The next milestone in Europe’s efforts to create a global benchmark for ESG investing has been shelved indefinitely as officials balk at devoting resources to a process that’s already marred by deep political division, according to people familiar with the matter.
The so-called social taxonomy, which was to be the next plank in the European Union’s years-long process to create a guidebook for driving capital into activities that meet environmental, social and governance standards, is unlikely to see the light of day in the next few years, the people said.
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