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Euroclear teams up with fintech to expand ESG services

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Euroclear teams up with fintech to expand ESG services

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Euroclear, one of the world’s biggest settlement systems for stock and bond trades, has bought a big stake in fintech Greenomy to tap into growing demand for services that help firms meet new rules on reporting their environmental impact.

The European Union is rolling out mandatory environment, social and governance (ESG) reporting for companies and asset managers to give investors more comparable information about the impact of climate change and other factors on their businesses.

Brussels based Euroclear, which settles trades executed on pan-European stock exchange Euronext and the London Stock Exchange, said on Monday it had made a “strategic investment” in Greenomy, a Belgium-based sustainable fintech platform.

It gave no details of the size of the stake or cost.

Greenomy helps companies, financial firms and asset managers comply with the new EU sustainable finance rules by digitalizing how data is captured and reported in accordance with the bloc’s “taxonomy,” or handbook which sets out which investments qualify as sustainable.

The aim is to combine Euroclear’s global reach with Greenomy’s platform to cut barriers to ESG reporting.

“Together with Euroclear and future partners, we aim to bridge the gap between existing and new ESG taxonomies and standards, offering a new global market infrastructure, supporting both issuers and financial institutions in their sustainability strategy,” Greenomy CEO Alexander Stevens said in a statement.

Source: Kitco News

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