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EU Eyes ‘Re-Engineering’ of Global Finance With Green Standards

  • New rules set stage for ‘seismic’ change, EU’s McGuinness says
  • Bloc introduces classification system for green investment
Bloomberg business news
WATCH: Mairead McGuinness says a re-engineering of global finance is needed.Source: Bloomberg)

The European Union’s new standards for classifying sustainable investment will change the way economies operate, divert cash flows and reverberate across the globe, the officials in charge of the new rulebook said.

A labeling system unveiled on Wednesday is nothing short of a “re-engineering of the economy and re-engineering of the financial world,” Mairead McGuinness, the European Commissioner responsible for financial services, said in an interview. “The direction of travel is in one way only.”