Net Zero Watch has warned Boris Johnson to follow Germany’s lead and put Environment, Social and Governance (ESG) regulations on ice or suffer severe competitive disadvantage.
According to press reports, Germany’s Financial Supervisory Authority (BaFin) has halted planned rules for classifying ‘green’ investment funds as Russia’s invasion of Ukraine sent shockwaves through global energy markets.
“Against the backdrop of the dynamic situation in regulation, energy and geopolitics, we have decided to put our planned directive for sustainable investment funds on hold,” BaFin President Mark Branson explained the move away from the ESG directive.
BaFin’s announcement is a clear sign that Germany is beginning to break green shackles that are holding back economic growth, putting Europe’s biggest economy essentially on a war footing.
Net Zero Watch director Benny Peiser said:
Germany is taking radical steps to remove obstacles and potential threats to energy security amid the looming ban of Russian energy imports.
Britain needs to follow suit if it doesn’t want to worsen the energy cost crisis and suffer severe competitive disadvantage.”