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23 Eur. Bus. Org. L. Rev. 1 (2022)

handle is hein.journals/eunbuioiz23 and id is 1 raw text is: European Business Organization Law Review (2022) 23:1-7 https://doi.org/1 0.1007/s40804-021-00230-2 EDITORIAL Law and Regulation for Sustainable Finance Iris H-Y Chiul' Lin Lin3 - David Rouch4's Published online: 17 February 2022 ©T.M.C. Asser Press 2022 There is a marked global trend of investment assets moving into 'ESG' (environ- mental, social and governance) or 'sustainable' investing strategies. It is reported in the US,1 at the end of 2020, that 33% of assets under management were allocated to ESG strategies, in other words, approaches that in some way seek to take specific account of environmental, social or governance factors, instead of being agnostic towards them. Indeed, ESG funds have apparently continued to attract significant inflows, even as investment sentiments suffered during the COVID-19 pandemic and many conventional investment funds experienced outflows.2 Yet, for all this, sustainable finance and investing suffers from an identity crisis. Is it finance that will be profitable in the long term and hence be itself sustainable? Is it finance that is justifiable to society? Is it finance that can help solve sustainabil- ity challenges and, if so, which ones, and to what extent can or should it seek to do that? Further, is sustainable investing the same as responsible investing, ESG invest- ing or ethical investing? We have not yet defined 'responsible investing' in relation to responsibility to whom and for what. Does sustainable investing take account of all or just some ESG factors and in what ways and for what reasons? Ethical invest- ing is also unclear in terms of which ethical basis, and are there forms of investing that are therefore 'neutral' or 'unethical'? 'Sustainable investing is surging, accounting for 33% of total U.S. assets under management', CNBC News, 21 Dec 2020. https://www.cnbc.con/2020/12/21/sustainable-investing-accounts-for-33percent-of- total-us-assets-under-management.html (accessed 29 October 2021). 2 'ESG funds defy havoc to ratchet huge inflows', Financial Times, 6 February 2021. https://www.ft. com/content/8e9f82O4-83bf-4217-bc9e-d89396279c5b (accessed 29 October 2021). E Iris H-Y Chiu hse-yu.chiu@ucl.ac.uk Professor of Corporate Law and Financial Regulation, University College London, London, UK 2 Visiting Professor (February to April 2021), Centre for Banking and Financial Law, National University of Singapore, Singapore, Singapore 3 Associate Professor of Law, Faculty of Law, National University of Singapore, Singapore, Singapore 4 Partner, Freshfields Bruckhaus Deringer LLP, London, UK 5 Keynote speaker at the Sustainable Finance and Capital Markets Conference, Centre for Banking and Financial Law, National University of Singapore, Singapore, Singapore Springer 0 ASSER PRESS

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