ESG & Green Financing Roles & hiring trends in Investment Banking

With the increasing focus on Environment, Social and Governance (ESG) mandate, more financial institutions are expanding into sustainable financing and opening up to hire professionals with related experience. This is especially a growing trend in Singapore's case. Recently, the Singaporean government launched initiatives aimed at expanding green financing, in fact, a green finance research and development center was set up in 2020.

In this article, we’ll explore opportunities in these areas in Singapore and the UK.

✅ Singapore: Several banks such as BlackRock, Fullerton, and Fidelity have recently hired individuals with proven ESG experience to take on leadership roles. But they're not the only ones. According to the Monetary Authority of Singapore (MAS), buy-side firms such as Nordea Asset Management, NNIP, BNP Paribas Asset Management, Robeco and Schroders, and Abrdn have either set up or are planning to set up sustainability hubs within Singapore.

Apart from mid to senior-level staff roles, this move has prompted internal transfers from divisions like compliance or equity research to switch to the ESG teams. 

 

✅ In the UK, the earlier push for ESG and green financing means more job opportunities than in Asia. In 2019, the UK was the first major economy to pledge a net-zero commitment by the year 2050.

More financial institutions and businesses are expanding the scope of their services to incorporate sustainability measures and are looking to hire experienced individuals. In 2020, according to the Investment Association, 49% of the GBP 9.4 trillion in UK assets were incorporating ESG investment into their portfolio. In 2021, the UK saw 35,000 new ESG jobs across a variety of industries including banking, HR, marketing, research, and law. This number is only expected to soar in 2022.

 

❓ What do you do, however, if you don’t have experience in these areas?

Don’t worry, as an excellent way to start is by taking courses on ESG and green financing. Institutions focusing on training talent on green financing have been launched in Singapore thanks to MAS, including the Singapore Green Finance Centre and the #NUS Sustainable and Green Finance Institute.

Also, stay updated on the latest ESG trends, regulations, and implementation. Attend conferences, network with domain professionals, engage in volunteering roles, and keep abreast of the latest green financing developments to whet your expertise. Don’t be afraid to look outside the finance industry as well, as other companies such as compliance firms, ratings companies, and manufacturers are also interested in expanding their operations in these fields.

The push for greater ESG and sustainable finance initiatives will only continue to grow in the years to come (and not just financial service firms) meaning more opportunities are on the horizon for Asia and Europe.

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