David Henry Doyle / S&P Global
David Henry Doyle, Vice President, Head of Government Affairs & Public Policy, EMEA at S&P Global in Dublin talks about his passion for working in sustainable finance and delivering real world solutions for business. S&P Global Ratings is the world’s leading provider of independent credit ratings.
S&P Global Ratings opened an office in Ireland in 2018 and currently rates approximately 140 Irish incorporated or domiciled issuers across Corporates, Financial Institutions, Utilities and Structured Finance.
Sustainable finance aims to integrate nature, society, and responsible governance into investment decision making. For example, this means accounting for the impact an investment could have on the climate, biodiversity, and human rights while ensuring ethical governance mechanisms. Within sustainable finance there is a spectrum of investment approaches, but the core objective is to reduce negative harms and target measurable improvements for our natural and social ecosystems.
My career focused on financial regulation, but nature and conservation have always interested me from a young age. Ahead of the Paris Climate Agreement, financial regulators and central banks began to examine the impact of sustainability risks on the financial system. I jumped at the opportunity to work on this new frontier. Policy has now become a major driver of sustainable finance as regulation is introduced around the globe.
Working with policy makers and industry on the development of the EU Green Bond Standard has been exciting. It’s an innovative regulatory approach to enable the creation of labelled financial instruments linked to sustainable investments under the EU Taxonomy. The concept required significant public-private collaboration. If it can be scaled in practice, EU Green Bonds could be ground-breaking as a vehicle for mobilising capital aligned to the energy transition.
It is energising to work with people at the cutting edge of sustainable finance. So much innovation and creativity are needed to deliver practical solutions for real world sustainability challenges. Every day you encounter new ideas and obstacles, but it is inspiring to work with people who embrace this journey. I’ve been very lucky to learn from extraordinary leaders in both the public and private sectors.
The emerging sustainability information system will need to compliment traditional finance. Any hub for sustainable finance must combine the necessary expertise, infrastructure, and scale of its financial market with the capacity to integrate sustainability as a specialisation. This requires investment to create an environment develops human capital, anticipates regulatory change, and fosters innovation.
Investment in the talent of the current and future workforce. Both the hardware and the software of the financial system are experiencing major change due to new technologies, concepts, and regulation. Sustainable finance is one component of this evolution and it is evolving rapidly. However, the data science, technology, innovation, and governance required for sustainable finance are all long term and highly transferable skillsets.
Here are three ideas: First, read about how regulations are setting new benchmarks for economic activities and financial markets. The regulatory baseline is a major driver in this sector. Second, take a course on sustainable finance. There are several excellent educational institutions offering training certificates. Third, connect with a professional in the field to learn about their work. I have found that people in sustainable finance are very open to dialogue.