ESG Experts in Belgian Financial Services: Between Geopolitics and Skills Crunch

25/06/2025 Back to all articles

As ESG (Environmental, Social, and Governance) continues to evolve from a compliance exercise into a core pillar of corporate strategy, I've noticed just how much the conversation is shifting,  especially here in Belgium. 

What used to be a fairly narrow focus on sustainability reporting and disclosure is now deeply interwoven with geopolitical risk, regulatory complexity, and systemic uncertainty. And this shift is putting real pressure on the ESG talent landscape, particularly in financial services. 

 

What is ESG in Financial Services? 

ESG stands for Environmental, Social, and Governance, it is a framework used by companies and investors to evaluate how a business impacts the world beyond profits. In financial services, ESG plays a crucial role in: 

• Evaluating investment risks and opportunities 

• Structuring green finance and sustainable lending 

• Complying with EU regulations (like CSRD, SFDR, EU Taxonomy) 

• Driving long-term resilience and transparency 

According to a Bain & Company report, among top-tier Belgian companies, 62 % have quantified their ESG ambitions, but 95 % feel they should do more.  

They also demonstrate clear opportunities: 86% of respondents believe that taking action on ESG issues not only strengthens their license to operate but also creates additional commercial and societal value. 

 

ESG Isn’t Just About Sustainability Anymore 

We’ve all seen how global events  (from the war in Ukraine to trade tensions and energy crises ) have fundamentally reshaped the ESG agenda. Financial institutions are now being asked to: 

• Balance climate goals with energy security 

• Factor in supply chain and sovereignty risks 

• Align investments with both ESG metrics and geopolitical interests 

Belgium, sitting at the heart of the EU and home to key institutions, finds itself right in the middle of this complexity. 

 

What Is the Role of an ESG Expert Today? 

Across the clients and institutions I work with, the demand is no longer just for "ESG experts." It’s for cross-functional professionals who can speak the languages of sustainability, finance, and increasingly, geopolitics. 

In-demand ESG role combinations: 

Hybrid Role	Key Skills Required
ESG + Risk	Scenario design, climate risk modelling, ICAAP integration
ESG + Credit	Sustainable lending, green KPIs, EU Taxonomy alignment
ESG + Legal/Reg	CSRD/SFDR implementation, double materiality, data governance
ESG + Geopolitics	Sanctions, ethical sourcing, supply chain due diligence, EU soverignty awareness

Key Insight: ESG is no longer a back-office function; it's a strategic lens across the entire organization. 

 

The ESG Talent Shortage in Belgium: A Structural Challenge 

One of the biggest challenges today is the shortage of ESG professionals who also have financial fluency. While many candidates come from environmental or policy backgrounds, they often lack exposure to banking, risk, or investment practices. 

At the same time, existing financial professionals may lack ESG skills,  yet they could be ideal candidates with the right support. 

Is Internal Reskilling the Answer? 

Yes, and it’s gaining traction. 

Some Belgian institutions are taking the lead by investing in internal mobility and upskilling existing talent. For instance: 

• Risk officers becoming climate risk experts 

• Credit analysts transitioning into sustainable finance 

• Investment professionals obtaining ESG certifications 

Popular ESG certifications: 

• CFA ESG Investing Certificate 

• GARP SCR® (Sustainability and Climate Risk) 

• EFFAS CESGA (Certified ESG Analyst) 

However, the siloed structure of ESG departments still hinders progress. Integrating ESG into core business strategy is key to success. 

Brussels: Both an Opportunity and a Bottleneck 

Belgium’s position within the EU makes Brussels a magnet for ESG professionals, especially in policy or regulatory roles. However, this also creates: 

• A brain drain from financial services into NGOs, EU institutions, and consultancies 

• A talent retention issue for private sector financial players, particularly outside Brussels 

 

 

Retaining ESG Talent Is Becoming a Competitive Advantage 

Today’s ESG professionals are being aggressively recruited by: 

• Global consulting firms 

• International banks 

• Public and nonprofit institutions 

What keeps ESG talent engaged? 

• Purpose-driven missions 

• Visibility and leadership support 

• A real seat at the strategy table 

ESG teams must be empowered, and not just buried in reporting tasks. 

 

Who Will Win the ESG Talent Race in Belgium? 

Belgian institutions that embed ESG into their core, treat talent as strategic, and foster long-term ESG career paths will lead the way. 

Winning strategies: 

• Integrate ESG into risk, credit, and investment decisions 

• Recruit ESG profiles as part of board-level strategy 

• Invest in reskilling financial professionals 

• Add geopolitical awareness to ESG frameworks 

Because today, ESG is not just about being ethical : it’s about being resilient, competitive, and future-ready. 

 

ESG Talent in Belgium – Practical Guide 

How to Build a High-Impact ESG Function: 

1. Assess your current ESG maturity 

• Is ESG integrated into your business model? 

2. Map internal talent with ESG potential 

• Risk, compliance, credit, and operations are fertile grounds. 

3. Offer strategic upskilling 

• Encourage certifications (CFA ESG, GARP, CESGA) 

4. Break down silos 

• Include ESG leads in strategic planning 

5. Create long-term ESG career paths 

• Make ESG roles visible and influential 

 

Need help finding or developing ESG talent in Belgium? 
Our specialist Financial Services recruitment agency has an extensive experience with these roles and can help you build a tailored recruitment strategy to reinforce your institution’s resilience.