Piotr Koziński, Acting Managing Director of the Capital Market Supervision Division, delivered a speech as part of the panel ‘How to save the ESG movement?’ during the CFA Society Poland Annual Conference.
In his address, Piotr Koziński pointed out that the ESG perspective focused not only on the future of the capital market but also on the future per se. The current regulatory framework has not been fully effective due to its imprecision, which, on the one hand, makes it more difficult to comply with it, to design and compare ‘green’ products, to verify them and to supervise them both internally and externally. On the other hand, the framework facilitates broadly defined greenwashing, discourages both the demand and the supply sides of the financial market from engaging in the ESG topic, and leads to reduction of project financing. In consequence, a new type of ‘disease’ has emerged in the financial market, i.e. ‘an ESG upset’, which must be treated using the following steps: