Use of proxy data in green asset ratios hangs in the balance
EU proposals to exclude non-EU firms from numerator may reduce ratio’s effectiveness
Draft EU rules preventing banks and fund managers from using proxy information to assess the sustainability of overseas companies they finance are raising new questions about the value of a proposed climate risk measure.
“It is a huge mistake,” said Helena Viñes Fiestas, commissioner of the Spanish Financial Markets Authority. “What is the ratio of any large financial institutions if you exclude the outside of Europe? That ratio will tell you nothing about real investments or financing of that
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