HONG KONG (March 2): A group of Asian banks and securities firms with more than US$35 trillion in assets is demanding that the region have a stronger voice in setting global standards for sustainable finance that better reflect the needs of emerging markets.

The European Union has been leading the charge in establishing guidelines for green bonds and other areas of sustainable finance, yet it often overlooks the reality of regions such as Asia, according to a new report from the Asia Securities Industry & Financial Markets Association.