BFC Bulletins Monthly News Digest
In the last 5 years, the fintech sector has seen a significant shift towards sustainability. This trend, however, has led to unintended greenwashing. While research by Ivalua (a cloud-based spend management software provider) indicates that 87% of organizations are confident in meeting net-zero targets, there is a general lack of comprehensive plans for sustainable practices. The same research also shows that 53% of organizations inadvertently partake in greenwashing and that only 44% are confident in the accuracy of their Scope 3 emissions reporting. The main challenges going forward include prioritization, getting suppliers on board and having access to adequate data. Jarrod McAdoo, director of sustainable procurement at Ivalua, emphasizes the importance of accurate sustainability reporting and avoiding greenwashing accusations as well as the need for transparent procurement processes and supplier collaborations.
