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Investment banks debate underwriting carbon footprint

10 Jul 2023 – Some of the world's largest investment banks have found themselves embroiled in a debate over the inclusion of their underwriting activity in net zero targets, posing a threat to their progress on decarbonisation. As part of a standard-setting group led by Barclays and Morgan Stanley, these banks have been engaged in discussions and voting on how to measure the carbon footprint of underwriting deals. However, infighting and disagreements over the past year have caused delays in the publication of the first voluntary rule book on the matter.

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