Can sustainable finance deliver in practice?
The University of St Andrews Business School’s Centre for Responsible Banking and Finance (CRBF) hosted its Sustainable Finance Symposium this week, examining how financial systems are responding to climate risk and wider sustainability challenges in practice.
Bringing together academics and practitioners from across the UK and Europe, the event explored whether the rapid rise of sustainable finance is translating into meaningful change. Discussions focused on the gap between ambition and delivery, particularly as financial institutions, corporates and investors face increasing pressure to act on climate commitments, biodiversity risks and shifting political priorities.
Professor John Wilson, Head of the Business School’s Department of Finance and Director of CRBF, opened the symposium, which featured a keynote address from Ralph De Haas of the European Bank for Reconstruction and Development. He explored how banks are navigating climate commitments in emerging markets. Huyen Nguyen of King’s College London examined how firms respond to biodiversity transition risk, while Oliver Hebein of WU Vienna analysed how disasters shape credit risk. Stefano Ramelli, Assistant Professor at the University of St Gallen’s School of Finance, examined how political context influences socially responsible investment decisions.
A consistent theme emerged: implementation remains uneven. While frameworks and commitments have expanded rapidly, evidence presented during the day showed how difficult it is to understand and manage complex risks in practice, from environmental transition pressures to the financial impact of extreme events.
As the symposium progressed, attention shifted from theory to application. A panel discussion on sustainable finance in a Scottish context brought these tensions into sharper focus, exploring how global sustainability goals interact with local economic and political realities.
Dr Eleonora Sfrappini, Lecturer in Finance and a member of CRBF, led the organisation of the symposium with colleagues from across the School. She said:
“The discussion has clearly moved beyond whether sustainable finance matters. The challenge now is how to deliver consistently in the face of competing pressures, uncertainty and real-world constraints.”
The event formed part of the University of St Andrews Sustainability Week in collaboration with Scotland Beyond Net Zero, with support from the St Andrews Centre for Critical Sustainabilities.