Environmental group Greenpeace says a new study shows that much of what passes for sustainable finance is greenwashing, arguing that funds in Luxembourg and Switzerland bearing the label hold assets that do little to curb climate change and hardly differ from conventional investment vehicles. The Greenpeace organisations in the two countries have called for legal rules that are clear enough to enable fund managers to make genuinely sustainable investments.

The Financial Conduct Authority is proposing to extend climate risk disclosure requirements beyond companies with premium stock market listings to all listed companies and UK-based asset managers, in response to investor pressure for transparency. Under the regulator's proposal, companies, asset managers, life insurers and pension providers would be required to account for physical climate risks as well as those arising from potential regulatory changes.

JPMorgan has made an undisclosed investment in Luxembourg start-up HQLAx as part of a €14.4m Series B funding round, alongside BNY Mellon, Goldman Sachs, BNP Paribas Securities Services, Citigroup and Deutsche Börse Group. The firm's platform uses blockchain technology to enable the transfer of ownership of securities transparently via guarantee pools, enabling participants to optimise liquidity and manage guarantees, boosting efficiency and lowering investment costs. The US bank has been using HQLAx's platform since its launch and plans to extend its deployment to agency securities lending activities.