Category Archives: Insight

B Corp’s Wonder Women

March 8, 2022 rachel_eaton Leave a comment

As we celebrate International Women’s Day, we recognise the historical, cultural, and political achievements of women across the world. The theme for International Women’s Day this year is #BreaktheBias, this campaign calls for solidarity against gender bias, discrimination, and stereotyping. In the workplace this includes the need for gender parity, equal pay, inclusive work practices, and education opportunities.

Inclusivity is one of the key principles in the B Corp movement, centred around the idea that a business’s impact should focus on the planet and community benefit and not only shareholder profit. International Women’s Day is an opportunity to showcase some of the B Corp movement’s most inspiring certified founders using business as a force for good.

KRESSE WESLING CBE

Kresse Wesling, an award-winning environmental entrepreneur and Young Global Leader, is the Co-founder of apparel brand Elvis & Kresse. After a chance encounter with the London Fire Brigade in 2005, Elvis & Kresse was launched to use London’s decommissioned firehoses that could not be repaired.

Elvis & Kresse donated 50 per cent of the profit from its first line to the Fire Fighters Charity and now donates 50 per cent of its profits to various charities related to waste management. It collects from 12 different waste streams and has several charitable partnerships, including a five-year partnership with the Burberry Foundation. Their dedication and passion for sustainability has garnered both public attention and a high B Impact score of 147.6 points, which is 67.6 points higher than what is needed to qualify for B Corp Certification.

JO-ANNE CHIDLEY

Jo-Anne Chidley, a sustainability advocate, is the Co-founder of Beauty Kitchen UK. She has won a variety of industry awards, including the ‘Who’s Who in Natural Beauty’ and business award, ‘Scale Up Entrepreneur of the Year’. Her goal behind the creation of Beauty Kitchen UK was to be a pioneer in sustainable beauty, creating products that are effective but also work in harmony with the natural environment.

She inspects everything, including the efficacy of the products, where ingredients are sourced, and ensures that all packaging is sustainable. The product line includes compostable pouches, FSC approved cardboard, vegetable inks, and pre-cycled containers that can be returned for reuse. Every aspect of the business process is transparent, ensuring that stakeholders can see the hard work and care that goes into the product line. This has contributed to the business’ overall B Impact Score of 139.8 points.

PIP MURRAY

Pip Murray is the Founder of Pip & Nut, the fastest growing Nut Butter brand in the UK, after realising that current products on the market were lacking a healthier and more playful brand alternative. Although nut butter was not new to the market, Pip’s creative spin was the differentiator needed to launch a successful product. Pip & Nut is now stocked in over 7,000 stores across the UK, including Tesco, Morrison’s, ASDA and Holland & Barrett.

Pip & Nut is committed to leaving a positive environmental and social impact, sourcing ethical chocolate from Colombia and supporting community initiatives in the country. It has also committed to transitioning to net zero by 2023 and has prohibited the use of palm oil in its production process to protect rainforests. Based on their B impact assessment, Pip & Nut earned an overall score of 81.2 points which is almost double the median score for ordinary businesses who complete the assessment.

AMELIA HARVEY

Amelia Harvey is Co-founder of The Collective Dairy UK. Amelia had past success in the FMCG sector before joining The Collective team. She started her career at Kellogg’s and L’Oréal before a segue into the start-up sector with a sales director role at Gü Puds. Amelia loved working in a high-growth business and felt ready to start something new. So, when she met Angus Allan and Ofer Shenhay, creators of The Collective Dairy New Zealand, she knew this was the perfect product to bring to the UK market.

The Collective’s aim is to create great tasting yoghurt and leave a positive impact on the environment. Its climate friendly initiatives include the creation of the UK’s first carbon neutral dairy yoghurt, and it has committed to a carbon neutral production process by 2025.

MICHAL ALTER

Michal Alter is the Founder of Visit.org, a platform created for social impact travel experiences that allows users to discover, support and interact with organisations that leave a positive impact on their environment, both virtually and in-person.

As one of the first female pilot cadets in the Israeli Air Force, a Computer Science Engineer and the Director of Refugee Affairs at the City Government in Tel Aviv, Michal was able to use her skills in technology and social development. This subsequently led to her idea to combine the two and create an online platform that helps HR, CSR, and D&I teams in enterprise companies engage their employees.

CAROLINA MIRANDA

Carolina Miranda is the Founder and CEO of Cultivating Capital, a company that helps small businesses implement sustainable business practices. As a B Corp consultant, she specialises in helping companies align their business operations with their values by integrating social and environmental responsibility into business processes. She has helped organisations such as Pixar, Bayer, the City of Emeryville and the California Department of Transportation develop sustainable action plans, while also leading training sessions and providing coaching and mentoring services.

She served on the executive committee for the B Corp Women CEOs ‘We the Change’ movement and supports B local activities in the San Francisco Bay area. She was awarded the 2020 Community Builders award from B Lab for her contributions to the community.

BRIANNE WEST

Brianne West is the Founder and CEO of Ethqiue, a regenerative beauty and lifestyle brand. In 2020 she was named one of the ‘One Young World’s Entrepreneur’ of the year, and in 2019 the Ernst & Young ‘Young Entrepreneur of the Year’.

The concept behind Ethique was to create a product that would help eliminate plastic from the global beauty industry, proving that beauty brands can be environmentally proactive while being financially sustainable. Ethique is described as a regenerative brand because its purpose is to give back more than it extracts. All the products are vegan, cruelty-free, palm oil-free and are wrapped in compostable packaging.

ANITA RODDICK

Dame Anita Lucia Roddick DBE was a British businesswoman, human rights activist, and environmental campaigner. Most recognised as the Founder of The Body Shop, a cosmetics company that sells natural beauty products which shaped ethical consumerism, Anita built the brand on empowering women and integrated this purpose into each business decision.

The Body Shop’s mission is to make a positive difference in people’s lives by retailing good-quality products that use natural ingredients. Its most recent campaign, “Save Cruelty Free Cosmetics”, was a collaboration with Dove, PETA, CFI, and over 500 leading animal protection organisations. Its aim was to campaign for urgent action against animal testing requirements in Europe, highlighting its ongoing commitment to better business.

This month at Gong, we will continue to reflect on gender bias in the workplace and the role of businesses in a changing world – because we can use business as a change for good. We are committed as a B Corp to keep striving for an inclusive, equitable business that keeps people, community, and planet at its centre. Follow our B Corp Month campaign and International Women’s Day celebration on our social media channels:

Twitter: @GongComms

Instagram: @gongcomms

While there is so much to celebrate this month, we want to acknowledge the deeply saddening and difficult crisis in Ukraine and neighbouring territories. Refugee Support, who we work with on a pro-bono basis to publicise their work supporting refugees across Europe and the UK, are working to help the humanitarian emergency facing the people of Ukraine. You can help them to support those fleeing Ukraine via the Just Giving page below. By donating you are also supporting the border communities that are receiving the people who have fled, as all the funds will be spent locally:

https://www.justgiving.com/campaign/RefugeeSupportUkraine

Insight

Advice for Graduates wishing to pursue a career in PR

February 18, 2022 rachel_eaton Leave a comment

The good news is that according to the IDS (Income Data Services) there is an eight per cent increase in the number of graduate roles being advertised. The tide is definitely turning and we are certainly feeling it here at Gong. Our numbers have more than doubled in less than a year. A third of our new starters were graduates. Our international client base and the expansion of Gong Creative has allowed us to stretch upwards and outwards.

However, there are still 2.49 million unemployed people in the UK and last year one in 10 graduates were unemployed six months after graduating. We have a way to go yet. CVs and covering letters have never been more important.

We have seen a lot of CVs here at Gong. Here are my top five tips to help you write a standout application and make a lasting impression:

1. Research: Dig deep into agency websites and thoroughly research the company you wish to approach. If you can drop in a subtle one liner, something you’ve noticed, or are interested in, or impressive company stats and achievements, this will show you have done your homework and impress potential employers.

2. Covering letter: This should detail a little about you, why we should employ you and what attracted you to us. Keep it brief, informative and relevant.

3. CV’s: They should be no more than two pages. Make sure the layout is clear and sectioned off neatly, so that if someone is scanning through it, they can find information fast.

4. Internships: Do as many as you can. You cannot beat office experience. Internships have become an elongated ‘interview process’. They are a fantastic way for you to gain experience and re-confirm your career path. As an employer, it gives us the chance to see how you work and fit in, so make the most of it, be keen and get stuck in.

5. Stay in touch: Link up with everyone and stay in touch via the usual social media networks. Generate a strong presence out there, keep it up to date, but be mindful of your output.

These may sound painfully obvious, but very rarely are such simple guidelines followed. If you are interested in joining the team, I would be delighted to hear from you. Gong continues to grow both in London and internationally, particularly East Africa and the US. We have a wonderfully diverse culture in our London office alone: 50 per cent of our employees are non-Brits and between us we have a huge array of skills, languages, experience and creativity to bring to the table.

For more information please go to our ‘about us’ page and get in touch at careers@thewilful.com.

Insight

AFRICA NET ZERO: SIGGI HUEGEMANN AND DR INNOCENT UWUIJAREN ON AFRICAN HYDROGEN

Video December 8, 2021 rachel_eaton Leave a comment

“One cannot decarbonise the world without hydrogen. And one cannot decarbonise Europe without African hydrogen […]. Africa will automatically play a very strong role [in decarbonising the world] because of the sheer potential, there is no way around it. And what is really needed now is close political cooperation and willingness, to allow the financial markets to invest in those regions of the world.”

In the latest episode of our Africa Net Zero series, we were delighted to sit down with two guests: Siggi Huegemann and Dr Innocent Uwuijaren from the African Hydrogen Partnership. We learned more about the African hydrogen journey so far and discussed what the future might hold as the continent becomes one of the world’s major producers.

Thank you, Innocent and Siegfried, for sharing your insights with us!

AFRICA NET ZERO: SIGGI HUEGEMANN AND DR INNOCENT UWUIJAREN ON AFRICAN HYDROGEN

Insight

Announcing the launch of Wilful

October 19, 2021 rachel_eaton Leave a comment

Across the globe we are witnessing an unprecedented push to find solutions to the climate emergency and more sustainable ways of living. Awards such as the recent Earthshot Prize provide a glimpse at some of the ingenious ideas worldwide which will help tackle climate change.

Through our merger with CherishPR, announced on October 19th, we have created Wilful, a new firm that works at the intersection of tech innovation and sustainability. We asked the team what most excited them about Wilful, and this is what they had to say:

Insight

GREENWISHING OR GREENWASHING? CAN YOU TELL THE DIFFERENCE?

October 14, 2021 rachel_eaton Leave a comment

By Hannah Hughes, Senior Account Director

The Race to Zero is on and with it, a global push to agree corporate financial reporting and transparency rules. With more companies focused on declaring how their business plans are consistent with climate goals, the challenge now becomes how to see through the greenwashing – how to spot it, and how to stop it.

What is greenwashing, and what isn’t?

Greenwashing is defined as “the process of conveying the false impression or providing misleading information about how a company’s products are more environmentally sound”. In the corporate world, this often translates as embellishing business commitments to reaching net zero, with no credible action behind it. Something that alternative milk maker Oatly found out the hard way, when it was targeted by a short seller for overstating its ESG credentials.

The pursuit of net zero and corporate commitments to reduce carbon emissions is still relatively nascent. That means there is an absence of clear and universally adopted reporting guidelines. Work is well underway to improve this (organisations like CDP currently provide the gold standard for the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts), but in the meantime there is too much free rein for interpretation. Or more accurately, misinterpretation.

In a recent journalist briefing, our client Volans, the think tank and advisory firm at the cutting edge of sustainability, opined that while there is certainly no place for greenwashing within business – it is important that ambitious and optimistic targets are recognised and supported. These targets have a part to play in moving the sustainability agenda forward as long as the intentions behind this ‘greenwishing’ are earnest. “Businesses do need to make big, bold claims about going green,” CEO Louise Kjellerup Roper says, “in order to keep up with what is expected of them.” These targets ensure business leaders have to focus on coming up with a plan of action, and while few have all the answers they need to achieve these goals right now, open discussion and identifying challenges are key to make meaningful change at the scale and speed required.

Language analysis

As climate commitments become more widely reported, so too does analysis of the language used to detail them. Claims of being ‘net zero’ are currently under scrutiny by journalists like Jess Shankleman and Akshat Rathi at Bloomberg Green who ask: is it right for businesses that buy carbon offsets to claim ‘net zero’ or should they be called ‘carbon neutral’ or even ‘carbon responsible’ instead? The article goes so far as to state that if “companies really want to cancel out emissions with offsets, they would have to purchase more expensive carbon-removal credits that actually draw down greenhouse gases. Only when companies have achieved all the reductions they possibly can, and balanced the rest with carbon removals, would they achieve ‘carbon-neutrality’ or reach ‘net zero’.”.

The article points to a more deep-rooted problem of clarity in language. Besides false claims, vague wording and use of the passive voice is a strong indicator of lack of action. Phrases like “we are”, “we will” and “we have” are far more encouraging to see than “we believe” and “we expect”. In the table below, we’ve looked at the nuanced changes in language that reflect responsible and accurate communications around climate change commitments.

Looking past the language

The clearest way to identify if a company is greenwashing is to look beyond the language and understand what actions it is taking. BlackRock, for example, notable for CEO Larry Fink’s bold assertions that stakeholder capitalism must prevail, has, in the past, been picked up for not acting in line with his statements. We are now starting to see those words put into action in voting against 255 board directors that failed to act on climate issues.

Louise suggests looking at a company’s lobbying history. Companies that are really committed to putting their words into action are political activists, she notes. That means actively lobbying government and regulators for change and putting themselves forward as part of the solution. Not just getting in the way of progress and lobbying against. That is what the banks involved in Bankers for Net Zero, like Tide, Handelsbanken and Triodos, do. Rather than take the easy option of saying “no” to changes they don’t want to see, they are stepping up to be part of the positive change and ultimately, the solution.

Next steps

As a company focused on helping our clients communicate their positive impact, the correct use of language around climate commitments is high on our agenda. The drive towards greater responsibility and a tighter interpretation of terms will ultimately expel greenwashing and promote a better future for us all.

Let’s hope such scrutiny effects change fast enough to make a lasting difference to our planet. Until then, for our part, we will continue advising clients on responsible use of language and claims around climate and net zero.

A new language of commitment to climate change

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Zambia Forward

August 25, 2021 rachel_eaton Leave a comment

By Vinesh Parmar, in Lusaka

Amongst the economic malaise of the last few years, it seemed as though the Zambian flag had been flying at half-mast. In contrast, the fish eagle soared high above a crowded Hero’s Stadium in the capital Lusaka as newly elected president Hakainde Hichilema was sworn in.

Attendees at the presidential inauguration had packed wings of the venue by 7am. Seems like Zambians can be on time, especially for moments of this magnitude. Again demonstrated ahead of the general election, some voters turned up at polling stations five hours before they opened.

It was those early signs that had the nation feeling that we were on the cusp of change. Voter turnout was at historic highs, as Zambians turned up with camping chairs in anticipation of long queues. The will of the people would be delivered at the ballot box, a triumph and protection of a democracy the country was once renowned for.

As the result was confirmed in the early hours of Monday 16^th August, the nation would prepare for its third peaceful transition of political power. The masses took to the streets, dancing in jubilation as the sun began to rise on a new dawn. The markets seemed to feel the same, with the local currency, the kwacha, gaining almost instinctively against the dollar.

Reaction of the wider regional and international community was equally upbeat. Together we reveled in the history of the country’s largest election victory, by votes. A victory for all Africa as one of the continent’s beacons of democracy again placed their faith in, and were rewarded by, the electoral process.

Through social media, where the election was arguably decided, messages of positivity poured in from all corners of this very young continent. The youth of Africa took note of how decisive their vote could be. This served in many ways as confirmation that Zambia will rebuild itself for generations of tomorrow, while hopefully inspiring others around us to do the same.

When President Hichilema addressed the nation, once confirmed as the president-elect, what stood out was his projection of values. Ahead of the 2016 general election, I had the privilege of being invited to Mr Hichilema’s residence to interview him for my university dissertation. Against a backdrop of opulence, a result of his business success, was a most humble man.

Welcoming, respectful, and gracious, he valued our time and played his role as host very well, even shifting the patio furniture we were sat on into the shade, away from the scorching mid-summer sun.

President Hichilema’s appointment is a significant reminder of the importance of people power and a landmark moment for Zambian and African democracy.

Zambia forward.

Insight

ESG: MINIMAL RISK, MAXIMUM REWARD?

August 11, 2021 rachel_eaton Leave a comment

Environmental, Social and Governance (ESG)-led investments have been thrust into the limelight over the last year. ESG-focused funds and impact investments delivered strong yields and gained additional investors, despite a broader pandemic-induced sell off. Conscious capitalism has shifted the focus for investment away from shareholders to the wider stakeholder community, reshaping the investment agenda towards one of sustainability and long-term gain.

Is ESG enough?

Progressive policy is fuelling momentum for this trend, encouraging the private sector to Build Back Better and helping set legal precedents. With the race to achieve carbon neutrality at the top of many business agendas, leaders now have a better understanding of the scale of the challenge ahead. More businesses are now stepping up and addressing pressing issues like climate change, but is ESG enough to deliver the changes necessary?

By 2025, a predicted third of global assets under management will have an ESG-led mandate. Should the forecast USD 53 trillion of institutional capital be allocated with ESG considerations, this will represent more than a doubling of such investment in the decade from 2016. Yet based on current investment and global indicators, social inequality is still on the rise – especially in developing markets – while the effects of climate change are worsening.

Throwing more money at these problems isn’t enough on its own – there has to be a more considered approach. Standardising ESG measurements, for example, means capital can be deployed more effectively and efficiently. Innovative financing models, like green and social bonds, are building resilience in emerging markets – often worst hit by the neglect of global capital allocation.

Lessons from Africa

In Africa, every dollar of impact capital has a more profound effect than in the developed world. Access to social goods is limited. Over half of the continent does not have a reliable electricity connection, while around only a fifth of people use the internet and secondary school enrolment is a mere 43 per cent. This lays bare the level of development required, especially at a time when equality between the developed and developing world grows wider as a consequence of Covid-19.

The continent is ahead of the curve when it comes to ESG and impact investing, being rooted in development finance. With adequate funding, it is well positioned to allocate capital to close the divide. Gong client, Old Mutual Alternative Investments (OMAI), is one of the continent’s leaders in this regard. Its investments are guided by the UN’s SDGs and assessed according to 90 separate impact measurements. As such, they are improving access to affordable education and housing, while also addressing gender and racial inequality.

OMAI’s approach acknowledges the nuances of the investment environment, while shaping how best to generate social impact returns as well as above-market financial performance. This is evident in the infrastructure arm of OMAI’s business – African Infrastructure Investment Managers (AIIM). The resilience of its portfolio, including renewable energy, has been proven through the Covid-19 pandemic.

Renewable energy plants stood strong and digital infrastructure remained robust as demand for their services increased. According to the UNDP, for every dollar spent on resilience-building infrastructure, like renewable energy, the economic return is fourfold. So where the conversation of Building Back Better in Europe and America is centred on climate change, in Africa it is equally about development.

The developed world’s perspective

Across the world, the coronavirus pandemic has realigned investing priorities and funds are allocating a larger proportion of their portfolios to generating impact. Over a fifth of retail investors in the UK plan to dedicate capital to impact generation. That proportion is even larger among people under 35, as they are more willing to trade financial returns for social ones. 

Meanwhile, we have witnessed the formation of multiple financial alliances across the institutional investment space over the last five years, driven by the same goal: to achieve carbon neutrality. Our infographic demonstrates how this movement – which most recently has been given additional fuel by the UN-backed Race to Zero campaign – has gained momentum over time.

In the UK, we continue to see the trend for institutional investment being deployed responsibly among pension funds. The Make My Money Matter campaign, which asks pension funds to halve the emissions of portfolios by 2030, has united over 50 employers, including Gong, in tackling the climate crisis.

ESG really is starting to make a difference. Growing awareness, a generational shift and mounting investor pressure combined with more systematic carbon reporting is accelerating the move to improved global sustainability. As we move away from greenwashing and ESG as window-dressing, the demonstrable benefits of a concerted commitment to sustainability are reasons for optimism.

Featured, Insight

Top four challenges when running a virtual event – and how to solve them

July 22, 2021 rachel_eaton Leave a comment

Whether it’s a product launch, media briefing or industry-wide festival, devising and executing a memorable event is often a key element of an effective communications campaign.

But events can be fraught occasions, with unforeseen circumstances around every corner. Comms professionals need to be able to think on their feet and adapt quickly to a changing environment. When Covid-19 hit, with its successive lockdowns and restrictions on gatherings, event organisers faced a new test altogether.

This was certainly the case for Lloyd’s of London’s flagship insurance diversity and inclusion festival, Dive In. A Gong client since its inception in 2015, the event has grown from being hosted in just one country with 1,762 attendees to 32 countries and 10,296 participants in 2019.

Having gone from strength to strength, Dive In organisers were determined that Covid-19 would not spell the end of the festival’s success. The event was moved over to a virtual platform in 2020, resulting in its greatest success to date – running across six continents with over 140 events in 35 countries, hosting 30,153 participants. It taught us a few things about delivering virtual events. Here are some answers to the most common four challenges.

Challenge 1: How do I engage my audience at a virtual event or on a virtual platform?

Speakers or moderators are accustomed to the immediate feedback provided by the audience – notably from body language. Without that luxury on a virtual platform, here are some ways to trigger engagement:

Use virtual tools, such as asking for questions, comments, and polls that are linked to a graphic that displays on the screen
Engage audiences and promote active discussions by using digital whiteboards
Supercharge events with rivalry by carefully curating your speakers – for example, if an event is focused on a specific topic, invite those from competing industries to provide a more charged debate.

Challenge 2: How do I make sure people will attend my virtual event or meeting?

This is the fear of every event organiser – after all the hard work setting up the logistics, and inviting attendees, will the registrants actually turn up? Our top tips:

Make sure that once they have signed up to your virtual event, attendees are invited to instantly place it in their diary by clicking through a calendar link.
Send a reminder email before the event and as it begins – and a link to watch it after the event, to ensure maximum views.
Link your event to topical days or weeks of the year to keep them at the front of registrants’ minds. If you are running an international event, think about local awareness days that might be applicable too. Use social media assets to boost visibility of the link between the awareness day and your event.

Challenge 3: What is the best format for a virtual event?

There is always a place for a panel discussion with a well-curated set of guests and a good moderator (like a top journalist). However, if any format is overdone, attendees can be easily disengaged, especially if the panel format does not attract high-profile speakers. Consider the following:

A short video with a knowledgeable speaker talking over and/or after the images are shown.
A TED-style speech, filmed with distance between the speaker and the virtual audience.
Take to social media and consider an Instagram Live event to keep things more personal and intimate.

Challenge 4: How do I make my virtual event memorable?

Making a virtual event memorable is the holy grail for all event organisers. Here are our top tips:

Embrace Fun
- Even if you are running a B2B event, it is still important to create a sense of fun to boost attendance and visibility. Can you create a visually engaging video? Take time to consider your opening speaker or moderator – are they suitably interesting?

Harness Cultural Assets
- Broaden the scope of your event by taking it into the real world too. Adding in cultural assets can open up an event to audiences outside of your initial key target area and attract a broader visibility. For example, consider a cultural interlude during virtual events by hiring notable or local artists to perform spoken word, or commission a topical poem around your event core themes.
- Offer pre-event giveaways with a reminder of the timings of your event to keep it front of mind.

Remember – you need to monitor and report on attendee numbers and engagement at all of your events to understand the impact they have had.

A checklist for planning a virtual event

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Carbon briefing 101

July 1, 2021 rachel_eaton Leave a comment

As a sustainability-focused business, we are often reminded that ours is an industry heavily laden with acronyms and terminology.

With now just four months to go until the start of COP26, we have created an introductory guide to all things carbon, including a glossary of terms, a brief history to COP26, an introduction to some of the major players, interesting climate change facts, and some small challenges that we can all take on in the fight against climate change.

Featured, Insight

Navigating Financial Net Zero Alliances

June 22, 2021 rachel_eaton Leave a comment

Building a global zero emissions economy to cut back greenhouse gas emissions is going to mean upending how countless businesses operate and cost trillions of dollars – a daunting task. Fortunately, financial firms are clearly taking the matter seriously, banding together into alliances to better address the problem. Financial net zero alliances hit the headlines again in April this year as former Bank of England governor Mark Carney – now the UK Finance Advisor for COP26 and the UN Special Envoy for Climate Action and Finance – launched the Glasgow Financial Alliance for Net Zero (or GFANZ).

Corralling the mighty weight of over 160 firms, GFANZ is doing essential work in the race towards carbon neutrality. Yet it is not alone – delve deeper into its connections and we learn that it was co-founded by the Net Zero Banking Alliance (NZBA). This in turn joins three further initiatives – and as we looked further, we became embroiled in an intertwined web of alliances.

Although initially appearing to be a Sisyphean task, navigating the web of financial net zero alliances gives a very real sense of the scale of the movement – how many financial companies have set net zero targets, for example. It also increasingly makes the Race to Zero look like an achievable goal.

Below is our timeline infographic of the evolution of Financial Net Zero Alliances. Please feel free to share it (tagging @GongComms) – we welcome collaboration and input to improve our work. We are aware this is an ever-growing universe; if you have additional financial alliances that you think ought to be represented in the network, please feel free to email us on NetZero@gongcommunications.com.

What does it mean to be a Net Zero company?

In short, being a Net Zero company means meeting the goal of net zero carbon emissions – or becoming carbon neutral – by 2050, in order to limit the global temperature increase to 1.5 degrees Celsius (in line with the Paris Agreement). While there is no standardised definition or criteria for use, society is becoming increasingly wary of greenwashing. All of the financial alliances for net zero listed in this article require their signatories to be transparent about their goals and to set science-based targets. The Collective Commitment to Climate Action (CCCA) has published a set of guidelines for climate targets setting for banks that underpin the NZBA (and can be downloaded here).

Is there an overview of all of the financial net zero alliances?

We couldn’t find one, which formed the basis of our own research. By way of overview: beyond GFANZ, the Net Zero Banking Alliance (NZBA) is a collection of 43 of the world’s biggest banks (including Bank of America, BNP Paribas, Barclays, HSBC, Santander and UBS) – which in turn joins three existing initiatives, namely the Net-Zero Asset Owner Alliance (AOA), the Net Zero Asset Managers Initiative and the Paris Aligned Investor Initiative. It incorporates the insurance industry (with the soon-to-be-launched Net Zero Insurance Alliance (NZIA), the internationally-led Asia Investor Group on Climate Change (AIGCC) and the Investor Group on Climate Change (Australia and New Zealand). In turn, both of these are part of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.

One of the original financial net zero alliances, Bankers for Net Zero is run in partnership with Volans, which has recently published a must-read white paper on aligning finance to a net zero economy.

How many financial companies have set net zero targets?

The good news is that the number of financial companies that have set new zero targets is increasing almost too quickly to assign a meaningful number. In September 2020, the United Nations Framework Convention on Climate Change (UNFCCC) reported that the number of net-zero commitments from local governments and businesses had more or less doubled in less than a year, mainly from members of the UN Race to Zero campaign.

Our research into the financial alliances for net zero indicates nearly a thousand large financial institutions are now part of one or more alliance, with thousands more signatories to the UN’s Principles for Responsible Investment.