The phrase ‘there is no planet B’ is used a lot these days. In many ways this is true, there is only one planet for us to live on. With Earth Day taking place tomorrow (22 April), it is a good opportunity to re-think how we are treating the planet.
In many ways it seems we are actually treating it like a planet B, as if this is simply a test run and we can start again if – or more likely – when it is needed.
I was lucky enough to spend a few days in Venice in this week, a city that is arguably very vulnerable to climate change. According to 2021 data, even if global temperatures are kept below a two degree rise above pre-industrial levels, Venice's sea level would rise by 32 centimetres (13 inches) by 2100.
There is a possibility the whole city, home to around 50,000 individuals and many thousands more tourists and seasonal workers, could be underwater this century.
Visiting a city like that brings sustainability and climate change to the forefront of your mind. This perhaps explains why Objectway chose it as the venue for its sustainable innovation themed conference.
The positive is that the industry appears to be realising the need to urgently improve its sustainability credentials. The enthusiasm and energy in the room for sustainable innovations and offerings was undeniable.
However, it now must move beyond talk and into meaningful collective action.
It was refreshing to see so many wealth management firms and private banks from across Europe being willing to share their sustainability journeys and struggles with others.
Too often, firms treat sustainability as a competitive advantage or are proprietorial about the solutions they create.
If time was not such a critical factor and we did not only have one chance to get this right, this would not be an issue. But it is our only chance.
Doing the right thing and becoming more sustainable should not set firms apart from one another. It should be expected. And if the wealth management industry is to become as sustainable as possible – or indeed it needs to be – it will need to work together, not against each other.
