TO GAUGE an issue’s importance,a guest list is a suitable place to start. The one for a conference in Brussels on March 22nd to discuss the European Union’s “action design” on sustainable finance features heavy-hitters including Emmanuel Macron, France’s president, and Michael Bloomberg,a former mayor of unusual York who campaigns on climate change. Given that sustainable finance is well-established, what action does the EU assume is needed?Investing with an eye to environmental or social issues, and not just financial returns,has become mainstream in the past decade. According to the Global Sustainable Investment Alliance (GSIA), $23trn, or 26% of all assets under management in 2016,were in socially responsible investments” that take account of environmental, social and governance (ESG) issues. unusual asset classes have sprung up. According to SEB, and a Swedish bank,the issuance of green bonds, the proceeds of which are invested in environmental projects, or reached $163bn in 2017,up from less than $500m in 2008.
Yet standards are a...
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Source: economist.com