Lack of data biggest challenge for reaching Net Zero, says WTW

According to a new report by the insurance company, the availability of data is the single greatest test financial firms expect to face over the next five years in order to tackle climate change

Lack of data will be the biggest challenge for financial firms and institutions seeking to reach Net Zero operations in a bid to tackle climate change over the next five years, according to a recent survey conducted by Willis Towers Watson.

The insurer’s poll of leading financial institutions found that 80% of respondents said reporting data was their top concern in the transition to a Net Zero economy.

Some 75% of those surveyed found difficulty in making quantitative assessments due to the availability of data, while 62% said it resulted in insufficient expertise in actions required.

Rowan Douglas, head of Willis Towers Watson’s climate and resilience Hub, said: “Future climate risks are unprecedented and systemic, and the magnitude of the challenge is so huge and the moment so late that every lever is being explored to turn economies to meet the Paris targets.

“While the financial sector is well placed to take a lead, climate-related risk not only needs to be integrated into day-to-day risk management but also to steer the whole economic transition to a low-carbon and resilient future.”

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