The Executive Chairman of the Spanish lender Santander says in the FT that rules should be amended to remove Big Tech’s advantages and promote green finance.
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Ana Botín: Banking regulation needs a reset
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The second challenge is to reset the financial regulatory regime so it supports and hastens the green transition. Global action is required to agree on a “green” taxonomy, and make sure all large, listed companies comply with the recommendations of the Task Force for Climate Related Financial Disclosures. Markets need new incentives to support the transition to a low-carbon economy: regulators should consider how to reduce the cost of capital for banks that finance green activities.
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