Net Zero Strategies in Financial Services – Thematic Intelligence

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Net Zero Strategies in Financial Services Thematic Overview

Financial services are facing new challenges in achieving net zero by 2050. Companies achieve net zero emissions by cutting greenhouse gas (GHG) emissions to as close to zero as possible, with any remaining emissions then “offset”. The main contributors to these emissions are office heating, company-owned vehicles, and purchased electricity and steam. Efforts to reduce Scope 1 and 2 emissions include carrying out green renovations on corporate offices and data centers, purchasing renewable energy, and using sustainable aviation fuel for company-owned jets.

Financial services companies are creating climate-focused investment products, but these bring greenwashing risks. This includes debt and equity investments and corporate banking and insurance services. The most common among these is green bonds. To avoid scrutiny, finance majors should carry out robust auditing of ESG-focused offerings and ensure effective cooperation with regulatory authorities.

The “Net Zero Strategies in Financial Services” thematic Intelligence gives you an in-depth analysis of net-zero strategies across the financial sector, including a discussion of why financial services companies need net-zero strategies. The emissions targets and performance of 20 leading companies across banking, payments, and insurance are examined, alongside a comprehensive look into the net-zero strategies of four leading providers. The report also includes a summary of the key sustainable products and services offered by finance majors.

A Stylized Net Zero StrategyA Stylized Net Zero Strategy

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Leading Companies ·        Munich Re

·        Chubb

·        Bank of America

·        Zurich Insurance

·        Mastercard

·        Wells Fargo

·        JPMorgan Chase

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Financial Services Sector - Scope 1, 2, and 3 Emissions Strategies

A few of the Scope 1 and 2 emissions reduction strategies in the financial services sector are sustainable aviation fuel, waste management, water management, renewable energyand LED retrofitting. Financial services companies are focused on reducing the carbon footprint of offices and data centers.They also seek to obtain certifications from environmental building standard organizations like LEED, BREEAM, Greenstar, WELL, Green Mark, and Fitwel.

Supplier engagement is a strategy to measure and report Scope 3 emissions more accurately. For some financial services companies, their suppliers will also be their clients, creating natural opportunities for collaboration through environmental consulting services.  CDP’s Supply Chain program helps companies engage more meaningfully with suppliers through annual surveys to better understand their emissions profiles.

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Financial Services Sector - Net Zero Strategies of Leading Companies

A few financial services companies evaluated in this report are  Munich Re, Chubb, Bank of America, Zurich Insurance, Mastercard, Wells Fargo, and JPMorgan Chase among others.

Mastercard aims to reduce Scope 1,2 and 3 emissions by 2025 from a 2016 baseline (achieved and SBTi approved). The company is seeking buildings with green certifications for new leases and adding green lease terms into contracts. It aims to use less than 10 kilowatt hours per square foot per year.

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  • All 20 of the leading financial services companies analyzed in this report have committed to achieving net zero emissions across select areas of their value chains between 2030 and 2060.
  • Scope 1 and 2 emissions, which are generated by business operations, make up 29% of currently reported emissions. The main contributors to these emissions are office heating, company-owned vehicles, and purchased electricity and steam.
  • Scope 3 emissions, or value chain emissions, account for 71% of emissions but are currently under-reported. The main contributors to upstream Scope 3 are purchased goods and services and business travel.

Reasons to Buy

  • Understand which leading financial services companies are reducing their emissions and how they achieve this.
  • Identify net-zero leaders and laggards across payments, retail banking, wealth management, life insurance, and non-life insurance.
  • Learn about financed and insurance-associated emissions, as well as the key challenges in measuring them.
  • Gain an overview of the key climate-related products and services that finance majors offer their clients.

Bank of America
Elevance Health
Goldman Sachs
JPMorgan Chase
Marsh & McLennan
Munich Re
Ping An Insurance
Tokio Marine Holdings
Wells Fargo

Table of Contents

Executive Summary

Why Financial Services Companies Need a Net Zero Strategy

Emissions Targets and Performance

Scope 1 and 2 Emissions Reduction Strategies

Scope 3 Emissions Reduction Strategies

Financed and Insurance-Associated Emissions

Sustainable Products and Services

Net Zero Strategies of Leading Financial Services Companies


Further Reading

Our Thematic Research Methodology

Contact Us

Frequently asked questions

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