News in the spotlight: EFRAG opens consultation on ESRS-40a draft for non-EU firms
EFRAG has opened a 100-day consultation on ESRS-40a, the draft sustainability reporting standard for certain non-EU companies with significant activity in the EU.
Products and Services
More than USD 250mn raised for Environmental Solutions Fund by Pictet
Pictet has closed its first dedicated environment co-investment fund at USD 253 million, above its USD 200 million target. The vehicle is designed to back private companies and growth-stage businesses tackling environmental problems, mainly alongside established private equity managers. The fund will focus on five themes: greenhouse gas reduction, pollution control, circular economy, sustainable consumer, and enabling technologies. Most of the portfolio is expected to be in North America and Europe, with around half of committed capital already deployed across eight transactions. Pictet says the strategy reflects investor demand for access to private-market environmental deals and builds on its long experience in private equity co-investing. Investors in the fund include insurance companies, pension funds, family offices and private clients from Europe, Asia, North America and the Middle East. The fund is structured under Article 8 of the EU Sustainable Finance Disclosure Regulation and aims to reach at least 80% sustainable investments by the end of the investment period.
Mirova commits EUR 150mn to boost Yanara’s renewable energy pipeline
Mirova has committed EUR 150mn to Yanara to accelerate its utility-scale renewable energy buildout in Australia. The investment is Yanara’s first dedicated capital raise in the country and will support a pipeline of more than 2 GW of solar, wind and battery storage projects across Victoria, New South Wales and Western Australia. A large share of the capital will go to Yanara’s flagship Mortlake Energy Hub in Victoria, a hybrid project combining 450 MW of solar with 600 MW / 2,400 MWh of battery storage. Once built, the first phase is expected to supply power for about 200,000 homes and avoid roughly 880,000 tonnes of carbon emissions a year. The investment is meant to move projects from development into construction and help Australia replace retiring coal generation with dispatchable clean power. Yanara says the funding will also create more than 300 jobs and deliver regional economic benefits. The deal reinforces Mirova’s focus on large-scale infrastructure that can support both energy transition and grid reliability.
Regulations, Law and Frameworks
EFRAG opens consultation on ESRS-40a draft for non-EU firms
EFRAG has opened a 100-day consultation on ESRS-40a, the draft sustainability reporting standard for certain non-EU companies with significant activity in the EU. The proposal is meant to implement Article 40a of the Accounting Directive and create a common reporting baseline for third-country groups operating in the European market. The draft targets non-EU undertakings that exceed the EU turnover thresholds and have a meaningful EU presence through a subsidiary or branch. EFRAG says the goal is to ensure transparency on impacts on people and the environment while keeping the reporting framework aligned with the CSRD and the revised ESRS architecture. Compared with the broader ESRS, the draft is more limited in scope and focuses on impacts only, rather than risks, opportunities, resilience and dependencies. EFRAG is asking stakeholders to comment on practical implementation issues, references to EU legislation, interoperability, and the option of a mixed reporting approach that would limit disclosure to EU-related impacts.
ESG- and Green Bond Issuances
Paragon Banking issues GBP 200mn Tier 2 notes under green bond framework
Paragon Banking Group has issued another green bond under its broader Green Bond Framework. The most recent transaction highlighted in related market coverage was a GBP 200 million Green Tier 2 Bond issued in July 2026, which was upsized from GBP 175 million after strong investor demand and ended up 2.8 times oversubscribed. Paragon said the bond supports financing for low-carbon emission residential properties and motor vehicles, tying capital raising directly to its sustainability programme. Paragon’s previous green bond work followed the same logic: proceeds were allocated to green loans for residential real estate with strong energy performance, and the bank committed to annual reporting on allocation and impact.
ESG Data and Analytics
EcoVadis expands sustainable supply chain platform access to all suppliers
EcoVadis is widening access to its Community platform, opening it beyond rated customers to all procurement teams and sustainability practitioners. The move is meant to turn the platform into a larger peer network where companies can exchange practical advice, compare approaches and solve supplier-risk problems faster. The article says the community has already grown at about 20% per month and generated more than 800 detailed peer discussions, with an 86% question-resolution rate. EcoVadis argues that this shows strong demand for a shared forum that reduces the isolation many buyers and suppliers face when dealing with ESG questionnaires, supplier engagement and fragmented supply-chain data. The expanded platform is positioned as a resilience tool, not just a discussion space. Users can access forums, a resource library, universal search and smart recommendations to find peers facing similar issues, identify risks earlier and reuse proven solutions. EcoVadis says this should speed up sustainability work and make supply chains more robust by multiplying the value of each participant’s input.
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