UK trade banks are 33 per cent more likely to lose out on green trade finance opportunities than their Swiss counterparts, new research suggests.

The study, commissioned by Pole Star, was conducted with 350 heads of trade, compliance, and finance in UK and Swiss-based banks and financial services organisations.

According to the report, nearly 90 per cent of financial services organisations in the UK have lost out on green trade financial opportunities, compared with only 56 per cent in Switzerland.

“Banks in Switzerland may be better than UK counterparts at seizing green finance opportunities but the reality is that sustainability screening and the ability to demonstrate compliance in both countries is pretty woeful,” said Simon Ring, Global Head of Maritime Trade Technologies & ESG, Pole Star.

On average, Swiss trade finance organisations’ compliance departments spend 43% of their time screening for sustainability, compared with 50% among UK banks.

A further 90 per cent of financial organisations in Switzerland and 96 per cent in the UK say they see sustainability concerns as a medium or high priority.

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