The Payments Association, a community for all companies in payments, has launched a new ESG initiative to drive sustainable change: Project ESG. The programme aims to encourage companies to focus on their environmental impact and their governance.
Project ESG becomes the seventh project by the Payments Association; all of which aim to positively shape the future of the payments landscape. Over 20 payments firms support the new ESG initiative.
The Payments Association will deliver a range of activities through Project ESG to achieve an EEDI (equality, equity, diversity, inclusion) “centred vision for the payments industry”.
Practises include initially focusing on aspects of society and governance that are close to home. Those areas are the ones that organisations can impact directly. Practices can be as simple as who and how employees are recruited, managed, motivated and rewarded.
The initiative also plans to focus on the environmental aspect of ESG. The project examines what the industry can do as a whole, to better adopt sustainable financial practices.
The Payments Association explained that it will be important to consider how the industry has moved on since its ‘Sustainability Superheroes’ whitepaper published in June 2022.
Driving ‘industry change’
Charles Radclyffe, CEO at EthicsGrade and an ambassador for Project ESG, commented on the launch: “We are delighted to launch Project ESG, championing progressive strategies for those in the payments industry to operate in a sustainable way. We have a packed schedule that will raise awareness of the issue and support companies as they learn and implement new policies and procedures that can ensure they positively impact our environment, society and governance.”
Tom Brewin, head of projects at The Payments Association, also discussed what the project looked to contribute to the industry. Brewin said: “The Payments Association seeks to drive industry change. One way we do that is by harnessing the collective expertise of our members in our 6 project working groups. I’m proud to say we can now add a seventh string to our bow by launching Project ESG.
“The world is becoming increasingly aware of the importance of embedding sustainable and community-driven practices into business. However, the payments industry must continue to recognise ESG as an opportunity for growth. It must also embrace the chance to deliver more for our stakeholders. I have been blown away by the support our members have shown for this initiative and can’t wait to get started.”
Project ESG is also supporting the ‘Best ESG initiative in payments’ category for the PAY360 Awards in 2023. The category exists to celebrate firms that have successfully embedded ESG into their strategy. Organisations considered are ones making a substantial positive impact on the environment, social justice and corporate governance.