European bankers are pushing back against the increasingly strict environmental, social and governance (“ESG”) reporting requirements being passed in the European Union, yet their competitors in America aren’t required to adhere to those requirements. The European Banking Federation (“EBF”) recently said that as long as Wall Street continues to ignore ESG rules, European lenders who adhere to American ESG rules will find it impossible to compete with their U.S. counterparts.
ESG has been one of the largest trends in the financial sector for the past several years, partly due to being pushed by major investment companies, such as BlackRock, and the deafening call for greater corporate accountability and sustainability. According to these requirements, companies have to continually enhance their ESG reporting to show how their corporate activities harm the environment and community…
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