organization (or even with data vendors), makes this task immensely complicated. Meanwhile, the intense stakeholder scrutiny means that Financial Services do not have a choice, they must take action now.