read this and convince me 'ESG' is not just convenient short-hand for greenwashing
ft.com/content/7ac277…
ft.com/content/7ac277…
BlackRock Brazil head pontificating about 'gold' European ESG standard is rich when you know a little bit about EU's Sustainable Finance Disclosure Regulations 
for starters, BlackRock lobbied heavily to weaken European sustainable finance agendas, from its opposition to double materiality (not just climate risks, but climate impact of carbon finance) to its 'consultancy' for the European Commission
we ended up with SFDR - Sustainable Finance Disclosure Regulation - that basically allows private finance to use whatever ESG metrics they want for disclosure of climate risks for their portfolios
ey.com/en_ch/sustaina…
ey.com/en_ch/sustaina…
BUT capturing the Commission is not that easy, and double materiality stayed - so if you want to market sustainable assets in Europe, you need to PAI:
to outline the Principle Adverse Impacts of that assets on sustainability
to outline the Principle Adverse Impacts of that assets on sustainability
as @adam_tooze once said, devil is in the technocratic detail - we need to understand better PAIs to see how these deal w greenwashing.
but their very existence confirms Commission doesnt buy 'European ESG Gold standard' narrative that BlackRock is now peddling in Global South
but their very existence confirms Commission doesnt buy 'European ESG Gold standard' narrative that BlackRock is now peddling in Global South
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