We caught up with Navneet, qualified solicitor currently working at Ernst & Young in the Pensions, Risk and Compliance team about the rise in importance of ESG (Environmental, Social, Governance).
What is your ethnic and professional background?
I am Asian British born in the UK. I am a qualified solicitor.
Can you tell me about your career so far? What was the catalyst for you to take on ESG Pensions at EY?
I worked in a few City law firms in the early days, worked at PwC and also Thomson Reuters, Iāve been working at one of the Big 4 accountancy firms (EY) for the last five years. I no longer work in the capacity of a solicitor, since having children, I took a side step and now work in the Pensions HR Team at EY.
The UK has an investment market of roughly Ā£8 trillion with UK pensions assets c.Ā£3 trillion, so as a very rough estimate pensions assets are a third of investable assets. Given this proportion, switching pension investment to back the sustainability agenda is a strong lever to deliver real change and a mechanism to fund green growth. In line with the EY global commitment to tackling the climate change crisis, EY made recent changes to the investment strategy of its UK staff pension plan and as part of this introduced the EY Sustainable Fund. At present 10% of the default investment strategy is invested in the EY Sustainable Fund, a āgreenā fund that supports sustainable causes. Whilst this is a step in the right direction, this is only the beginning and EY is doing much more to ensure it invests its pension contributions into companies that are focused on reducing environmental impact and delivering sustainability. Watch this space!
What does your overall role at EY involve and how are you finding working on Sustainability compared to your other work?
I am the Risk & Compliance Manager for the EY in-house pensions team, so my day-to-day role involves ensuring EY remains compliant with all legal and regulatory requirements in relation to its pension arrangements within UK&I. However, Iāve recently become involved in a new cross-firm sustainability initiative created to focus on āgetting our house in orderā which is an aspect of EYās Global Sustainability Strategy. So whilst EY is not only tackling sustainability in relation to services provided to external clients, it is also doing so with its own internal operations.
From a personal experience I did actually start to notice many small changes happening in our office pre-covidā¦ Disposable cups within all EY offices were replaced with reusable cups, they ceased producing branded EY carrier bags and even dish sponges were removed from communal kitchen areas to reduce plastic microfibres in wastewater. Itās such an exciting area to be involved in at present and is a definite change from my usual day role!
Being South Asian, did you face any pressure from family, friends or society at large to choose the career path you did? Would you have done anything differently if given the opportunity again?
I didnāt feel direct pressure from my family, but I think it was the norm when I was growing up to either go for medicine, accountancy or law ā so I just went for the last one given I loved English and History at School! If I had an opportunity to choose another career when growing up it would probably be around nutrition and diet but that wasnāt a well-publicised career path back in the day!
How have you actively changed your daily practice to be more sustainable?
The biggest change Iāve made was a few years ago in changing from a petrol vehicle to a fully electric one. Itās been the best decision made in terms of being more āgreenā and definitely cost efficient, the only challenge has been in planning the charging points for longer journeys!
Do you feel there is a stigma or lack of understanding of the climate crisis among South Asian communities? What do you believe the blockers to be and how would you go about solving the issues?
I donāt believe there is any form of stigma, I think it is more of a lack of understanding and knowledge of the climate crisis. For me, it really hit home when I attended a work-related conference where Lewis Pugh presented and spoke about his experiences of climate change, especially when he first swam in the waters of Antarctica compared to more recent times. Heās a very inspiring speaker and really hit the message home.
I believe more education and publicity is needed in this area and suggestions on what changes people can implement to make a difference.
Being carbon conscious in a practical day-to-day sense can be quite costly. How can people easily and cost effectively make a difference? Do you think being sustainable is accessible to everyone?
Everyone can take ābaby stepsā to make changes in their day to day lives. It doesnāt have to be costly, even just ensuring rubbish is sorted and recycled where possible or using reusable shopping bags even helps. In recent times vegan lifestyles and products have come more to the forefront, which has helped with promoting foods that have less impact on the environment, so I believe being carbon conscious is more accessible than previously. Even making a few changes can help the cause.
What advice would you give to younger generations in relation to sustainability and the environment?
Really start making a difference now by becoming more sustainable in your day-to-day lives. When I was growing up, this wasnāt a āthingā, but now it has been brought to the forefront through the likes of many individuals and climate āinfluencersā trending on social media platforms (i.e. the Greta Thunberg effect). Going back to pensions, which is typically an area where apathy is a challenge particularly amongst the younger generations, recent research has shown that
Millennials are most likely to believe that a measurable ESG impact can make a difference and for their investments to reflect climate change concerns. Hopefully this will mean the younger generation are more likely to engage with their pension if they can see if has a positive impact on climate change.
Coming from a background in law and working in a major financial company, would you say a career in the environmental sector would be just as financially and economically viable and stable?
Yes I believe in this day and age, a career in the environmental sector can be just as rewarding financially as well as from a job satisfaction perspective. Many companies are jumping on the “sustainability wagon” and if you do a quick google search for jobs in the sustainability field you will see many listed. I believe the only challenge may be a lack of awareness of what is involved in these types of roles.
Can you share one life story which has deeply impacted you?
Yes of course ā when on holiday in Mauritius a few years ago, I found it quite alarming when we came across so much dead coral on the beaches. We also went on a glass-bottom boat excursion, where we could see first-hand all the dead coral. When you compare this to living and healthy coral which you view when watching David Attenborough programmes, the difference is shockingly stark. While there was still some fish there, it was abundantly clear to see how much climate change had impacted a large proportion of the coral reef surrounding this beautiful island.
Is there anything else youād like to add?
Climate change has been brought to the forefront in recent times, taking one example of the Australian bushfires, which I believe impacted many when you could see the devastation caused. The next step now is to take action and remember that as an individual you can make an impact by starting to make changes yourself and also educating others. The best way to do this is to āspeak the languageā of each generation e.g. the Silent Generation, the Baby Boomers, Generation X, Millennials (Gen Y) and the Centennials (Gen Z). Generally most people switch off when I start talking about my line of work(!), however,
I have noticed that if you can find the right hooks to discuss sustainability within the context of pensions, I have been able to engage both my parentsā generation as well as my nieces and nephews.
South Asians for Sustainability 