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Sustainability regulations meet government bond stumbling block

European regulators are debating whether government bonds should feature in the final disclosure requirement. The CFA Institute advocates for including all investments to prevent "cherry-picking", while the chair of EU parliament's environmental committee says now is not the time to try and apply the sustainable-activities list to the bonds.

Photo: Dado Ruvic/REUTERS / X02714

Europe's effort to prod investors to the front lines of the climate change fight is hitting a snag: confusion over how to treat EUR 12.4tn of central government debt, the biggest slice of the bond market.

Asset managers will have to disclose next year the extent to which their funds are invested in what the European Union considers environmentally sustainable activities. But the green list doesn't address government services, leaving the regulators to debate whether the final disclosure requirement should exclude sovereign bonds from the outset.

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