Financing the Transition: Can We Still Make the Shift? | Panel x ChangeNOW2024
Summary
TLDRLe script vidéo aborde la transformation systémique nécessaire pour la durabilité, impliquant diverses communautés et parties prenantes. Le rôle de la responsabilité d'entreprise et de la réglementation est discuté, ainsi que la manière dont les banques, comme BNP Paribas, modifient leurs modèles de financement pour soutenir les énergies renouvelables et réduire l'impact environnemental. L'importance de l'engagement communautaire et des partenariats public-privé est soulignée pour les projets d'infrastructure climatique, en particulier dans les communautés marginalisées aux États-Unis. La discussion couvre également les défis de la mesure de l'impact social et la nécessité de réévaluation des risques par les institutions financières.
Takeaways
- 🏦 Le rôle de BNP Paribas dans la transition écologique est coordonné par le responsable du dialogue avec les entreprises, qui supervise les efforts du groupe pour soutenir les transitions environnementale et sociale.
- 🌐 BNP Paribas, en tant que plus grand banque en Europe, est confrontée à un défi majeur de transition vers des pratiques plus durables, en particulier dans le secteur de l'énergie.
- 🚀 Le groupe a entrepris de remplacer la financement des énergies fossiles par celui des énergies renouvelables, atteignant déjà 65% de crédits pour l'énergie à faible carbone dans le portefeuille existant.
- 📉 En 2023, BNP Paribas a pratiquement cessé de prêter de l'argent au secteur pétrolier et gazier et n'a plus structuré d'émissions d'obligations pour ce secteur, montrant un engagement fort dans la transition énergétique.
- 💼 Le groupe est également leader mondial pour les obligations vertes et un acteur clé dans le financement des énergies renouvelables, démontrant un changement de modèle dans ses investissements.
- 🔄 Le système financier, selon BNP Paribas, peut influencer la consommation et le consumérisme, par exemple en proposant des solutions de location avec recyclage pour les ordinateurs.
- 📈 L'introduction de produits tels que les obligations d'impact social et de développement peut séparer la rentabilité et le retour pour l'investisseur, en se concentrant sur l'impact social plutôt que sur le rendement financier.
- 🌱 L'organisation Dream.org est impliquée dans le financement de projets d'infrastructure climatique dans les communautés historiquement marginalisées aux États-Unis, en utilisant des partenariats public-privé.
- 🏗️ Dream.org utilise des fonds gouvernementaux, tels que les crédits d'impôt, pour catalyser des investissements du secteur privé dans des projets d'infrastructure durables qui répondent aux besoins des communautés.
- 🤝 L'engagement des communautés et la compréhension de leurs besoins sont essentiels pour le succès des projets de transition énergétique, nécessitant une communication transparente et la prise en compte de la culture et des préoccupations locales.
- 📊 KPMG travaille sur la création de modèles complexes pour évaluer la création de valeur à la fois environnementale et sociale, en mettant l'accent sur la nécessité d'un retour sur investissement financier pour convaincre les investisseurs de l'importance de la transition.
Q & A
Quel est le rôle d'Anan en tant que coordinateur au sein de BNP Paribas ?
-Anan est le chef du dialogue avec les entreprises chez BNP Paribas. Il est chargé de coordonner les efforts de la banque pour soutenir les transitions sociales et environnementales, en s'assurant que les activités de la banque sont alignées avec les objectifs de durabilité.
Comment BNP Paribas a-t-il changé sa stratégie de financement dans le secteur de l'énergie ?
-BNP Paribas a entrepris de remplacer la financement des énergies fossiles par celui des énergies renouvelables. Ils ont déjà atteint 65% de financement pour l'énergie à faible carbone et ont arrêté de prêter de nouveaux crédits au secteur pétrolier et gazier depuis février 2023.
En quoi consiste le rôle de Jackie Ulloa Holiday au sein de Dream.org ?
-Jackie Ulloa Holiday est la directrice nationale des investissements climatiques chez Dream.org. Elle est responsable des projets d'infrastructure climatique dans les communautés historiquement marginalisées aux États-Unis, utilisant des partenariats public-privé pour financer ces projets.
Quels sont les défis auxquels Dream.org fait face lorsqu'il s'agit de travailler avec des communautés marginalisées ?
-Dream.org doit surmonter les défis liés à la méfiance des communautés envers les grandes banques et à la compréhension des implications financières et de santé des projets d'énergie renouvelable. Ils travaillent sur la traduction culturelle et la compréhension des besoins des communautés.
Comment Dream.org utilise-t-il les fonds gouvernementaux pour financer les projets d'infrastructure climatique ?
-Dream.org utilise les fonds provenant des projets de loi climatiques tels que la Loi de réduction de l'inflation et la Loi d'infrastructure bipartite, en les utilisant comme des crédits d'impôt pour catalyser des investissements du secteur privé.
Quel est le rôle de Matthew Valish de KPMG dans l'ESG et la création de valeur ?
-Matthew Valish travaille avec les clients de KPMG pour fournir des services d'audit et de conseil sur les questions liées à l'ESG. Il aide les entreprises à comprendre comment la réglementation et les indicateurs ESG peuvent créer de la valeur et influencer la cotation des entreprises.
Comment la réglementation actuelle influence-t-elle la transition vers des modèles d'affaires ESG ?
-La réglementation actuelle, en particulier la directive CSRD, impose aux entreprises de fournir des informations ESG transparentes, ce qui permettra de comparer et d'évaluer les performances des entreprises dans leurs secteurs respectifs.
Quels sont les principaux défis pour les entreprises lorsqu'il s'agit de mesurer l'impact social et environnemental de leurs activités ?
-Les entreprises ont du mal à traduire l'impact social et environnemental en termes financiers, car ces impacts sont souvent difficiles à quantifier. KPMG travaille sur des modèles pour mettre des mesures financières à ces impacts.
Comment les entreprises peuvent-elles attirer l'intérêt des investisseurs tout en prenant en compte l'ESG ?
-Les entreprises peuvent montrer aux investisseurs qu'il y a un retour financier positif sur l'investissement lié à l'ESG, en montrant comment les pratiques durables peuvent augmenter la valeur de l'entreprise à long terme.
Quel est l'impact de la réglementation sur les entreprises privées et les investisseurs en ce qui concerne l'ESG ?
-La réglementation actuelle cible principalement les entreprises publiques, mais elle a un effet de bord sur les entreprises privées et les investisseurs, qui sont encouragés à adopter des pratiques ESG pour maintenir leur compétitivité et leur valeur.
Outlines
🌐 Responsabilité d'entreprise et transition écologique
Le premier paragraphe aborde la nécessité d'un changement systémique impliquant diverses communautés et parties prenantes. L'orateur, Anan, introduit son rôle en tant que responsable de l'engagement des entreprises chez BNP Paribas, où il coordonne les efforts pour soutenir les transitions environnementales et sociales. Il souligne les défis de la banque en tant que plus grand établissement financier en Europe et la nécessité de modifier son modèle de financement, en particulier dans le secteur de l'énergie, passant de l'énergie fossile à l'énergie renouvelable. Il mentionne les progrès réalisés avec 65% des crédits alloués à l'énergie à faible émission de carbone et l'arrêt des nouvelles crédits accordés au secteur pétrolier et gazier à partir de février 2023.
💼 Rôle de la finance dans la durabilité sociale
Dans le deuxième paragraphe, l'orateur discute du rôle de la finance dans la durabilité, notamment à travers les obligations d'impact social et de développement. Il explique comment BNP Paribas structure des produits financiers qui mesurent l'impact social et récompensent les investisseurs en cas de réalisation d'objectifs sociaux. Ces produits sont encore en phase de prototype mais ont le potentiel de révolutionner la façon dont la finance est vue et utilisée pour le développement social. L'orateur insiste sur l'importance de la formation et de l'engagement de tous les niveaux de la banque pour assurer une transformation réussie vers des pratiques plus durables.
🏢 Investissements climatiques et communautés marginalisées
Le troisième paragraphe présente Jackie, la directrice nationale des investissements climatiques chez Dream.org, qui travaille sur des projets d'infrastructure climatique dans des communautés historiquement marginalisées aux États-Unis. Elle explique comment l'organisation utilise des partenariats public-privé pour financer des projets axés sur les besoins et les souhaits des communautés, en se concentrant sur la réduction de la charge énergétique et l'amélioration de la santé et du développement économique. Elle mentionne également les défis de la sensibilisation et de la compréhension des risques financiers et environnementaux pour ces communautés.
🏘️ Défis de la transition énergétique dans les communautés marginalisées
Dans le quatrième paragraphe, Jackie discute des obstacles spécifiques aux communautés marginalisées lors de la transition énergétique, notamment le fait que la plupart des habitants de ces communautés sont des locataires et non des propriétaires. Elle souligne l'importance de la participation des communautés, de la compréhension des implications de la santé et de la sécurité liées à l'énergie renouvelable, et de la nécessité d'un engagement financier qui profite à la fois à l'individu et à la communauté. Elle cite des exemples de projets solaires communautaires qui peuvent apporter des revenus supplémentaires aux ménages.
📊 La réglementation et la création de valeur ESG
Le cinquième paragraphe met en avant Matthew, un membre de KPMG, qui aborde la réglementation et son impact sur la création de valeur ESG (Environnement, Social, Gouvernance). Il explique que, bien que la réglementation puisse sembler complexe, elle a pour objectif de promouvoir la transparence et la comparabilité des entreprises en termes d'impact ESG. Il prédit que l'accès à des informations précises sur les KPIs ESG permettra aux investisseurs de mieux évaluer la valeur des entreprises, pénalisant celles qui ne se sont pas transformées et récompensant celles qui le sont.
🏦 La transformation du secteur bancaire face au changement climatique
Le sixième paragraphe conclut la discussion en revenant sur le rôle spécifique des banques dans la transition écologique. L'orateur, en tant que représentant de BNP Paribas, insiste sur la différence entre le rôle des investisseurs et celui des banques, soulignant que les banques doivent servir leurs clients tout en les accompagnant dans leur transition. Il mentionne des exemples de pratiques émergentes, comme la proposition de conditions préférentielles pour les prêts immobiliers liés à l'efficacité énergétique, et appelle à une implication des régulateurs et des gouvernements pour soutenir cette transformation.
Mindmap
Keywords
💡Responsabilité d'entreprise
💡Transition écologique
💡Banque BNP Paribas
💡Énergie renouvelable
💡Engagement des parties prenantes
💡Réglementation
💡Impact social
💡Dream.org
💡Investissement climatique
💡KPMG
💡Capacité de financement
Highlights
Systematic change requires engagement from various communities and stakeholders.
BNP Paribas is actively shifting its financing model from fossil fuels to renewable energy.
BNP Paribas has reached 65% of credits for low carbon energy and aims to increase this share.
The bank has ceased new lending to the oil and gas sector since February 2023.
BNP Paribas is a global leader in green bonds and financing renewable energy.
The financial system can influence consumerism and consumption patterns.
BNP Paribas is exploring social impact bonds to separate profitability from social returns.
Dream.org focuses on climate infrastructure projects in historically marginalized communities.
Public and private partnerships are crucial for driving infrastructure projects in marginalized communities.
Regulations play a significant role in driving ESG topics and value creation.
KPMG is helping clients navigate the regulatory environment for ESG integration.
Banks must serve clients while making choices that support the transition to a sustainable economy.
BNP Paribas is training its workforce extensively on sustainability issues.
Community engagement is key to understanding and addressing the needs of marginalized communities.
Cultural translation is essential for effective stakeholder management in community engagement.
Ecosystem orchestration involves bringing different stakeholders together for innovative solutions.
Regulations are complex but can drive value creation and transparency in ESG practices.
KPMG is developing models to quantify the financial impact of social and environmental initiatives.
The transition to a sustainable economy requires the engagement of communities, corporations, and regulators.
Transcripts
so let me start uh building on what enri
said this is a systematic change that
requires different communities different
stakeholders to come in so for the next
sort of 20 minutes or so I'm going to
follow a little bit what's the corporate
responsibility what's how do we engage
with different stakeholders and
communities and then we're going to talk
about the role of regulatory in this
whole uh situation so let me start uh
with Anan first uh so maybe a few
introduction of yourself what do you do
in bmba and what have the bank been
doing in thinking about different roles
Finance should play uh in making the
transition happen yes uh thank you for
inviting me so I'm I'm head of company
engagement at BNP pariba uh and uh uh
more or less I'm here to coordinate all
what the banks makes for the Social and
uh so environmental and uh and social uh
transitions so of course it's a huge
challenge because we are the largest
bank in Europe uh and uh we are the the
first bank for almost all economic
sectors uh for uh
energy
tourism uh
it any any sector we are the we are the
the largest bank except probably for
agriculture uh in uh in in in Europe and
uh yes uh we have to to to change a lot
of things and uh and We Know It uh so we
have been challenged uh over years uh
for our capacity uh to change uh our
model uh of financing the energy sector
uh and all in all uh we found it was a
very interesting and probably a feasible
challenge uh to start with uh because
energy accounts for around 3% of our
activity uh and uh 15 years ago uh our
financing to energy was almost entirely
fossil energy because there was almost
entirely fossil energy so we we took the
the the the challenge uh Within These 3%
of our activity to completely replace uh
financing of fossil energy by uh
renewable energy which is uh what we are
trying to do and honestly we are now
very well on on our way since if you
take the stock of credits which includes
credits that were given a long time ago
uh we are already at
65% of our credits for low carbon energy
but this is the stock and if you want to
make the stock move you have to be to be
much more uh steep uh in in the effort
you do uh uh to uh to move the the flow
and uh basically in
2023 uh we we
were virtually out of the market of
lending new credits to the oil and gas
sector uh and we didn't structure any uh
Bond Bond uh issuance uh for the oil and
gas sector since the 9 of February uh
2023 so it's uh we we we can really say
that we have uh changed our model since
at the same time we are Global leader
for green bonds and uh a clear leader
for financing renewable energy so this
is the first kind of shift we can do
which is channeling uh money uh to
things that we we want to have and not
challenging anymore to things that may
still be uh necessary in the economy as
it is but that we decide not to to to
finance because it it engage the the the
future uh but there are a lot of other
things uh to change uh for example uh we
we really believe that the the financial
uh system can have uh an impact uh on
the way uh we deal uh with consum
consumerism and consumption uh for for
example uh for for years uh we we are an
active player in leasing for computers
and we propose our leing uh with uh uh
Recycling and you cannot Lee a computer
at BNP paral leing without having the
recycling and probably uh we will need
uh to be able uh to uh introduce much
more leing uh in the way uh we make
Goods affordable for people because uh
the the the environmental conditions may
be much more part uh of the of the
contract and of the agreement another
element which was in the previous
presentation is uh how to uh to
separate uh to a certain extent
profitability and uh return for for the
investor let's deal into that this is
this is this is possible and and we do
it at BNP pariba through products that
are called the social impact Bond or the
development impact Bond uh which are uh
uh products uh where uh you
have a public administration which has
seen a problem for example unemployment
then an association that propos
solutions for unemployment in the area
uh and then an investor who is ready to
invest in the
association uh and finally uh a bank
that will help to structure the product
and ensure that we measure the social
impact and if the social impact is good
the administration will make savings and
they will repay the investors with the
savings and uh what the investor will
have to check is not a financial return
but only uh uh
um a social uh return so uh it works but
it works for the moment at the state of
prototype uh we have done several in
France we have done in UK in the US and
we have done uh uh uh
um in a development impact Bond on this
model in Ethiopia uh linked to uh
hygiene of of the women and allowing
women to to to afford
uh monal hygiene I don't know exactly
how to tell it in in English but you you
you see what I mean and uh and it was
very uh it was very uh daring to do that
uh for the moment these are prototypes
but probably in the future they can PVE
the way for new ways of thinking Finance
excellent so so um you
talk different areas of like shifting
out of fossil fuel getting into social
um for finance there there are two there
many but two of the very important
challenges one is the measurement right
so once we get into social impact it's
really difficult measure the second one
is who is taking the lead are you taking
the lead proactively as a bank or are
you responding to the different
investors right so partly through this
process you are risking alienating
certain type of investors and you're
probably on boarding some new type of uh
investment philosophy I'm I'm very
curious picking up on on one of the word
you said you are a coordinator so so
talk us through a little bit the
challenge you go through when you have
to deal with these different challenges
in terms of measurement in terms of
internal Dynamics in terms of getting
engaged with the the investment
investors
so of course some of the of the people
that do the research that create uh
initiatives they are directly in my team
but what we have to do is to create the
movement on on all the bank so that it
needs to have uh correspondence in all
the bank but it needs also to be very
well aligned with the senior management
and the management of all the the
businesses and I must say that the great
coordinator in our company is not me
he's the CEO because he's extremely no
but particularly on uh on uh uh um
climate and biodiversity and and social
issues uh he is very active and all the
people I am part of the executive
committee but all the members of the
executive committee are uh very uh uh
active on this on this topic maybe one
thing we have done which has been very
important is that we have been massively
training uh our people on these topics
we have created a sustainability Academy
that involves everybody uh we are one of
the the the the companies in France
where we have the largest number of
people who did what is called La fresa
the the the climate fresk of course it's
not uh sufficient at all you need to
have true trainings afterward uh we have
already 880,000 people who have been
trained to real climate stuff uh and how
they can how we can really contribute at
BNP pariba and this explains why uh uh
being at the same time a bank and
everybody suspect that we will not meet
the challenge and that it's too
complicated uh to to to play a role
suddenly we are able to to accelerate a
lot in fact we accelerate a lot because
we have been preparing for uh for for
several years so so we need SE
endorsement we need top alignment we
need awareness within the company in
order to move on so I'm going to build
on the the awareness side a little bit
um moving the needles within the
corporation is important now I'm going
to bring in Jackie um but you bring in
the community is actually many a time uh
significantly more difficult so maybe
tell us a little bit about dream door r
about you and and what's the mission and
action for your organization so good
afternoon everyone my name is Jackie ult
holiday and I am the climate Investments
National director at dream.org and in
that role what I'm responsible for are
climate infrastructure projects in
historically marginalized communities in
the US and so what does that mean it
means that we are looking at communities
that traditionally have been
marginalized so that they are Redline
communities in terms of um socioeconomic
demographics they usually have like the
lowest um energy burden communities
communities that were historically next
to like coal and also you know fossil
fuel producing energy and engaging in
conversations with them in terms of
reimagining what their communities look
like and then using both a public and a
private Partnerships to actually drive
infrastructure projects that are
centered on their wants and needs and
also their economic and health
development so what does that look like
in practice as most of you know there's
been a series of climate bills under um
the invest in America agenda under the
Abid Administration including the
inflation reduction act um the
bipartisan infrastructure law so it is
using those funds right many of which
are tax credits um in a catalytic way to
drive investment from the private sector
so what I call myself also as a
coordinator in terms of having
conversations with the communities about
reimagining what they want having
conversations with uh financial
institutions both like the big Banks but
also the Comm community development
financial institutions which do have
some histories in some of these
communities and it's also bringing
private equity and Angel Investors all
together to have conversations about
like what does it look like what does
measurement look like um and how do we
do it in a way that empowers community
and also builds Community wealth because
we talk a lot about what the projects
will actually do reduce energy burden we
talk about all the um the and and a lot
of work what I do is is in the renewable
energy space right um and bringing
communities up to par what are they
interested in what are they not um when
you get to like nuclear and hydrogen it
becomes like more problematic solar and
wind um are a little bit more digestible
for some communities um so having real
conversations about like what that look
like and what models do we need to
develop to ensure that it is a win-win
and again um a lot of it is examining
what community ownership over those
product um products look like but then
also having real conversations in terms
of with the with the big Banks about
what products need to be developed and
how they need to engage in communities
right reassessing what risk I always say
probably three fours of my life is
talking about like Risk and what risk
means in a historically marginalized
Community but also um what some
communities when I say risk I mean risk
from the side of a a private financial
institution but also from communities
who have a very um distrustful
relationship with both big big Banks but
also in taking on debt right like I mean
I grew up thinking debt was always a bad
thing and now I stack it all the time
you don't want to leave with a burden
yes yes exactly so really have having
those real transparent conversations and
doing it rapidly because if you don't
know November an an election is coming
right um and and the outcome of those
elections particularly in the United
States um could change the trajectory so
part of my goal in 2024 is getting as
many shovel ready projects in
marginalized communities that um
regardless of what happens in January
which is when our inauguration will be
um for the next president it can't the
the federal funds and federal tax
credits can't be crawled back it would
involv a lot of litigation because we
like to litigate in the US excellent so
um we'll follow up on that a little bit
and and there's actually a lot of
movement in this right for example there
is a US startup called block power done
by uh Donal B so um he actually talk
about so this is a power solution trying
to Electrify homes for marginalized
communities and and some of the Suburban
actually um different inter cities uh he
basically talk about the many folds of
challenges when you engage with the
Community for example the awareness as
you said the awareness both on the
technology side and also around Finance
side and there's then the finance
challenge right where do you get a found
and how do you actually do it and then
the utilization of these new assets so
maybe share some of the examples right
that you have when you engage with this
type of community how do you overcome
those and how do you really
contextualize your offer and help the
banks for example contextualize your
offer through this this true Community
engagement yeah so I think one of one of
the biggest barriers particularly when
you think about like renewable energies
right um and you think most marginalized
communities actually aren't homeowners
yes they are renters right so that that
puts positions people in a different way
when they think about like
weatherization of their property Etc um
and so it it's two folds it's one
depending on if it's a government um
subsidy uh residence or if it is like um
um rental properties in terms of like a
prim private owner it involves bringing
all those different folks to the table
to have like a conversation because
there are so many
Health indications that are separate
from the financial ones related to um
renewable energy even safety yes exactly
that that marginalized communities
understand right and you have to root
conversations I mean I come from an
organizing background like initially
right when you are organizing people and
I'm an attorney right so it is always
understanding what that person's
perspective is and speaking to that um
which is why a lot of this work
particularly in renewable energy
transition and engaging communties is
about being a cultural translator and
really be able to understand and speak
to what their needs are if I am a renter
and I do not have to pay my utility bill
right it it it it doesn't matter to me
whether my whether my um my heating bill
is 600 a month or like 200 a month but
if I understand some of the um Health
implications of of natural gas right in
homes and related to my child's as Etc
then it becomes different because pretty
much everybody cares about their
children maybe not the US government but
sometimes
um um and so and and so it really is
kind of looking at and that and having
those conversations but then making sure
that like the numbers work again um um
in conversations around some like
Community solar projects right so what
does that mean like if a community has
stake in some of the storage that is
stored in the batteries in terms of then
then it's a game changer because you
also bringing in an extra $200 $300 a
month for an indivual RSE it to the
great yes exactly is is a game Cher for
somebody who is living Check to Check
excellent so um we have been studying
ecosystem and stakeholder engagement for
a long time I think you've just
highlighted some of the key principles
number one is you can't have a central
mechanism and try to expand and that's
not the right way approach stakeholder
management you said the cultural
translator is to understand the context
in which you're in in order to translate
the strategy to be benefiting to the
community and the second one is there
need to be a ecosystem orchestrators
right you're playing that role to bring
different people to the table
understanding the needs and trying to
triangulate and innovate along that line
so that bring us to regulations right
regulations is great at an overall level
but many a time making it happen becomes
really difficult therefore we need the
dreams org and and many others so let me
bring in Matthew you've worked with a
lot of clients to really trying to
understand regulatory environment and
how do you make that work both within
the corporation and without outside so
talk through some of the work that KPMG
has done yeah sure and and hi everyone
so I will not I will clearly not talk
about
regulation definitely um but just a few
words I'm mat valish I'm a next member
at KPMG working for clients and and
markets as well and ESG is very much at
the hurt of what we are providing to our
clients I would say that we do provide
trust and transformation so when we talk
about regulation regulation is having a
very bad reputation it's really complex
but let me try to predict something to
predict that from regulation we will go
to Value creation yes it's probably a
tough one but I will try to do my best
um but that was at least the intent of
the regulation and policies exactly so
what we see is clearly our clients
shifting um shifting towards uh ESG
topics uh but we see a gap of transition
a gap of maturity between large
corporate public corporate M and small
or midsize companies uh in French um we
see clearly a gap of uh of shift which
we can explain by the by a gap of
Regulation because currently the
regulation is primarily towards uh
public
companies so first that's the first
benefit that helping companies to switch
in their in their own model but that's
only regulation um where I see the
regulation can drive the value creation
is that far the regulation the csrd you
all very familiar with that
50,000 companies in Europe will have to
shift to this uh to this regulation it
will imply a
transparency a transparency of hundreds
of ESG
kpis of this already next year and in a
couple of years so let me predict
something is that this whole bunch of
accurate information will come to public
in a couple of years then we will be
able to Benchmark one company to another
in a given sector and then we will
translate this gap of a company compared
to the market compared to the
average with let's say U catch up capex
or or valuation impact and then you can
be sure that in a couple of years ahead
of us investors will value and take a
value and for some companies will
discount the the the value of the
Enterprise value of a company especially
for them who did not transform their
business model so that's very much what
we see and this is also the case because
the the the content was was very much
about talking about financing this
transition and let me take as well the
example of private Equity private Equity
is having today in the world three
trillion dollars of dry powder dry
powder mean the equity you can invest on
a company so the money is
here but they are not they won't they
won't be happy me saying that they are
not transforming their business they are
very much today in the compliance side
exactly but they have the power to
transform their business so we need to
demonstrate at KPMG and we have complex
model that there is a return not only a
return on on ESG kpis but more
importantly at the same importance
a return on investment a financial
return to convince them that there is a
business case a financial business Cas
that there is value at the me to long
term that's was very
much let me ask one question really
really quick I'm basic B uh building on
on the previous question we're behind
right so we should have solved this
yesterday but many time when it comes to
measurement it's actually not that easy
right
um one line of thinking is to actually
bring all of these to financial returns
another one is to actually bring the
different assets of because it's very
difficult to translate for example
social impact where the environment
impact we're we're trying to do it with
carbon we're trying to do it we are
going to try to do it with water what
are some of the things KPMG are doing
trying to help company reduce or or or
or think through those complexity and
even for the investors and consumers as
well yeah exactly and so that this is
exactly why we have built a very complex
model to try to put a a financial metric
or several Financial metric this is what
we call Value creation to try not only
for the environmental topic but also for
the social topic to Value what does it
means in terms of impact for the society
and you can you can put dollars behind
that not because that's the right the
right way to do that but it's probably
more practical way to yeah to attract
interest uh uh from a financial
perspective excellent so let's open up a
little bit all right uh we can take one
or two if if the questions are really
short so anyone had any questions for
any of the panelists or all of
them yes
please yeah can you you can just shout
and I'll repeat the questions if you
will yeah it's okay go
ahead
yes it's an essential question and it
goes back to the fact that we are a bank
not an investor so a bank does not
invest because when you are an investor
for example you can decide to invest in
uh in things that are purely uh for the
green or purely for the transformation
but we are a bank a bank is different a
bank is here to serve the retail clients
to serve the corporate clients and and
we had we we started to make choices for
example when we choose uh not to finance
CL uh fossil it's a choice but it's
Rel before we didn't choose our clients
uh just someone was coming needed a
credit and if his business was legal and
if he was able to repay the credit he
would get a credit so it's a it's it's a
completely different situation than the
situation of investors because our
clients do the transition and in fact we
will need to accompany massively the
transition of our clients for example
today when we do a mortgage loan a
mortgage loan we don't have have
conditions uh linked uh to energy uh
efficiency we start to propose better
conditions for Energy Efficiency but
it's just the beginning in a few years
all the mortgage loans will have links
with Energy Efficiency and have an
impact on the climate but you see that
it's a it's a huge social transformation
so to do that we will need to do it with
The Regulators with the with the
governments so it's a change that is
coming for everybody at the at the same
time so you're right for example energy
we change completely the model but it's
only 3% of our business as as I
mentioned but we will have to change
everything great so so it's very clear
we need to engage the community the
corporate and The Regulators to actually
make this happen so please join me and
and thank all the panelists thank you
very
much
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