Happy Taxoniversary?

    This week marks the anniversary of the Platform on Sustainable Finance‘s final proposal for a social taxonomy framework to the European Commission. Unfortunately, no party has been scheduled to celebrate this milestone as the social taxonomy idea has stalled. We took a closer look at the reasons behind this lack of action. On the positive side, the European Parliament negotiators, spearheaded by rapporteur Paul Tang and the Swedish EU Presidency, managed to reach a provisional agreement on creating a European Green Bonds Standard, introducing uniform requirements for issuers of bonds wishing to use the designation ‘European green bond’ (EuGB).

    After years of building standards and rules, the time has come to hold organisations accountable. Last week, Oxfam France, Friends of the Earth France, and Notre Affaire à Tous, initiated the first climate dispute in the world. ShareAction’s latest benchmarking report, meanwhile, reveals winners and losers right across the market, whether large or small, active or passive or focused on equities or bonds.

    “Europe’s future depends on our ability to transform and embrace the digital and green transitions. This calls for bold investment in both the public and the private sectors. However, uncertainty, driven by unpredictable policy and market conditions, is proving to be a barrier to investment decisions,” said EIB Chief Economist Debora Revoltella ahead of the release of the EIB’s Investment Report 2022-2023.

    On the other side of the Atlantic, however, the woke capitalism movement continues to tarnish the ‘ESG‘ brand and managers warn against the damage caused by opposing forces.

    Image courtesy of Angèle Kamp on Unsplash
    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA is Editor-in-Chief for NordSIP and Managing Director for Big Green Tree Media. She has 18 years of experience in the asset management industry in Stockholm, London and Geneva, including as a long/short equity hedge fund portfolio manager, and buy-side analyst, but also as CFO and COO in several asset management firms. Aline holds an MBA from Harvard Business School and a License in Economic Sciences from the University of Geneva.

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