With increasing demand for addressing impact of climate, banks and insurers now have an integrated solution to measure climate exposure, comply with new regulations, and make better data-based decisions
Deloitte and Persefoni have formed a strategic alliance to develop analytics solutions in order to help provide organizations in the banking and insurance sectors a new path for measuring, disclosing, and managing their carbon footprints — both operational and financial — as part of their climate journey.
As chiefs of sustainability and finance work together to address their climate management and accounting platform (CMAP) needs, Persefoni and Deloitte’s shared clients can now use Persefoni’s software platform as well as Deloitte’s deep understanding of environment, social and governance (ESG) practices and financial analytics to help address their sustainability and climate goals. As part of this collaboration, Deloitte has developed and integrated accelerators, analytics tools, and capabilities to help clients in the financial services industry understand risks and value-creation opportunities based on financed emissions portfolio data.
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Why this matters
Financial organizations play a critical role in facilitating the Paris Agreement-aligned decarbonization journeys of their customers in addition to their own operations. With 40% of global banking assets committed to net-zero by 2050 under the Net Zero Banking Alliance and mounting pressure from governments, regulators and capital markets, banks of all sizes are moving towards disclosure of their operational and financed emissions footprint. As banks and insurers work to meet their net-zero goals and better mitigate their climate exposure, developing robust CMAP use will be critical, especially as ESG disclosures become further codified and regulated.
“Persefoni is excited to formalize our alliance with Deloitte, a global leader in sustainability, climate and equity strategy and transformation, and trusted advisor to many of the world’s largest companies and financial institutions,” said Kentaro Kawamori, CEO and co-founder of Persefoni. “Enabled by Persefoni’s best-in-class technology platform and Deloitte’s leading sustainability, digital transformation, risk, advisory, and reporting services, our shared clients in the banking and insurance sectors will have access to the best possible support on their climate journeys — from meeting compliance requirements to analyzing climate exposure within their portfolios and optimizing business strategies.”
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“Our banking and insurance clients know that carbon accounting can’t be improvised,” said Ricardo Martinez, Deloitte Risk & Financial Advisory’s sustainability, climate and equity practice leader for financial services and principal, Deloitte & Touche LLP. “Leveraging the rich data in Persefoni’s platform alongside Deloitte’s related analytics and services, we can help organizations through their end-to-end ESG transformation. As banks and insurance organizations look to address carbon accounting requirements by understanding and evolving the financed emissions in their portfolios, our shared clients will be able to chart those financed emissions, analyze critical business risks, identify opportunities to enhance the composition of their financed portfolio, and prepare to meet their disclosure and reporting obligations.”
Connor Taylor, industry analyst at Verdantix, a leading research and advisory firm, said, “We find that corporate decision-makers need purpose-built tools that enable them to measure and report on their carbon emissions. The alliance between Persefoni’s carbon accounting and management platform and Deloitte’s accelerators and data analytics capabilities can help companies address common issues such as information irregularity, lack of data, and regulatory complexity that have historically impeded accurate environmental footprint assessments.”
Deloitte is helping banks and insurers address the next wave of environmental and regulatory challenges by using a proprietary end-to-end approach to guide clients through their own sustainability transformation journeys. Persefoni’s capabilities complement Deloitte’s approach of using and developing select, purpose-built tools to help organization’s address specific sustainability needs such as building adaptive climate and decarbonization strategies; data assessment and ingestion approaches; benchmarking and maturity frameworks; dashboarding and visualization capabilities for enhanced transparency; and reporting and decision making.
Deloitte’s accelerators include pre-configured processes and practices that can assist organizations to streamline their finance business processes, specific to reporting requirements. These accelerators combined with Persefoni’s capabilities can help organizations more quickly respond to the changing ESG landscape.
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