Scientific Beta launches blistering attack on EU climate benchmark proposals

"(...) Index firm Scientific Beta has described proposals put forward under the EU Sustainable Action Plan as “champion[ing] the interests of a few select ESG data and service providers, rather than sustainability”.  The firm, a unit of French investment research institution EDHEC-Risk that was acquired by Singapore Exchange earlier this year, published the criticism in response to the imminent introduction of two new regulatory product categories for green indices – Climate Transition Benchmarks (CTBs) and Paris Aligned Benchmarks (PABs) – and mandatory ESG disclosure for all benchmark providers. (...) However, Scientific Beta says the process “fail[s] to represent investors’ interests”, claiming that the plans were “drawn up hastily by a working group that was dominated by providers of ESG data and services and did not include pension funds and that it puts forward pointless and costly reporting obligations for which no impact study was carried out by the Commission”. (...)"