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Europe’s ESG opportunity By Olivia Grégoire and Bertrand Badré PARIS Finance is evolving in a more sustainable direction, and just in time. Pension funds, insurance companies, and sovereign wealth funds have made multiple commitments on climate change, biodiversity and economic inclusion. In each case, the aim is to treat finance as a tool, not an end in itself, and to adopt objectives that go well beyond financial returns. Today, more than $40.5 trillion globally is invested according to environmental, social and governance principles. But who defines what constitutes an ESG investment, and how far can we trust ESG statements issued by corporations? We need a set of genuinely global ESG standards, and Europe can, and should, play a leading role in formulating and implementing them. ....