Sustainability LIVE: Net Zero – Finance & Stakeholders

In a packed panel at Sustainability LIVE: Net Zero, finance and sustainability professionals explored the intersection of stakeholder engagement and funding the net zero transition. 

With contributions from experts at Kier Group, Zurich Insurance, CDP, the UN Net Zero Capital Fund and Turner & Townsend, the discussion covered risk, regulation, supply chain support and the evolving role of data.

Panellists included: 

• Jane Thostrup Jagd, Director of Net Zero Finance at We Mean Business Coalition

• Saffron Gilbert-Kaluba, CEO and UN Ambassador at the United Nations

• Ben Stone, Group Head of Environmental Sustainability at Kier Group

• Toby May, Head of Sustainability Integration at Zurich

Understanding stakeholder ecosystems

Moderated by Tim Curtis, the panel opened with introductions and an exploration of stakeholder priorities. 

Jane Thostrup Jagd, Director of Net Zero Finance at We Mean Business Coalition, explained her dual role supporting both SMEs and large corporates through frameworks like SBTi and the SME Climate Hub. 

“We try to make their reporting useful for investors and get investors to actually use it,” she said.

Saffron Gilbert-Kaluba, CEO and UN Ambassador at the United Nations, echoed that range. 

“We work across institutions – from community banks to asset managers with trillions under management – advising on ESG regulations and sustainable investing,” she said.

Ben Stone, Group Head of Environmental Sustainability at Kier Group emphasised the scale of the construction firm’s responsibilities. 

“We run around 400 live projects, £4bn in turnover, and employ 10,000 people,” he said. 

Government is Kier’s biggest stakeholder, with 80% of work publicly funded. 

“We build infrastructure that must deliver outcomes – whether it’s decarbonised schools or flood-resilient reservoirs,” he added.

For Toby May, Head of Sustainability Integration at Zurich, stakeholder engagement is about long-term understanding. 

“We can’t insure what we don’t understand. Engagement is key, whether it's multinational clients or cities like Madrid building climate resilience into infrastructure.”

Internally, Ben noted the demand from Kier’s workforce for deeper knowledge.

 “Our employees were committed, but unsure how to contribute. So we appointed a sustainability literacy manager to upskill and empower them,” he said.

From compliance to value creation

Moderator Tim Curtis challenged the panel to reflect on how sustainability professionals can better secure board buy-in. 

Jane noted a shift away from glossy ESG brochures: “Companies are scaling up. Data-driven reporting is now essential to engage with the CFO.”

Toby agreed. “It’s about clarity—why are you doing this? In our case, it's core to managing risk. Adaptation keeps assets insurable,” he said, citing Florida and California as examples where extreme weather has started making properties uninsurable.

Ben added that business cases must now blend risk mitigation and growth.

“Net zero is growing 40% faster than the general economy. We’re not doing this altruistically—it’s responsible business,” he said.

Saffron highlighted regulation as a motivator: “We’re seeing change because regulation demands it. But incentives matter too—companies need positive reinforcement as well as a stick.”

The conversation turned to capital flows. The panel noted that, geopolitically, money is no longer as easy to access. 

Jane explained that traditional green investment filters – positive and negative screening – no longer deliver. 

“Now it’s about integrated analysis. Investors want to find transition-ready companies – not just the already green,” she said.

Tools, innovation and collaborative finance

Asked how companies can quantify the cost of inaction, Jane and Ben pointed to tools like CDP’s public portal and scenario analysis. 

Toby added that scenario planning can help companies map future risks in terms of weather, regulation and insurance impacts.

On internal carbon pricing, Zurich and Kier are both trialling approaches. 

“Every time we travel, our system applies a carbon price. That feeds a fund we use to decarbonise our operations,” said Toby. 

For Kier, the challenge lies in data quality. “80% of our materials are indirectly procured via subcontractors. That makes scope 3 tracking incredibly difficult,” Ben explained.

Supply chain support emerged as a key theme. Ben praised the Supply Chain Sustainability School, jointly funded by major contractors to offer training, carbon calculators and tools to SMEs. 

“60% of our spend is with SMEs. We need to help them start the journey – not just demand spreadsheets,” he said.

Jane and Saffron shared examples of collaborative finance, including large corporations leasing equipment to small suppliers to help them decarbonise. 

“It’s better than giving a loan or a gift – you maintain the asset and help the supplier grow sustainably,” said Jane.

A look ahead: the next five years

In closing reflections, the panellists were cautiously optimistic. 

Jane expects data to transform the landscape: “As non-listed companies start reporting, banks and investors will be able to spot true transition leaders. Retail investors will also benefit.”

Saffron believes regulation will be key. “Make sustainability non-negotiable. If it’s mandated, everyone must act and finance becomes easier to unlock,” she said.

Ben offered a corporate lens. “Climate change is now visible in the UK. Boards are starting to grasp the risks and opportunities. It’s our job to ensure they have the right data to act,” he added.

Toby summed up the insurer’s challenge: “If we don’t evolve with our clients and the climate risks, we’ll be left behind – whether that’s through compliance failures or becoming irrelevant in the market.”

From carbon pricing to risk modelling, the session delivered a powerful message: data, collaboration and long-term thinking are the keys to financing a sustainable future.

Essential diary dates for 2025

Discover the essential diary dates for Sustainability Magazine and its sister publications – Procurement Magazine and Supply Chain Digital. 

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• Sustainability LIVE Chicago |  28-29 May

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• Sustainability LIVE London | 9-10 September 

• The Global Sustainability & ESG Awards | 10 September 

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