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ESG Today: Initiatives underway to reduce European sustainability reporting and due diligence reporting requirements could limit the European Central Bank’s capability to manage climate risk in the financial system, according to a letter sent by ECB President Christine Lagarde to European Parliament lawmakers.
Funds Europe: The UK’s defence and national security sectors are set for expansion, with investment in European defence, security and resilience startups reaching an all-time high of $5.2 billion in 2024.
Yahoo Finance/Reuters: Norway's $2 trillion sovereign wealth fund, the world's largest, said it expects to divest from more Israeli companies. It's part of its ongoing review of investments in the country over the situation in Gaza and the West Bank.
ESG News: The European Commission has launched a public consultation and Call for Evidence to inform the development of its forthcoming Circular Economy Act, aiming to accelerate the EU’s shift away from a linear economic model.
Funds Europe: Eighty-five percent of limited partners (LPs) say poor fund administration has negatively impacted future allocation decisions. This isn’t a marginal concern, it’s a strategic inflection point.
ESG News: European Ombudsman Teresa Anjinho has formally asked the European Commission to explain why it bypassed key procedural steps in preparing its Omnibus I proposal to scale back sustainability rules for businesses.
ESG Today: Banks in the EU have made “significant strides” in addressing and managing climate and nature-related risks, according to European Central Bank (ECB) Executive Board Member and Supervisory Board Vice-Chair Frank Elderson, with major increases in advanced practices in place to identify, monitor these risks made by banks in just the past few years.
Funds Tech: 21X, a Frankfurt-based fintech, has partnered with SwissFinTechLadies (SFTL), a network of women in finance, tech and blockchain, to promote diversity across Europe’s financial sector.
ESG Today: EU markets regulator the European Securities and Markets Authority (ESMA) announced the release of a new thematic note aimed at guiding market participants including issuers and fund managers on its expectations for sustainability-related claims, and avoiding greenwashing risks in investor communications.
Funds Europe: According to the latest Fund Flow Index from funds network Calastone, equity funds saw outflows of £98m during the month (inflow of £525m in May), while bond funds saw inflows fall to £195m (£328m in May) and safe-haven money markets saw inflows rise to £218m (£85m in May).
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