Rodrigo Buenaventura, president of the CNMV, has spoken at the IV ESG Forum, held by elEconomista.es. Sustainable labels and instruments are some of the challenges that the ESG world is still facing for Buenaventura.
“We can no longer classify ESG funds by Article 8 and Article 9.” It has been one of the main arguments of the president of the CNMV in his speech and he has declared that it is necessary to develop sustainability labels to correctly name these vehicles.
But how did we get to this situation? The problem, for Buenaventura, is that, in the absence of a sustainability classification, transparency standards have been taken as a reference to name ESG funds, but the president advocates stopping using this nomenclature to define these sustainable vehicles.
For Buenaventura, sustainability has many directions and, although finance is only a small part, it is of great importance, to the extent that the associated change in sustainability in financial markets has been very intense, he explained. And, in this sense, Europe has played, for the president of the CNMV, a leadership role: “We have a whole regulatory building, some demanding standards on the publication of sustainability, a series of rules to organize information on sustainability, we have a green bond regulation… This effort by the European regulator has been achieved in a very short time and the ocsas that are done quickly “They are not perfect and need adjustments and improvements that allow the regulatory building to make complete sense.”
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