Weekly ESG News: Financial Services and Insurance Industry
News in the spotlight: ESG Book launches Risk Score Tool for enhanced sustainability analysis
ESG Book, a leading sustainability data and technology firm in FinTech, has introduced the innovative Risk Score tool, addressing the growing need for comprehensive ESG analysis. With over 200 metrics covering 10,000 companies, this tool provides detailed insights into corporate exposure to environmental, social, and governance issues, aligning with UN Global Compact principles. The Risk Score complements ESG Book’s Performance Score, aiming to empower investors and corporates with real-time ESG data for informed decision-making. CEO Daniel Klier highlights its versatility for investor universe selection and corporate self-assessment, peer comparisons, and disclosure identification.
Weekly Sustainable Finance Newsletter 47/2023
ESG News of the last week in detail
Regulatory and Law
UK Government's £960mn investment accelerates green manufacturing for Net Zero
The UK government intends to inject £960 million into green industries to boost manufacturing in net-zero sectors, with a focus on offshore wind, electricity networks, nuclear, CCUS, and hydrogen. This forms part of a broader £4.5 billion package to support key manufacturing sectors. The investment aims to bolster clean energy supply chains, fostering advancements in strategic areas. Additionally, power network reforms will be implemented to expedite electrification and address previous underinvestment in electricity grids.
GRI proposes new draft for climate and energy disclosure standards
GRI introduces proposed Climate Change and Energy Transition Disclosure Standards, aligning with emerging climate-related disclosure expectations. The standards cover greenhouse gas reduction, energy consumption, and Paris Agreement goals. Disclosures include mitigation plans, emission targets, and social impacts. The Energy Standard focuses on consumption reduction, efficiency, and renewables, with a detailed value chain breakdown. GRI seeks feedback through a consultation until February 2024.
Leadership Announcements
Rodolphe Brumm to head BNP Paribas AM's low carbon equity strategy
BNP Paribas Asset Management has announced Rodolphe Brumm as the head of its new Low Carbon Infrastructure Equity strategy set to launch in early 2024. Brumm, previously a Partner at Antin Infrastructure Partners, brings expertise in energy transition-focused transactions. The strategy focuses on acquiring minority stakes in European companies involved in renewable energy, transport decarbonization, circular economy, and carbon capture. Reporting to Karen Azoulay, the appointment strengthens BNP Paribas AM’s position in financing the energy and low-carbon transition amid growing client demand.
Rabobank sets up North American energy transition team
Rabobank has launched a North American renewable energy team comprising 30 professionals to bolster its growth and sustainability strategy. This initiative, led by Greg Hutton, Head of Project Finance and Energy Transition Strategy, aims to accelerate the transition to cleaner energy sources. Notable appointments include Joshua Dale as Managing Director and Head of Energy Transition Coverage, along with Jon Castaldo as Managing Director, Energy Transition Coverage. They will focus on providing financing options and developing new products for companies in the renewable energy sector. Rabobank also introduced RaboResearch analysts dedicated to the energy transition movement, including Nina Fahy and Amit Mathrani.
Net Zero / Decarbonization Commitments
Climate-induced vulnerabilities in Côte d'Ivoire: Urgent Call for Action and a $22 Billion Investment in Resilience
Côte d’Ivoire faces economic risks in cocoa and energy due to climate change, with an 80% impact on companies and a potential 13% GDP reduction by 2050, according to the Country Climate and Development Report (CCDR). Urging immediate action, the report proposes a $22 billion investment for climate resilience, emphasizing infrastructure and deforestation measures in the cocoa value chain. Highlighting Côte d’Ivoire’s participation in the Emissions Reduction Program (REDD+), the report calls for regulatory reforms and private sector involvement in climate adaptation. To be presented at COP 28 in Dubai, the report underscores the country’s commitment to addressing climate change for sustainable development.
ESG Data and Analytics
LSEG and ESG.AI forge partnership for advanced ESG analytics platform
LSEG and ESG.AI have partnered to launch an advanced ESG analytics platform, merging LSEG’s financial dataset with ESG.AI’s technology. The collaboration addresses the rising demand for accurate ESG reporting, particularly with upcoming EU CSRD regulations. Dr. Barnabas Acs calls it a “game-changer,” Nicholas Miller anticipates significant demand for up-to-date ESG data, and Cornelia Andersson sees the platform as a major step forward in delivering transparent ESG data.
ESG Book launches Risk Score Tool for enhanced sustainability analysis
ESG Book, a leading sustainability data and technology firm in FinTech, has introduced the innovative Risk Score tool, addressing the growing need for comprehensive ESG analysis. With over 200 metrics covering 10,000 companies, this tool provides detailed insights into corporate exposure to environmental, social, and governance issues, aligning with UN Global Compact principles. The Risk Score complements ESG Book’s Performance Score, aiming to empower investors and corporates with real-time ESG data for informed decision-making. CEO Daniel Klier highlights its versatility for investor universe selection and corporate self-assessment, peer comparisons, and disclosure identification.
Green Bond & ESG Bond Issuances
Ericsson issued €500mn Green Bond for energy efficiency initiatives
Ericsson recently completed its inaugural €500 million green bond issuance, a key step following the launch of its Green Financing Framework in December 2022. The bond’s proceeds will be dedicated to energy efficiency initiatives, aligning with Ericsson’s commitment to achieving net zero emissions in its value chain by 2040. The funds raised will specifically support research and development efforts aimed at enhancing energy performance in both existing and future solutions, contributing to a 35% reduction in energy consumption compared to previous generations.