“Generally, when we see harmonization and global standardization in this market [for GSSS bonds] it is positive because there’s a lot of uncertainty. But like [with] the green taxonomy, I don’t think [a social taxonomy] is where we should hang our hats and [assume] that it’s the only way to go about it and cement market structures... We need to work with what’s already there now and work out what works and what doesn’t,” said Nordea’s Jacob Michaelsen at Environmental Finance’s ESG in Fixed Income EMEA conference in London.
"Clearly, the social taxonomy – if and when that happens – will be a good guideline for the market. But we won’t be better off if we wait for that to happen,” he added.
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The discussion will carry on at our ESG in Fixed Income Americas conference on 28 September in New York, where Environmental Finance will continue to play a critical role in providing breadth and depth to the sustainable bond market.
For more information, please visit the conference website.