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Asian Finance Group Pushes Softer Standards for Green Deals

  • Sustainable finance policy must consider regional differences
  • Over time, common guidelines are needed, ASIFMA says in report
Solar panels at a solar plant in this aerial photograph taken above Geogeum Island in Goheung, South Korea.

Photographer: SeongJoon Cho/Bloomberg

A group of Asian banks and securities firms with more than $35 trillion in assets is demanding the region have a stronger voice in setting global standards for sustainable finance that better reflect the needs of emerging markets.

The European Union has been leading the charge in establishing guidelines for green bonds and other areas of sustainable finance, yet it often overlooks the reality of regions such as Asia, according to a new report from the Asia Securities Industry & Financial Markets Association.