sustainability – Eter Climate

Climate Change

Climate Change November 2022

Javier 5 de May de 2023 Leave a comment

November was a big month for the climate change sector and we at Eter would like to highlight 6 news items that stand out as 2022 draws to a close.

The first is that the International Sustainability Standards Board (ISSB) will require companies to include climate scenario analyses in their reports. These scenarios are also closely related to the climate standards and laws that are being made and that have been discussed in previous months’ posts. EFRAG, for its part, approved the final version of the European Sustainability Reporting Standards (ESRS), which set out the rules and requirements for companies to report on sustainability-related impacts, opportunities and risks.
Also linked to the previous news is another piece of news related to the European Union, which seeks to reach 100 GW of renewable energy, doubling the installed capacity by 2022. The last announcement made by the European Union was that it will invest 300,000 million euros to reduce dependence on Russian fuel.

Recovering one of the previous posts and already with the closing of the fund, Energy Impact Partners (EIP), announced in October the closing of its Deep Decarbonization Frontier Fund, focused on climate technology, reaching commitments of US$485 million and surpassing the fund’s initial target of US$350 million.
The International Partners Group (IPG), announced the launch of a Partnership for a @Just Energy Transition, aimed at accelerating and supporting the Indonesian energy sector’s shift to clean energy sources. The agreement includes mobilizing $20 billion over three to five years, half of it in public sector contributions, with the remainder to be provided by the Glasgow Finance Alliance Task Force for Sector Improvement in Indonesia. This means many changes in the Indonesian energy sector, such as limiting emissions that year to 290 megatonnes.
Lastly, Iberdrola closed this month with the issuance of a 1,500 million bond, continuing with the green bond plan it had maintained throughout the year.

Links:
https://www.esgtoday.com/iberdrola-issues-e1-5-billion-green-bond/
https://www.esgtoday.com/us-japan-led-coalition-banks-to-mobilize-20-billion-to-support-indonesia-clean-energy-transition/
https://www.esgtoday.com/energy-impact-partners-raises-485-million-for-climate-tech-fund/
https://www.esgtoday.com/efrag-approves-european-sustainability-reporting-standards/
https://www.esgtoday.com/eu-to-double-renewable-energy-deployment-to-100-gw-next-year-von-der-leyen/
https://www.esgtoday.com/issb-to-require-climate-related-scenario-analysis-under-ifrs-climate-disclosure-standard/

cleanenergy climatechange energy energytransition europeanunion finance renewableenergy sustainability

Climate Change

Climate Change May 2022

Javier 5 de May de 2023 Leave a comment

In the analysis of May 22, Eter analyse the sector that will affect us all at professional, personal and business level.
During the month of May 22 the European Union formulated two major advances in its climate change regulation, on the one hand, the ~European Commission formulated stricter rules for the future European Green Bond Standard to improve transparency and reduce greenwashing, aligning with the European taxonomy. On the other hand, EFRAG announced the initial draft for the sustainability reporting standard. This standard affects more than 50,000 companies compared to the 12,000 affected by the current standard. This report covers a broad set of ESG-related topics ranging from climate change to workers in the value chain and corporate conduct governance.
Alongside these EU standards comes other government-related news as well, Germany, the Netherlands, Belgium and Denmark sign a €135 billion offshore wind pact to create the “green power plant of Europe,” seeking to create wind farms with an output of 150 GW by 2050. The pact will also contribute to large-scale production of green hydrogen, setting combined targets of 20 GW of production capacity by 2030.
May also sees American Express unveil its first $1 billion sustainability bond issue. This bond is part of a $3.5 billion bond series. This green bond can cover multiple projects such as Circular Economy, Green Buildings and Energy Efficiency and Renewable Energy.
As this legislation is advancing Deutsche Bank introduces mandatory ESG ratings for suppliers, also in case of having a contract with the bank over 500,000 euros will require an ESG rating to see if it complies with the bank’s own regulations, this is because the bank itself wants to participate in promoting a green economy.
Finally, in remarkable news, the Bank of England announced the results of its biannual climate change test exercise and concluded that UK banks and insurers are likely to be able to absorb the physical and transitional costs of climate change, but will face significant financial difficulties, particularly if measures to address climate change are insufficient or delayed.

Links:
https://www.esgtoday.com/efrag-releases-proposed-european-sustainability-reporting-standards/
https://www.esgtoday.com/american-express-files-for-inaugural-1-billion-sustainability-bond-issuance/
https://www.esgtoday.com/eu-lawmakers-move-to-toughen-expand-green-bond-rules/
https://www.esgtoday.com/germany-netherlands-belgium-and-denmark-sign-major-offshore-wind-pact-to-deliver-the-green-power-plant-of-europe/
https://www.esgtoday.com/deutsche-bank-introduces-mandatory-esg-ratings-for-suppliers/
https://www.esgtoday.com/boe-climate-stress-test-finds-climate-risk-manageable-for-banks-but-highlights-high-cost-of-inaction/

bank circulareconomy climatechange economy energy eter europe europeanunion future offshorewind renewableenergy sustainability

Climate Change

Climate Change March 2022

Javier 5 de May de 2023 Leave a comment

From Eter we appreciate several news throughout the month of March 22 making this month a month of much movement with 6 relevant news.
On the one hand, Macquarie Group‘s GIG hires Jonathan Cole, from Iberdrola, to lead a new business called Corio Generation, focus on offshore wind energy, which aimed to have a pipeline of 15 GW of wind energy projects in April 2022. In addition, the group are boosting their business worldwide, aiming to reach 228 GW by 2030, a big investment in the wind energy sector.
On the other hand, Iberdrola successfully closed a green bond issue worth 1 billion euros in renewable offshore wind installations in France and Germany. Together with Iberdrola, Bank of America, Citi, BNP Paribas, HSBC, BBVA, Santander, Sumitomo Mitsui Banking Corporation, Intesa Sanpaolo and ING participated.
The following news, although not from a fund, is from Deloitte and its Survey showing that more and more companies in all sectors are aware of climate change and its impact on investments.
As can be seen and has been seen throughout the months the Canadian government is investing on the issuance of green bonds, being March the month where they are launching a 5,000-million-dollar bond for the financing of green infrastructure and environmental protection projects.
At the end of March, two other important news items were released: on the one hand, the European Union made a proposal to increase the environmental impact categories in the European taxonomy; these changes seek to encourage financing flows and investments in different projects to improve the environment.
Finally, this month, EQT Group announced the pricing of two sustainability-linked bonds for a total of 1.5 billion euros for the companies in its portfolio.