On Wednesday, 26 February, the Oxford Sustainable Finance Student Society (OSFSS) hosted its flagship annual London Career Trek event. This year, we partnered with Positive Investment Imperial, a sustainable finance-focused student society at Imperial College London, to bring together aspiring sustainability professionals from both universities.
The day began with OSFSS members traveling to London for a meeting with representatives from Citi, one of the world's largest banks, followed by a visit to ERM, a global leader in sustainability consulting.
Citigroup – Sustainability in Banking in Uncertain Times
Our first stop was a roundtable discussion with senior representatives from Citigroup, a US-headquartered, global banking powerhouse. Attendees included professionals from corporate strategy, risk management, and sustainable finance, reflecting the diverse ways in which Citi integrates sustainability across its business lines.
Mauricio Masondo, an experienced credit officer at Citi kicked off the discussion by noting that with the political developments on both sides of the Atlantic, the ESG agenda seems to be on the defense. However, during the discussion, Citi’s employees stressed the continuing relevance of climate change and climate risk in banking and the need to look beyond the headlines. Our hosts shared how Citi approaches sustainability in its day to day operations.
One theme that came up repeatedly in the discussion was how sustainability is embedded in different teams and lines of business at Citi and informs the functioning of all of them, instead of being concentrated in a separate, siloed unit. The speakers also highlighted that their professional paths that led them to their current sustainable-finance related positions were diverse and that most of them started in roles which were not explicitly related to sustainability, but rather to key banking functions, stressing the importance of finance in “sustainable finance.”
We also had the chance to learn more about a number of detailed initiatives in the sustainable finance space at Citi. Elisabeth Springer from Citi’s corporate banking division talked about her work with large industrial borrowers form hard-to-abate sectors, which entails helping clients to identify and implement decarbonization opportunities and increase their bankability. In turn, Kyla Gineitis shed light on Citi’s social finance investments, which are largely funded by a designated, $1 billion social finance bond, which Citi issued in 2021.
The session ended with a round of career advice for participants. Citi representatives stressed the importance of combining sustainability considerations with a technical skills, vital in any finance role. They also highlighted that in banking, various paths can lead to sustainability, even if this is not the field in which one lands its first role.
ERM – The Many Faces of Climate and Sustainability Consulting
After lunch, we traveled from Canary Wharf to the City of London for an engaging session with ERM, one of the world’s largest consultancies specializing in climate, environment, and sustainability advisory services.
We were greeted by Richard Harriss, principal consultant in the Strategic Transformation Advisory department, and Roselle Houston, a Senior Consultant in the Sustainability Strategy & Disclosure. Our hosts introduced us to ERM, explaining the firm’s focus and culture. They stressed the dual capabilities of ERM, combining strategic advisory with operational, on-the-ground, technical support to its clients, rooted in the firm’s history as a principally engineering-focused business. ERM’s vast global footprint and a combination of strategic/business expertise and technical or even scientific capabilities makes it a unique sustainability advisor for its clients.
After the introduction, we listened to three exciting specialist presentations from ERM consultants. The first presentation concerned double materiality assessment under the Corporate Sustainability Reporting Directive (CSRD), modelled on a case study of ERM’s client from gas sector. The second session was another case study, related to Scope 1&2 Decarbonisation Strategy for a pharmaceutical company. The last presentation was on development and implementation of net-zero strategies for clients in the banking sector.
After the presentations, we engaged in lively discussions over coffee, taking advantage of the opportunity to learn from ERM’s experts and gain further insights into sustainability consulting careers.
Strengthening the Oxford-Imperial Connections
After a full day of insightful discussions and networking with sustainability professionals, we wrapped up the event with drinks at Imperial College’s Eastside Bar. This informal gathering provided the perfect setting to deepen connections with our peers from Positive Investment Imperial, exchange takeaways from the day, and build relationships within the sustainable finance community.
Final Thoughts
The London Career Trek was an invaluable experience, offering firsthand insights into how leading institutions integrate sustainability into finance and consulting. The event underscored the growing demand for financially literate sustainability professionals and highlighted the diverse career pathways available in the field.
We extend our gratitude to Citi and ERM for their generous time and expertise and to our partners at Positive Investment Imperial for co-organizing a fantastic day. We look forward to continuing these collaborations and expanding our network of sustainable finance leaders.
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