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GC Asia
Green covered bonds 'zeroed' by EU's green Taxonomy
Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance Taxonomy as impractical, creating unhelpful incentives and excluding most bank financing, including green senior unsecured, RMBS and covered bonds.
They praised the draft regulation for being science-based, but said most of the mortgages backing green covered bonds would not qualify, that it relied on inconsistent energy performance standards and placed a heavy onus on individual borrowers rather than regional policy makers to make the transition.
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Latest news from FIG
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EC pledges to ‘move faster’ on resolution reforms in drive for Banking Union
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