FinTech Weekly Issue #383 - Can Sustainable Finance Be The All-In-One Solution?

Issue #383 - Can Sustainable Finance Be The All-In-One Solution?

2022-09-29

Renewable energy is not only a solution to a major social and economic issue but also a more direct weapon against inflation. As Warren Buffett once suggested, during times of high inflation investors should focus on businesses able to grow rapidly. Today, businesses focused on sustainable solutions are growing more rapidly than inflation, and inflation is well above 8%. Moreover, policies adopted by the Fed to contrast these impressive levels can have dramatic consequences for workers, investors and business owners. Fintech firms are the right tools to favor sustainable finance and help the global economy to rise. You’ll see that from the news we selected, but despite the evidence, not everyone agrees on the topic. This and much more in this number of FinTech Weekly, the free newsletter to discover top fintech conferences and news.

Top Stories

Wharton’s Siegel says Jerome Powell owes ‘the American people an apology’ for poor Fed policy
Wharton’s Siegel says Jerome Powell owes ‘the American people an apology’ for poor Fed policy
via CNBC

Jeremy Siegel, a Wharton Business School professor, criticized Jerome Powell and the Fed for the policies adopted by the US central bank. Siegel said that the current high levels of inflation, which will considerably damage workers, were caused by a series of wrong choices made especially right after the pandemic.

Top Events

Future Branches Austin
Future Branches Austin
via Future Branches

Since 2016, Future Branches has been THE meeting place to benchmark against the best of the best in financial services. Join the event in Austin for 3 days of action-packed stories from speakers of different sized institutions, conversations and connections with the top minds in retail banking, and immersive learning opportunities. Walk away with pages of strategies that inspire customer loyalty and much more!

Join the 4 CASSINI Hackathon: Space for the Financial World
Join the 4 CASSINI Hackathon: Space for the Financial World
via CASSINI

Ten locations, three challenges, one fantastic opportunity! The ‘Space for the Financial World’ hackathon is here! This time we are aiming to advance the digitalisation and greening of the European financial sector. FinTech enthusiasts and professionals alike join us November 4-6 and put your problem-solving skills to the test. Get involved today: https://cassini.eu/hackathons

Podcasts and Videos

Buckle up, America: The Fed plans to sharply boost unemployment

Opinions Regulation

Buckle up, America: The Fed plans to sharply boost unemployment
via CBS News

To relate to the previous news, the past week marked an important moment for our economies. Fed chairman Jerome Powell said that the Fed projects to hit 4.4% interest rates by the end of 2022, no matter if this can cause a recession. Unfortunately, the correlation between higher rates and unemployment will have difficult consequences.

FinTech Articles

The Dos and Don’ts of Negotiating a Pay Raise
The Dos and Don’ts of Negotiating a Pay Raise
via FinTech Weekly

Negotiating a pay raise is such a daunting task that surveys have found that most employees will outright avoid it. Despite this, there are things that you can do or not do to improve your chances of successful negotiation and make it seem less scary and more accessible.

Crypto

Bitcoin mining struggles to go green, research shows

Bitcoin Cryptocurrency Sustainable Finance

Bitcoin mining struggles to go green, research shows
via Euronews

Fossil fuel still makes up most of the energy sources used to mine Bitcoin. Even if the network behind the first cryptocurrency by market capitalization tried to move to renewable energy, it is still struggling to move to a more sustainable model for Bitcoin.

Elrond to partner with Opera browser for “blockchain mass adoption”

Blockchain Sustainable Finance Web 3.0

Elrond to partner with Opera browser for “blockchain mass adoption”
via The Cryptonomist

Opera, one of the most popular browsers, will partner with Elrond to facilitate a massive adoption of blockchain technology. Elrond, which is not energy intensive and guarantees fast transactions, will help Opera to further improve its services related to blockchain technology and Web3.

Banking

HSBC Asset Management to Phase Out Thermal Coal in Active Funds

Banking Investments Sustainable Finance

HSBC Asset Management to Phase Out Thermal Coal in Active Funds
via Bloomberg

And in response, the top asset manager HSBC decided to exclude thermal coal companies from its funds. The policy adopted by HSBC will allow the manager to reach its sustainable goal by 2040 since it still doesn’t apply to the existing products. This decision was for sure influenced by the ESG controversy that recently involved HSBC, which also led to the resignation of its former global head of responsible investing – Stuart Kirk.

Dimon defends need for fossil fuel investments to Congress

Banking Investments Sustainable Finance

Dimon defends need for fossil fuel investments to Congress
via American Banker

In the meantime, Jamie Dimon, JPMorgan Chase Chief Executive, assessed that the US should invest more in the fossil fuel industry to favor economic growth in the country and reduce emissions.

Innovation

Tokyo wants to build a future-proof city. Here’s how

Sustainable Finance

Tokyo wants to build a future-proof city. Here’s how
via World Economic Forum

By 2050 the city of Tokyo should include a high-tech, carbon-neutral mini-city created on unused land in its bay area. One of the tools the city will use to reach this ambitious goal is a sharing economy.

Fintech

Top lenders set finance guidelines for ASEAN's green transition

Banking Sustainable Finance

Top lenders set finance guidelines for ASEAN's green transition
via Nikkei Asia

Among the regions that realized the importance of green and sustainable finance, Southeast Asia is playing a major role. MUFG Bank, as well as other top banks in the area, were responsible for setting the guidelines to follow national decarbonization strategies in the region. However, not all the members of the ASEAN (Association of Southeast Asian Nations) have published their plans to reach decarbonization. That’s why banks also followed the technologies compiled by the Economic Research Institute for ASEAN and East Asia.

Venture funds flowing into Africa’s climate change businesses

Business Investments Sustainable Finance

Venture funds flowing into Africa’s climate change businesses
via The Citizen

Startups focused on limiting the effects of climate change are attracting more investors. African fintechs make no exception, and among them the most interesting project we can list is PEG Africa, recently acquired by the UK-based Bboxx, which reached 1 million customers thanks to its pay-as-you-go solar system.

Is Thematic Growth A Crazy Response To High Inflation?

Business Investments Sustainable Finance

Is Thematic Growth A Crazy Response To High Inflation?
via Seeking Alpha

As Warren Buffett suggested to shareholders in the 80s, during a period of high inflation, the best businesses to buy have rapid growth as one of their more relevant characteristics, precisely because they can be a hedge against inflation and even result in higher earnings. The current economy proves that Buffett’s consideration is right – of course: thematic growth shows that even during hard times innovation can be a powerful tool for entrepreneurs and investors. Among the sectors that experienced a growth more rapid than inflation, we find Renewable Energy.







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