"Today, 73% of financial institutions offer green bonds and sustainable finance options tailored for small and midsize enterprises (SMEs)," the Director of EU and International Affairs at Sage Rachel Dignam said, APA reports.
She noted that ESG factors are important for financial institutions offering credit, yet most SMEs cannot meet report requirements.
80% of creditors highlight ESG data as the biggest issue, and the lack of a standardized approach to data requests places additional pressure on SMEs, particularly the smaller ones. Digital tools and data automation could alleviate much of this burden, although it is still not a primary solution.
“We call on governments, financial institutions, and technology providers to simplify sustainability reports, expand access to digital tools, develop data infrastructure, and increase financial incentives,” she added.
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