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Sustainability-linked derivatives: Difference between revisions
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{{a|myth|{{image|Easter Islands|png|A dead [[metaphor]], yesterday.}}}}{{c2|ESG|ISDA}}{{dpn|/səsˌteɪnəˈbɪlɪti lɪŋkt dɪˈrɪvətɪvz/|n}}It is said that the early inhabitants of Easter Island became so obsessed with erecting statues of their ancestors that they felled every tree on the island for rollers to transport their monoliths. The removal of root systems compromised soil integrity, accelerating erosion, degraded fertility and eventually ruined the ecosystem, rendering the island all but uninhabitable and wiping themselves out, all in the forlorn hope of pleasing some imaginary people | {{a|myth|{{image|Easter Islands|png|A dead [[metaphor]], yesterday.}}}}{{c2|ESG|ISDA}}{{dpn|/səsˌteɪnəˈbɪlɪti lɪŋkt dɪˈrɪvətɪvz/|n}}It is said that the early inhabitants of Easter Island became so obsessed with erecting statues of their ancestors that they felled every tree on the island for rollers to transport their monoliths. The removal of root systems compromised soil integrity, accelerating erosion, degraded fertility and eventually ruined the ecosystem, rendering the island all but uninhabitable and wiping themselves out, all in the forlorn hope of symbolically pleasing some imaginary people. | ||
This “ecocide” theory, | This “ecocide” theory, popularised by Jared Diamond a generation ago, is out of favour with hand-wringing [[snowflake]]y academic types nowadays. ISDA’s council of elders may feel the same way about the JC’s corresponding “swapicide” theory.<ref>Sunk without trace: [[2011 ISDA Equity Derivatives Definitions]], [[2022 ISDA Securities Financing Transactions Definitions]], [[2023 ISDA Digital Asset Transactions Definitions]]. Those that did bear fruit were no great scream of exhilarating clarity: the [[2014 ISDA Credit Derivatives Definitions]], [[2016 Credit Support Annex for Variation Margin (VM)|2016 ISDA Regulatory VM CSAs]] and [[2018 ISDA Credit Support Deed for Initial Margin|2018 ISDA Regulatory IM CSA]] being cases in point.</ref> | ||
Is ISDA desperately trying to stay ''relevant''? Recent clumsy land-grabs of ICMA/ISLA territory and forays into [[crypto]] give that impression. In any case, | Is ISDA desperately trying to stay ''relevant''? Recent clumsy land-grabs of [[ICMA]]/[[ISLA]] territory and forays into [[2023 ISDA Digital Asset Transactions Definitions|crypto]] give that impression. In any case, the irony that ISDA’s latest foray into the new normal — “sustainability-linked derivatives” — should so resemble a notorious example of environmental disaster is rich: | ||
An embedded community of toilers, supposedly there to steward the onward prosperity of the wider environment, swept up by fashionable collective delusions, wastes every tree in sight in pursuing mad, hypercomplicated and illogical schemes for imaginary investors who no-one has seen, let alone expressed demand for the product. | An embedded community of toilers, supposedly there to steward the onward prosperity of the wider environment, swept up by fashionable collective delusions, wastes every tree in sight in pursuing mad, hypercomplicated and illogical schemes for imaginary investors who no-one has seen, let alone expressed demand for the product. | ||