Creating Sustainable Finance - TARA SCHMIDT

Money makes the world go round. But can the banking system build a different, better world in the process?

Tara Schmidt, of Lloyds and Bank of Scotland, has bet her career on it. She argues that, after the turmoil of 2008 and Covid-19, finance can be the ‘tip of the spear’ in the drive towards a sustainable future.

Tara Schmidt is Head of Climate and Sustainability Strategy, Sustainability & ESG Finance at Lloyds Bank and Bank of Scotland. An engineer by training, Tara moved out of the oil industry in 2004 and has been working in sustainability consulting around the world ever since, with Accenture and ERM.

In episode 13 of the Conversations on Climate Tara talks to Chris Caldwell of United Renewables and the highlights include:

Tara's early interest in sustainability, and finding environmental engineering before it was a taught course.

Applying the finance sector’s risk management lessons from 2008, to climate change.

E, S & G – a history of interdependence, and a problem of measurement.

Winning over board rooms: the power of ‘what-if?’.

The importance of global frameworks in shifting walkers to joggers to runners on climate.

The potential of a just transition to revive the UK’s industrial heartlands Saudi Arabia, Malaysia, South Africa – avoiding decarbonisation ‘scarring’ in the developing world.

COP 27 and beyond: looking holistically at crisis and opportunity.

A message to MBAs: be brave and take that pay cut!

This is an interesting conversation one that shouldn't be missed.

"...so we look a lot at sustainability linked lending, ... In fact, we're looking at 85 different net zero technologies to decarbonize the UK economy. Some of those technologies, we're having to think very innovatively of how we de-risk those technologies and leaning in more with government or thinking about blended financing opportunities as well through infrastructure, banking and so on....So it's not always about it's less risk, it's more of the bank has committed as part of a know we are a founding member of the Net-Zero Banking Alliance and we are aiming to reduce our own finance emissions by 50%. So we want to lean in with our clients and provide those incentives to help also reduce our own financed emissions. But in leading them with them, we have, as a core purpose of the bank, is to help Britain prosper. So really trying to think more about how we can see the economy thrive and support our clients on their own journeys towards that..."

REFERENCES:

https://uk.linkedin.com/in/schmidttara

Energy Institute article on - What climate change means for oil and gas companies:

https://knowledge.energyinst.org/search/record?id=112648

 

Conversations on Climate is a podcast produced by United Renewables in association with the London Business School Energy Alumni Club. 

It brings together the best minds from academia and business, to offer their experience and expertise in the face of climate change –from game theorists to corporate diplomats, and oil industry veterans to micro-algae entrepreneurs. 

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Throughout season 1, we talk about how the scope of the challenge before us is beyond that of any one individual or any one solution. We talk to thinkers, researchers, policymakers, and business leaders. They discuss a diversity of ideas and solutions to global climate and environmental issues and why they matter.

Season 1 is presented by Chris Caldwell and produced by UNITED RENEWABLES in association with LONDON BUSINESS SCHOOL, ALUMNI ENERGY CLUB.

For more information visit: https://www.unitedrenewables.co.uk/resources

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