Bankers slam ‘excessive’ ESG bill that ratchets up legal risks

FILE PHOTO: European Union flags fly outside the European Commission headquarters in Brussels, Belgium, March 1, 2023.REUTERS/Johanna Geron/File Photo

LONDON: Some of the most powerful lobbyists in Europe’s finance industry are preparing to fight the passage of an environmental, social and governance (ESG) bill, after it won early backing from European Union (EU) lawmakers.

The Association for Financial Markets in Europe (AFME), whose members dominate the region’s debt and equity capital markets, said a planned EU law designed to make it easier to sue companies for ESG violations ignored the unique status of financial firms.