Listing

Companies remain committed to dialogue with their shareholders over sustainability issues, the Active Ownership team says in its Q2 report.

Summary

• Unprecedented lawsuit questioned ability to hold companies to account
• Labor practices engagement theme closes while financials theme adds nature
• SDGs theme generates feedback, fruits borne from Japanese governance

Sodali & Co (formerly HXE Partners)

A study by Morgan Stanley has found that 80% of CEOs now view sustainability as a driver of value creation and wish to weave it into their long-term plans. This represents a step change in attitude towards sustainability, which is often dismissed as a compliance afterthought or unavoidable cost. This means that the EU’s Corporate Sustainability Reporting Directive (CSRD) should also be seen in a different light – as a business opportunity and not a compliance-driven, box-ticking exercise.

The CSRD, due for implementation in 2025, mandates comprehensive reporting on a company’s environmental, social, and governance (ESG) performance. Despite the onerous disclosure requirements the directive imposes, companies should seize the chance to turn sustainability reporting from a regulatory burden into a competitive advantage.

Verisk Maplecroft: Sovereign ESG Ratings: Governance challenges mount amid electoral supercycle

'This quarter saw few gains for sovereign sustainability: only 22 countries saw their scores improve on our Sovereign ESG Ratings, while 83 worsened. Across the range of thematic issues that we assess, progress tends to ebb and flow depending on political prioritisation and economic cycles.

The current global landscape, of heightened geopolitical tensions, political instability, stubborn inflation and the physical impacts of climate change, is far from conducive to ESG gains, but some countries are nonetheless managing to deliver progress in meaningful areas.

Beyond headline governance, human rights and climate transition concerns, sovereign investors can gain compelling insight into broader sovereign performance by considering risk issues that are critical for both quality of life and long-term economic growth prospects. This quarter we assess the governance challenges brought about by the 2024 electoral supercycle, as well as progress on factors such as air quality and digital inclusion.'

G&A Institute: Cultured Meat: A Sustainable Evolution in Food, But Will We Eat It?

Consumers, while accustomed to the typical ebb and flow of supermarket staple prices, may have noticed a surge in the price of beef during their recent trips to the grocery store. The Bureau of Labor Statistics has documented a 7.6% increase in beef and veal prices between March 2023 and March 2024. This stark rise serves as an indicator of broader problems encompassing resource depletion, outdated supply chain practices, and possibly a declining ability for current food systems to nourish a growing global population.

However, advancements in food technology offer the potential to reduce our dependence on livestock and conventional farming methods, paving the way for a more sustainable food system.

Livestock farming is a pillar within our food system, yet its reliance on antiquated techniques poses a vulnerability. The industry grapples with the challenge of sustaining an inherently unsustainable food source to meet the demands of a burgeoning global population.

G&A Institute: From Waste to Resource: Circularity In Food Systems

The U.S. Environmental Protection Agency (EPA) estimates that 35% of the U.S. food supply is wasted annually— between 492 and 1,032 pounds of food per person.

Waste in the food system creates multiple problems. It represents not only a lost opportunity to feed food-insecure people but also a substantial contribution to greenhouse gas (GHG) emissions – an estimated 8 -10% of total global emissions, according to the United Nations Environment Programme (UNEP), as well as 58% of all landfill methane emissions, according to the EPA.

Circular systems reduce food waste

One approach for combatting food waste is found in the concept of a circular economy. Economists developed this concept as a counterpoint to our prevailing economic structure, which they describe as a linear process of “take-make-waste.” Under the linear system, resources are extracted (“take”), used to produce goods (“make”), and then discarded after use (“waste”). Disposability is the norm, without consideration for how much useful life may be left in an item.

The EU’s Sustainable Finance Disclosure Regulations (SFDR) are a set of disclosure rules designed to enhance the transparency and maintain the credibility of sustainable investing. We unpack what it means for asset managers in theory and how it’s evolving in practice.

Summary

• SFDR is part of the EU’s ambitions to build a sustainable economy
• Deeper scrutiny of Articles 6, 8, and 9 reveals surprises
• Progress in practice is incremental and currently on pause

This report provides a detailed examination of the responses provided in 2023 by companies to those DCF indicators. It provides a baseline view of companies’ current capacity to understand and control deforestation and ecosystem conversion associated with their operations and supply chains, and provides recommendations for how companies and others can support improved reporting.

This year’s report assesses the disclosure of over 23,200 organizations from 14 industries across 129 countries against CDP’s 21 key climate transition plan indicators. This assessment will establish that the current state of climate transition plan disclosure is accelerating in some areas, industries and regions. However, in analyzing these perspectives, the report will reflect the wide-reaching need for greater guidance on credible climate transition plans. In response to this, this report introduces the concept of CDP’s Transition Plan Journey to support disclosers in preparing credible plans and data users in assessing progress. 

• Coral reefs and kelp forests are among the most ecologically and economically valuable ecosystems on our planet
• But they face increasing risks due to climate and human-induced stressors, such as marine heatwaves and pollution
• These nurseries require a significant ramp-up in restoration efforts, in addition to accelerated action on climate

Clients of HSBC Global Research can access the full report via the HSBC Global Research website or by contacting Wai-Shin Chan

This report sets out Glencore's performance and progress across certain material sustainability-related topics for the year ending December 2023, key areas include:

• Sustainability governance 
• Stakeholder engagement 
• Material topics - nature, water, human rights, social performance...

Marks & Spencer Group: ESG Report 2024

The latest ESG report from M&S covers key areas of their sustainability activities, including:

• ESG strategy
• Environment
• Social
• Governance
• Performance summary 
• ESG data

Zevin Asset Management: 2024 Impact Report 

Zevin AM's latest report details key areas of their stewardship activities, including:

• Walking the walk 
• Their three-tiered approach to active ownership 
• Portfolio footprint 
• Engagement by the numbers 
• Focus areas 
• Building coalitions for change

Neuberger Berman: 2023 Stewardship & Sustainability Report

Neuberger Berman's latest report covers key areas of their stewardship activities including:

• 2023 snapshot
• Stewardship 
• Their approach to integration 
• Credible sustainability outcomes 

Ocean ports around the world represent major sources of coastal air pollution, with fossil fuel-powered ships, trucks, and heavy equipment in use at port terminals. In Southern California, home to two of the busiest container ports in the county, that pollution is a particularly acute challenge given the proximities to large metropolitan populations.

In fact, the Ports of Los Angeles and Long Beach moved more than 16 million TEUs, or nearly 40 percent of imported containers, in the United States in 2023. Those containers include everything from clothes to lifesaving medical equipment. When containers arrive on US shores, they rely on a network of heavy-duty infrastructure known collectively as cargo handling equipment to get them off boats and ultimately into consumer hands.

That’s why RMI and the Mission Possible Partnership analyzed the total cost of ownership for four types of cargo handling equipment: to provide stakeholders with an understanding of the zero-emissions technologies available today, how the total cost of battery electric and hydrogen-powered equipment compare with diesel powertrains, and the green electricity and hydrogen needed at the port to power net-zero equipment.

Pressure to accelerate a managed phaseout of unabated coal has been building worldwide to achieve net-zero targets and curb climate change. Alongside retirement, “repurposing” coal plants is surfacing as a key strategy for regulators, utilities, and plant owners in emerging markets to meet these goals, especially where access to low-cost clean technology and financing is limited.

Recent IEA reports highlight the potential of repurposing coal plants, for example for increased flexibility, to help meet energy transition targets. This approach is central to initiatives like Indonesia’s Just Energy Transition Partnership, where coal plant repurposing is a cornerstone of its managed phaseout strategy. Additionally, various organizations, including the Carbon Trust, CIF, and WEF have published tools and guides on coal plant repurposing.

Finding the best way to repurpose a coal plant is a complex and difficult process to navigate. 

This is the first article in RMI's series to demystify repurposing by clarifying what it is and how decision-makers should consider repurposing options, drawing on practical and real-world case studies. In this first article, we start with the basics of what repurposing is, when it could make sense, and its key trade-offs.

Delhi, projected to be the world’s largest metropolitan area by 2030, faces significant challenges due to rapid urbanization and an increasing demand for electricity, particularly at peak times. Delhi’s peak electricity demand is projected to grow by 50 percent over this decade, with renewable energy expected to account for 50 percent of the city’s power supply during the same period. This surge in demand and the shift toward renewables highlight a critical need to enhance grid flexibility — the ability of a power system to maintain continuous reliable service in the face of rapid and large swings in supply or demand.

Transforming Delhi’s Power Grid: A Comprehensive Guide to Enhancing Flexibility provides a thorough assessment of Delhi’s current and projected electricity demand and supply mix by 2030, identifying the drivers behind the peak demands — primarily the growing demand for space cooling, personal electric vehicles (EVs), and electric buses. The unmanaged demand growth poses challenges, and managing these demands under the current infrastructure is costly. These challenges could be mitigated with grid flexibility measures, such as demand response (DR) programs, managed EV charging, battery energy storage systems (BESS), and virtual power plants (VPPs).

Sia Partners: Is the Oil & Gas industry ready for climate challenge?

As the world grapples with the urgent need for sustainable solutions amidst climate change, the Oil & Gas industry emerges under a piercing spotlight. This study delves into the investment strategies of eight major players — BP, Chevron, Equinor, ExxonMobil, Saudi Aramco, Shell, Suncor, and TotalEnergies — as they navigate the dynamic energy landscape until 2050. 

To gain insight into their strategic positioning, Sia Partners distinguish their traditional carbon-intensive activities (referred to as the "core business") and their endeavors aimed at mitigating greenhouse gas emissions (termed "transition activities").

The financial consequences of climate change and the necessary transition to global Net Zero by 2050 have made it difficult for financial institutions to change the way they make decisions quickly enough. A working paper published by researchers at the European Central Bank provides evidence for how the financial sector could be insulated from any losses by creating a systemic risk for the entire sector.

One of the challenges in addressing the financial losses associated with climate change and the climate transition is the difficulty of quantifying future losses, because the realized losses won’t follow the historical patterns that have typically informed banks’ approaches to risk. One major feature of the climate transition is a need to invest in green technology and to rapidly transition assets that are currently misaligned to Net Zero so that they do align.

Until now, most of the regulatory responses to the risks associated with climate change have been incentives for non-financial companies to make green investments, greater disclosure by corporations and financial institutions about their emissions, and climate stress-testing exercises by central banks and supervisors.

One of the strongest (or bluntest, depending on the perspective) tools for regulators to address climate risk is to adjust capital requirements for banks depending on whether they are financing green or unsustainable assets. These have often been proposed in the form of either a ‘green supporting factor’ or ‘dirty penalizing factor’, which adjust the risk weighting of individual counterparties depending on whether they qualify as either green or unsustainable.

These supporting or penalizing factors have been commonly proposed but rarely implemented because the implications would be significant. Consequently, they need to be clearly evidenced as effective and efficient in achieving their stated objective of either encouraging more green finance or disfavoring unsustainable activities. There is a general lack of evidence to support the proposition that individual green investments have in the past demonstrated a significantly better credit risk profile compared to unsustainable activities notwithstanding the significant likelihood of prospects for green and unsustainable activities.

The ECB has been among those central banks conducting climate stress tests, and the results were used in this new research to provide insight into the transition risk exposure of about 100 European financial institutions. The research was designed to demonstrate how a supervisor might go about calibrating a systemic risk buffer (SyRB) to account for the transition risk of the financial institutions involved.

The SyRB was developed to reflect the overall level of near-term transition risk exposure of the financial institution – within the coming three years — and not be linked to individual green or dirty assets. Instead of adjusting the risk weighting of individual exposures, as a green supporting factor or dirty penalizing factor would do, it groups financial institutions into buckets based on the potential transition risk relative to their risk-weighted assets. The method for estimating the transition risk builds on the loan-level estimates of the climate stress test while filling in data gaps in loan-level data with ‘country-sector’ probability of default levels for both loans and bond holdings while using country-level default probabilities for household exposures.

The different scenarios used in the stress tests for corporate exposures affect default probabilities due to partial spillover of cross-sector gross value-added shocks caused by energy price rises, a fall in corporate profitability, and increased levels of indebtedness for renewable energy and energy efficiency investments. Household default probabilities are similarly affected by reduced disposable income due to energy price rises and higher indebtedness for energy efficiency improvements, along with real estate prices and long-term interest rates.

European regulations require that risk buffers increase in 0.50% increments based on the output of a calibration that models the increase of transition risk in an accelerated transition, compared to current policies which introduce the risk of a metric being ‘gamed’ by banks. However, with a multi-tier system (in the calibration they cover five buffer levels between 0% and 2%), this allows for a significantly graduated increase in the buffer as risks rise.

The researchers also leave open that the SyRB could be used to cover system-wide climate risks on less than a 1-for-1 basis to reduce the impact on banks. However, the limits of this from their study is that if the capital buffer is scaled down by a factor of 4 so that transition risk exposure of 2% of risk-weighted assets leads to an increased capital of 0.5%, it nearly ceases to provide a buffer compared to the expected (and conservatively estimated) climate losses.

It would be one thing if these risks were spread across the financial system as a whole, where even the full impact of the losses is distributed across many institutions. One of the notable findings in the assessment of the transition risk is that it is heterogeneously spread, with concentrations of transition risk more with banks that have less of an excess capital buffer (excess CET1 ratio). This means that within the eurozone at least, transition risk losses would be more likely to affect already weaker banks, which increases the systemic risk impact of climate change.

This analysis produces a few notable conclusions that are relevant across markets, particularly those where transition finance is most needed. For starters, it provides a clear use for the model applied during climate stress tests without making those test outputs determinative of capital levels. Climate stress tests have often been intense exercises for both banks and regulators to undertake to provide evidence about the vulnerability of financial institutions, as well as their preparations to be able to weather climate risks.

Using the collected data for calibrating a systemic risk buffer provides a tangible use for the stress tests and a data-guided way to balance the risk of financing climate-exposed sectors with the short-term gain that banks have by continuing to provide financing. Interestingly, one of the concerns with loan-level, risk-weighting adjustments up or down for ‘green’ or ‘dirty’ investments is that it provides more incentive for banks to finance ‘green’ and avoid ‘dirty’ investments, whereas with transition risk buckets, there would be substantial leeway for banks to finance companies transitioning activities from unsustainable to sustainable activities without facing increases in their capital requirement.

Get the latest insights about responsible finance in OIC markets & Islamic finance from the RFI Foundation, C.I.C. Subscribe to RFI’s free email newsletter today!

KEY TAKEAWAYS

• Japan aims, through its National Biodiversity Strategy 2023-2030, to become nature positive, and specifically to address the need for an integrated approach to both biodiversity loss and climate change. Integrating biodiversity and natural capital perspectives into business activities is seen as crucial to this strategy’s success.
• While many Japanese businesses have pledged to become nature positive, concrete actions are still to follow. A recent survey by Keidanren, the Japan Business Federation, on member companies’ biodiversity efforts found that rarely is the link between climate change and biodiversity conservation established.
• Mapping resources used by companies based on their business activities and geographical location shows that, for Japanese companies, mining of uranium and thorium ores is the activity with the highest share of biodiversity impact.
• A significant portion (88%) of the overall biodiversity impact of Japanese companies is found in the Asia Pacific region, with 37% associated with Japan alone.
• The ISS ESG Biodiversity Impact Assessment Tool (BIAT) offers data on companies’ impacts on biodiversity and their dependencies on ecosystems services. BIAT can support investors as they assess biodiversity considerations in Japan and elsewhere.

Energy consumption forms the backbone of modern lifestyles, and global economic growth is fundamentally dependant on energy supply growth. But as we consider the transition from fossil fuels to clean energy alternatives, the scale of the challenge is truly monumental.

Today, over 80% of the primary energy used globally is still fossil fuel-based. And for all the impressive progress made with renewables, solar and wind still account for a combined 5% of primary energy used. The net zero transition won’t happen without a huge shift towards electricity. Substituting fossil fuel processes with electrons are some of quickest and cheapest ways to reduce our reliance on fossil fuels. Therefore, electrification, and changing the way electricity is generated, holds the key to decarbonising the global economy.

Key Takeaways

• The healthcare sector is benefiting from rapid innovation, fuelled by a significant jump in COVID-led funding.
• The breakthroughs achieved during the pandemic are only just being realised, and further innovation will be fuelled by artificial intelligence (AI).
• Innovation is just one part of the investment puzzle; our Future Quality approach seeks to find companies that not only deliver solutions to the world’s many healthcare challenges but also offer sustainable growth and returns.

“Innovation is the future delivered”-Jorge Barba

As investors with a Future Quality ethos, our aim is to keep our portfolios ahead of the pack over the long term by seeing further and envisioning the investment opportunities of tomorrow. In short, we seek to invest in not only what is, but what will be.

In practical terms, this means monitoring the pulse of change, following the impacts of structural and demographic developments and staying alert to innovation. In recent times, the exciting and disruptive innovations surrounding AI have captured market attention. But if you look beyond the headlines, innovation is transforming other sectors by delivering new solutions to the world’s most pressing requirements. Healthcare is a sector undergoing profound change so why aren’t investors more excited about these innovative opportunities?

Indeed, there are other indications in the data to suggest survey participants see sustainability efforts as supporting business objectives, as respondents gave less weight to motivations that are decoupled from business opportunities and more aligned to outside pressures. Just 26% cited pressure from NGOs, activists and media, pushing that response to the bottom of the list.

It has often been argued that the ‘S’ in ESG has been overshadowed in the ESG acronym, having long played third-fiddle to corporate governance and environmental concerns. There are various reasons for this, one being that the social pillar has often proved more difficult to define, and indeed confine, than the other two letters, the concept often seemingly devolving into an ‘everything but the kitchen sink’ approach to navigating the friction between societal norms and the numerous business functions associated with running a company. Indeed, employee rights, working practices, consumer relationships, other stakeholder relationships, a business’ wider relationship to society writ large and even moral questions are just a few aspects that can fall under the tent of the Social. It is precisely this broad remit, and the various guises that social concerns can take, that makes the possible reputational risks that can span from such concerns complex for companies to address.

Exacerbating this is that addressing concerns from the other letters of ESG can sometimes prove detrimental to social concerns, as the letters of ESG do not always sing from the same hymn sheet. For instance, a considerable percentage of the polysilicon components included in solar panels are produced by forced labour based in Xinjiang, China. In this case, does the green energy transition or the prevention of human right violations take precedence in the concept of ESG where both cannot be addressed simultaneously? Is it to be left to companies to balance the trade-offs between the acronym’s letters?

The Healthcare sector produces significant waste, and 15% of this waste is hazardous material that could be infectious, toxic, or radioactive. Despite international and national agency frameworks and regulations to drive proper medical waste management, not all this waste is disposed of responsibly. Poor waste management in the healthcare sector poses several health risks, including infections and water pollution, and can expose a healthcare company to legal or reputational risks.

Assessing a company’s waste management practices is crucial for investors to gauge adherence to global waste management regulations, which reduces potential legal and/or reputational risks. The ISS ESG Corporate Rating solution provides valuable insights for investors, enabling them to assess the effectiveness of waste management governance within healthcare organizations and make informed investment decisions with sustainability objectives.

But when it comes to the economic impact of these temperature changes, our models are still evolving. 

• Customer pressure and regulations are driving demand for green alternatives to traditional plastic materials
• Yet, the terminology around alternative plastics is confusing and can easily lead to consumer misperception
• We look at 4 key myths of alternative plastic nomenclature; we think better labelling and consumer education could help

Clients of HSBC Global Research can access the full report via the HSBC Global Research website or by contacting Wai-Shin Chan

• The number of nuclear stocks in our proprietary climate database has halved since 2015-16; revenues however, have jumped 31%
• Amid a broader denuclearisation trend in some parts of the world, Asian emerging markets lead in new nuclear installations
• We present a screen of 15 stocks with high revenue exposure to the nuclear theme in our database

Clients of HSBC Global Research can access the full report via the HSBC Global Research website or by contacting Wai-Shin Chan

"Our 2024 Annual Report provides more detailed information, including on our Sustainable Business governance processes, the scope and methodology of our reporting, alignment to GRI Standards and UNGC Communication on Progress. "

Saudi Telecom Company's latest report covers key areas of their sustainability activities including:

• Introduction 
• Social
• Sustainability at stc
• Governance 
• Environmental

Insight Investment's latest report covers key areas of their activities:

• Purpose, strategy and culture
• Governance, resources and incentives
• Conflicts of interest
• Promoting well-functioning markets
• Stewardship, investment and integration
• Engagement
• Collaboration
• Escalation

Carmignac Gestion: 2023 Stewardship Report 

Carmignac Gestion's latest Stewardship Report covers key areas of their activities, including:

• Stewardship approach
• Integration 
• Engagement
• Collaborations 
• Voting

First Sentier MUFG SI Inst.: State of Nature-Related Disclosures: Assessing TNFD alignment of nature-related disclosures by firms in high-risk sectors

Publication of the State of Nature-related Disclosures report continues the nature and biodiversity research series, which was initiated by the First Sentier MUFG Sustainable Investment Institute in December 2023 with the ‘Why Nature’ video highlighting the dependency of industry and the economy on natural capital. 

This report builds on the themes of the ‘Why Nature’ video to explore what is presently being disclosed, measured and assessed by companies, highlighting good practices and identifying gaps and challenges in order to provide investors with useful information that can be used in company engagement. The report analyses disclosure of 16 companies, two from each of the TNFD priority sectors, selected based on high environmental performance and/or ratings according to existing benchmarks or providers and geographic location by head office.

Despite strong performances by right-leaning and Euroskeptic parties, we don’t expect the results will significantly hinder the EU’s transition to net zero.

Europe’s election season has been full of surprises: This year’s European Parliament elections have sent unprecedented shockwaves across Brussels and EU Member States, and the relatively poor performance of ruling parties in Germany and France has left the legitimacy of both governments hanging by a thread, culminating in a historic snap election in France that could render the country ungovernable for months to come. But what might it all mean for climate policy?

Reputation risk, difficulty in assessing the credibility of transition plans and immediate increase in portfolio greenhouse gases emission level are some of the obstacles hindering the scaling of ‘brown to green’ investments. On top of key barriers that investors face in transition finance, this article explores ways to encourage more capital investments to support the transition and HSBC Asset Management’s approach to climate investing. Read the article to find out more.

The power grid is arguably the backbone of modern society. We’re now at a critical convergence of soaring power demand from the digital economy — driven by the rise of electric vehicles, data centers, artificial intelligence (AI), and other technological advances — and an aging grid that requires significant improvement.

The International Energy Agency estimates that power lines globally will need to double in length between now and 2050, and that’s not including the old power lines that need to be replaced. Then there’s the red tape that stands in the way of new construction, the challenge of integrating renewable energy, and the need for coordinated planning to modernize the grid — all of which point to unprecedented, structural supply-and-demand shocks. 

Join Citi’s Rob Rowe, Head of the Global Strategy and Macro Group and U.S. Regional Director of Research, and Anthony Yuen, Head of Energy Strategy in Commodities Research, as they unpack the complexities of the global power problem and discuss potential solutions, including long-duration energy storage, flexible supply, demand response, and the use of AI to help model and coordinate modern power grids. 

On the back of disruptive shifts in the economics of alternative energy and expanding climate policies, the global energy transition is moving rapidly. The pace and focus vary by country, depending largely on resource availability, existing infrastructure, and political ambition. Each country’s pathway is tied to geopolitical shifts and markets, creating new opportunities across sectors.

Planet Tracker: Major Investors Sign up To Address Plastic Pollution

Today, 70 international financial institutions representing assets worth USD 6.8 trillion are calling on petrochemical companies to address plastic pollution issues.

Petrochemical companies are a major contributor to plastic production, which is forecast to triple by 2060, meaning petrochemical companies will become the primary driver of oil demand growth. As the plastic pollution crisis mounts and demands for a Global Plastics Treaty grow, petrochemical companies have stalled progress in negotiations by: 

1. Resisting calls to include the full life cycle of plastics

2. Opposing the reduction of plastic production

3. Opposing the inclusion of polymer production in the treaty

 Petrochemical companies are exposed to significant plastics-related risks, which are financially material for corporates and their investors. Therefore, the collective Investor Statement requests petrochemical companies to:  

                       1. Disclose and define strategies

2. Address toxic polymers and chemicals

3. Develop sustainable infrastructure

4. Establish governance

5. Support international agreements

Among the financial institutions already committed are Legal & General Investment Management, Pictet Group, Nordea Asset Management, Achmea Investment Management, Robeco, MN, Rockefeller Asset Management, Rathbones Group Plc and Storebrand Asset Management. See the full list of signatories here.

The statement remains open for investors to sign, join them now.

Planet Tracker: Bayer Climate Transition Analysis Update

Bayer is projected to align with a 2°C warming scenario by 2030, according to an updated analysis by Planet Tracker.

This compares to an earlier 3°C projection in August 2023. The company aims for Net Zero GHG emissions by 2050, with interim goals for 2030, and achieved an 11% reduction in total GHG emissions from 2019 to 2023.

However, Planet Tracker’s analysis shows significant variability in emissions trends, suggesting Bayer might struggle to meet its 2030 targets.

Planet Tracker: Materiality of Nutrition

Materiality of Nutrition is the first collaboration between Access to Nutrition Initiative (ATNI) and Planet Tracker, in association with the Global Alliance for Improved Nutrition (GAIN). It  sets the scene for a new financial markets conversation – how can healthier foods drive profits alongside the obvious benefits to people and planet?

The report compares the healthiness of food product portfolios from 20 of the largest global food manufacturers with their profits and market valuations and examines:

Investment Opportunities: In addition to the obvious benefits to society, investors would benefit from a switch to healthier foods.

Investment risks: Many companies fail to provide sufficient data about their food portfolio, making it difficult for investors to assess the impact of nutrition on their valuations.

Social and Economic Impact: Overconsumption of unhealthy food products reduce productivity, increase costs for employers, and impose a significant burden on society.

Policy and Regulation: Effective policy actions in various countries signal rising pressure for broader regulation.      

Planet Tracker: EU’s post-election environmental-related regulation review

This blog updates the status of a selected range of environmental-related regulations following the European Parliamentary elections in June 2024. The non-exhaustive list of regulations ranges from nature restoration and anti-greenwashing requirements to waste, soil health, packaging and supply chain due diligence controls.

Planet Tracker: The Plastic Recycling Deception

The global plastic industry’s long-standing narrative of recycling as the panacea for plastic pollution is debunked in this report by Planet Tracker, which sheds light on the deceptive practices employed by the plastic industry, urging stakeholders to re-evaluate their approach to plastic waste management. The industry’s use of resin identification codes (RIC), often mistaken for recycling symbols, has misled policymakers, regulators and consumers into believing in the circularity of plastic. Planet Tracker’s report reveals a stark reality: globally, 91% of plastic is not recycled.

Planet Tracker: Climate meets Nature

“Climate meets Nature” from UBS Asset Management and Planet Tracker provides a practical guide for industry practitioners on how best to integrate nature when looking at solutions for the global energy transition that is needed to meet global climate goals. This report focuses on three essential technologies in the energy transition: solar, wind and bioenergy.

Planet Tracker: The Challenges of a Credible Transition Pathway and How to Deliver It

Many CEOs have released climate change targets, some of which aim to be 1.5°C aligned by 2030 and/or net zero by 2050. More recently, nature transition plans are being developed with a goal of becoming nature positive. Investors and lenders need to understand how these pathways will be achieved and calculate the appropriate risks and opportunities against a fluid policy and regulatory backdrop.

Planet Tracker: Unilever - a pivotal moment

Unilever recently revised its ESG targets.

Of its original 27 goals, at first glance, it looks as though 10 were dropped.

But closer scrutiny reveals some objectives are new and others have become divisional.

In this paper, Planet Tracker explains why this is not a cause for despondency and demonstrates that if a corporate’s sustainability goals are adjusted, they should be scrutinised and judged on their own merits.

Planet Tracker: Unilever’s Revised Sustainability Targets (April 2024)

In late April 2024, Unilever (ULVR) adjusted its corporate sustainability goals. This change generated significant interest and commentary. This Planet Tracker dashboard analyses the changes announced by the management team in detail.

Planet Tracker: Climate and Nature Finance: Time for Action (blog)

GEFI are working with Planet Tracker (Lead Knowledge Partner – Nature Finance) and Carbon Tracker (Lead Knowledge Partner – Climate Finance) on the GEFI Insights Series.  

The Series aims to educate and inspire financial institutions and practitioners to align their strategies with climate and nature goals within the context of COPs 16 (biodiversity) and 29 (climate). 

This blog explores what is needed to manage the challenges of climate change mitigation and adaptation, and of the energy transition, following the widely accepted acknowledgement that COP28 in Dubai and the Global Stocktake did nowhere near enough on finance – and in particular on the needs of emerging and developing economies.

JobPost: PRI - Senior Associate Stakeholder Experience (London | Closing: 8:00pm, 4th Aug 2024 BST)
 

Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · London, City of, UK 
 
Seniority Junior
Closing: 8:00pm, 4th Aug 2024 BST

Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · Brazil    Sau Paulo Brazil 
 
Seniority Mid-level
Closing: 8:00pm, 11th Aug 2024 -05

JobPost: S&P Global - Commodity Analyst, Sustainability in Fertilizers (London | CloseDate: Unknown)

JobPost: S&P Global - Sustainability Sales Specialist, Financial Institutions (NYC | CloseDate: Unknown)

Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · London, UK    US or Canada
 
Seniority Senior
Closing: 8:00pm, 4th Aug 2024 BST

Principles for Responsible Investment
 
Employment Type Full time
 
Location  Hybrid · London, UK    Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week.
 
 
Team RIS
 
Seniority Senior
Closing: 8:00pm, 28th Jul 2024 BST

Principles for Responsible Investment
 
Employment Type Full time Please note, where PRI has an office there is an expectation to work a minimum of 2 days per week 
 
Location  Hybrid · London, UK    OR Sydney / Melbourne Australia 
 
 
Seniority Senior
Closing: 8:00pm, 4th Aug 2024 BST

JobPost: ISS - ESG Ratings Analyst (Energy, Materials, & Utilities Sector) (Sydney | CloseDate: Unknown)

JobPost: ISS - Climate & Sustainability Sales Specialist (New York | CloseDate: Unknown)

JobPost: Sustainalytics - Senior Analyst, Sustainable Fixed Income Methodology & Research (Toronto | CloseDate: Unknown)

JobPost: Candriam - ESG Sector Analyst - Software & Technology, Hardware and Semiconductors (Belgium | CloseDate: Unknown)

JobPost: Head Of Sustainable Finance & Scenario Modelling (Belgium | CloseDate: Unknown)

JobPost: M&G - Sustainability Risk Analyst (Edinburgh | CloseDate: Unknown)

WHEB Asset Management

WHEB is a pioneer in sustainable and impact investing.  Our mission is ‘to advance sustainability and create prosperity through positive impact investments’.  We do this through a single, long-only, global equity strategy, investing in companies that provide solutions to sustainability challenges.  With a track record of over 15 years, we are one of the early innovators in listed equity impact investing.

Sustainability and impact investing define our whole business as well as the investment philosophy. As a Certified B Corporation, WHEB is part of a global movement of stakeholder businesses, which consider the impact of business decisions on our employees, clients, suppliers, the community, and the environment, as well as our shareholders. Our mission is supported by a strong culture and core values that guide our behaviour. 

 For more information about WHEB Asset Management see www.whebgroup.com

Investment Analyst role

WHEB is seeking a full or part-time experienced investment professional to join the team, based in London.  The investment strategy employs a fundamental and long-term approach based on a deep understanding of the companies and industries that solve sustainability challenges.

You will be expected to:

 ·        work with the investment team to help deliver attractive investment and impact returns;

·        produce well-researched and insightful stock buy and sell ideas;

·        have an understanding of – and strong interest in – stock-level social and environmental impact and how this is likely to affect financial performance;

·        provide detailed research into stocks according to WHEB’s investment process, including impact analysis;

·        help to engage with companies to deliver investment relevant insights and encourage more progressive and effective management;

·        support the production of client communications including presentations, newsletters and factsheets.

 The Successful Applicant

 The successful applicant will have, as a minimum:

 ·        significant experience in an analytical role;

·        a demonstrable understanding of – and passion for – sustainable and environmental investing;

·        an excellent academic record including an undergraduate degree and the Chartered Financial Analyst (CFA) qualification and relevant sustainability studies or training. (For exceptional candidates we may consider other relevant postgraduate and professional qualifications);

·        strong attention to detail, and a responsible and positive approach;

·        good organisational skills and ability to organise a varied workload; and

·        excellent written and oral communication skills.

The successful applicant will also be able to demonstrate our values, in particular:

·        Teamwork - work in a small, close-knit team, where debate and reasoned discussion are expected and rewarded;

·        Leadership - demonstrate a driving and responsible attitude, working with a high degree of autonomy and ownership;

·        Continuous Improvement – having a passion for progress and sharing learning;

·        Passionate about Impact - a demonstrable understanding of – and passion for – sustainability;

·        Integrity – honest in approach and treat all stakeholders fairly.

Equal opportunities and flexible working

WHEB is an equal opportunities employer and strongly encourages candidates from diverse backgrounds to apply. The role would be suitable for candidates looking for a full or part-time position. We would also be interested to hear from returners who may have had time out of the industry and are looking to return.

Based at our office in central London, the position will offer considerable opportunity for flexible working, including both office and home-based work. For more information on WHEB’s policies and culture please see https://www.whebgroup.com/about-us/working-at-wheb/

Process

Applicants should send a covering letter outlining their motivations for applying to this role along with their CV to This email address is being protected from spambots. You need JavaScript enabled to view it.

The deadline for applications is Monday 15^th July 2024.  We regret that it may not be possible to contact unsuccessful applicants.

JobPost: PRI - Director of Platform Delivery, Data & Analytics (London/hybrid | Closing: 8:00pm, 14th Jul 2024 BST)

Principles for Responsible Investment
 
Employment Type Full time
 
Location  Hybrid · London, City of, UK    Where we have an office you are required to work a minimum of 2 days per week in that office
 
Team RIS
 
Seniority Senior

Closing: 8:00pm, 14th Jul 2024 BST