![]() This consultation provided an opportunity to comment on how regulation around ESG might impact securities lending and highlight how the activity can contribute to achieving long-term policy goals. Stefan Kaiser: The initial focus was on responding to the EU consultation on sustainable finance. The final key message that we delivered through our response to the consultation was that it was important not to create separate trading infrastructures for ESG securities, but rather regulators and other stakeholders need to work to incorporate more ESG securities into existing trading frameworks. In this regard, the group stressed the importance of mobilising ESG securities within lending programmes to support the development of a broadly-based market ecosystem. In responding to this consultation, our environmental, social and governance (ESG) working group highlighted the importance of supporting the growth of ESG funds in the context of trading liquidity, price discovery and effective settlement. In this, the commission sought the views of how markets and trading eco-systems need to evolve to support the sustainable finance objectives across the EU 27. In the middle of the year, we saw a detailed consultation from the European Commission on the Renewed Sustainable Finance Strategy. These comments are important as they clearly link a post-COVID world to the developing green agenda, and this broad direction of travel will shape much of our thinking going forward. After identifying the green agenda as a major priority, incoming European Commission President, Ursula von der Leyen promised in April to put the European Green Deal at the centre of the EU’s post-COVID recovery plan. Given that ESG is a broad topic, what has the ISLA ESG working group been focusing on in 2020?Īndrew Dyson: During a year that has been dominated by the COVID-19 pandemic, we did see some of the core regulatory and policy initiatives coming out of the European Union pause, particularly during the first peak of the virus across Europe. Stefan Kaiser managing director, EMEA/APAC securities lending product strategy, BlackRockĬhirag Patel, executive director, EMEA head of cross asset financing, Goldman Sachs Matthew Chessum, investment director, liquidity management, Aberdeen Standard Investments ![]() Members of ISLA’s ESG working group and Council for Sustainable Finance describe how responsible investing has taken centre stage in the global economic fightback against COVID-19
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