Given the speed of transformation of the investment landscape, together with the huge advisory industry that has appeared almost overnight, there are major concerns for ‘green and ESG-washing’ in the sector and it is unsurprising that regulators sought to act.
But Dr Sloan has significant concerns with the costs of the EU’s bureaucratic approach to sustainable finance regulation. He believes it is questionable whether the burden or the benefits of another layer of regulatory reporting requirements were properly thought through. The European Commission relying on a priori assumption that harmonisation creates efficiency rather than undertaking any significant cost benefit analysis. Through the International Sustainability Institute Channel Islands (‘ISICI’), Dr Sloan has put the cost to industry of implementing the EU’s SFDR at around €20bn per annum.
In this webinar, Dr Sloan will discuss and explain these costs estimates and illustrate the historic tendency of the EU to underestimate regulatory costs, providing legitimate grounds for the UK’s decision to diverge from the EU with its sustainable finance regulations.
Dr Andy Sloan is the founder of the think tank, the International Sustainability Institute Channel Islands, and runs a climate risk advisory business, Netherite and Grunweldt Advisory. An economist by trade, He has over 20 years’ experience of international policy development. Working in Guernsey for the last 15 years, he has been Chief Economist for the Guernsey Government, Director of Strategy at Guernsey Finance and Director of Financial Stability and International Policy Advisor at the Guernsey Financial Services Commission during that time. Representing a third country gave him direct experience of negotiating with the European Commission on regulatory equivalence and taxation. He has been the GFSC’s representative at IOSCO and other regulatory bodies. He worked with the City UK’s International Regulatory Strategy Group on its Brexit and Regulatory Coherence agendum and has worked with numerous other London based trade groups including the BVCA and the Investment Association. A strong advocate of climate disclosures, and an expert reviewer for the IPCC, he founded Guernsey Green Finance in 2018.
Thursday, 01 September 2022
16:00 - 16:45 BST
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