Britain starts building 'guard rails' for green bonds

Signage is seen for the FCA , the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby MelvilleLONDON, June 29 - Issuers of bonds that raise cash for "green" projects should voluntarily apply industry standards to avoid hoodwinking investors, Britain's Financial Conduct Authority said on Wednesday.

Regulators globally are looking at how to limit "greenwashing", or giving investors a flattering picture of sustainability as ESG funds attract trillions of dollars.Green bond issuance in Britain, including government 'gilts', totalled $53.5 billion last year, the largest market in Europe for the first time, the FCA said.

There was no consensus on whether Britain should adopt a national "green bond standard" along the lines of norms being approved in the European Union, the FCA said.The watchdog said it may consider regulating "second party opinion" firms like Sustainalytics, Vigeo Eiris and ISS ESG used to assure investors that a bond is aligned to green principles.

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