Global financial markets have witnessed a flood of investment into sustainability-related products, all as part of the effort to finance the greening of the international economy.
This rapid growth of environmental, social and governance (ESG) investment—while commendable in its intentions—has given rise to an increasingly fragmented regulatory landscape, characterised by a variety of regimes and voluntary sustainability reporting frameworks. This jumble reflects a growing recognition of the material impact of climate change and other ESG risks on corporate performance. But it has also given rise to sustainability reporting which is incomplete and inconsistent across jurisdictions, industries and companies.
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