Leading European capitals, primarily Paris and London, in the near future will fight for the title of the leader of the environmental agenda and a kind of “green crown”, said the head of the American investment bank JPMorgan Chase Jamie Dimon, quoted by CNBC.
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According to the banker, Paris and London are competing for dominance in financial and investment products designed with environmental, social and governance factors in mind (together they form the popular ESG concept).
By some estimates, the total market value of such products – primarily bonds issued to finance green projects – will reach $ 53 trillion by 2025.
Other financiers interviewed by the publication note that for London, as for the rest of the UK, leadership in the “green” debt market can be a way to reduce losses from Brexit (after which many financial companies moved their headquarters and branches to continental Europe). In addition, the city can gain a foothold among the most iconic cities for the financial world – along with New York and Chicago, which are considered leaders in the field of trading in stocks and derivatives (futures and options), respectively.
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