One of the most insightful sessions at the excellent “Fintech as a force for good” event in London this week was the presentation by Justin Keeble, MD of Global Sustainability at Google Cloud. The key takeaways for me were:
– We are entering an era of sustainability-driven business transformation
– The de-carbonisation transition could cost organisations up to 40% of current EBITDA
– Over one-third of organisations have committed to net zero by 2030. At the current pace, over 90% of them will fail.
It seems conversation at the moment is dominated by the potential risks and benefits of new technology, and especially AI, to our world. A lot of these discussions feel a little nebulous at times. However, when you look in particular at the challenge of climate change, and its effects already on the poorest and most marginalised people in our world, the potential for real impact becomes clearer. Already, technology companies such as Google are using their vast datasets and AI to:
– scan for signs of new deforestation activity
– forecast flooding and the extent of the flood damage
– track schools of fish and look for signs of over-fishing
– monitor biodiversity, energy leakage and emissions
– identify sites for with the greatest potential for solar power
Add to that the potential for fintech to offer access to bank accounts, to educate people on financial responsibility, and to provide insight, reduce anxiety and give people more financial control over their lives, and the potential for good is huge. It will require governments, NGOs, tech and fintech to work together, and a strong ethical backbone to ensure it’s done in the right way. Are we up to the challenge?
