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The Payments Association launches ESG initiative

Green Sheet

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The Payments Association, which celebrates innovation and collaboration across the payments industry, today announces the launch of Project ESG. The Payments Association’s seven Projects drive industry change to shape the future of the payments landscape. Project ESG will aim to encourage companies in the payments industry to adopt progressive strategies for how they impact the environment, our society and their governance in a sustainable way.

The new project will be supported by over 20 payments firms that will seek to represent the collective view of The Payments Association and its members at industry-critical moments. This includes board directors and owners to managers and those working on the front line. This holistic view ranges from banks to new and established fintechs and payment firms, consultancies, and end users like merchants – as the whole industry must go beyond financial imperatives and address societal issues which matter to their stakeholders.

The Payments Association will deliver programme of activities via Project ESG that would achieve an EEDI-centred (equality, equity, diversity, inclusion) vision for the payments industry. This includes focussing first on aspects of society and governance that are close to home and that we can affect directly: who and how we select, recruit, manage, motivate and reward the people we employ. Following that it will focus on the environmental aspect of ESG, which will examine how the industry can go further to adopt sustainable financial practices.

Charles Radclyffe, CEO at EthicsGrade and Ambassador for Project ESG, commented: “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, said: “The Payments Association seeks to drive industry change and 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 and 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 proud to be supporting the ‘Best ESG initiative in payments’ category for the 2023 PAY360 Awards, which will celebrate firms who have successfully embedded ESG into their strategy and are making a substantial positive impact on the environment, social justice and corporate governance.

The launch of Project ESG marks the beginning of a busy year for The Payments Association, which will also soon be launching a first project output on ESG, including an upcoming podcast that you can register for online soon.