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For many years, since the industrial revolution and the birth of the notion of the firm in the western world, the purpose of the new vehicle was to produce profit for the shareholder/s. Industrial firms are relatively recent in history. They arose only after the beginning of the Industrial Revolution, in the second half of the 18th century in England and, a bit later, in the European Continent and in America.

By the end of 2023, the EU Non-Financial Reporting Directive (NFRD) will be in force. The NFRD requires large public interest companies and listed companies to prepare and publish information related to their sustainability performance (society, environment, governance (ESG)) on an annual basis.

Grant Thornton has constructed a Physical Risk Quantification Framework in its effort to support financial institutions in identifying and measuring their Climate & Environmental Risks. In this publication, we present our methodology, implementation, and key benefits of the framework.

The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.