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AAAnand Acharya
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CAClaire Ahlborn
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Organisations   50 of 8,157 results

::response - Sustainability & CSR Advice
1100 Resilient Cities
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227Four Investment Managers
33 Banken-Generali Investment
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88a+ Investimenti SRG
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Buzzes   50 of 12,371 results


Planet Tracker: US EPA targets producers of nine toxic chemicals

The US Environmental Protection Agency (EPA) has issued its Final Rule for Synthetic Organic Chemical Manufacturing Plants & Polymers & Resins. The aim of this rule is to reduce cancer and serious health effects from toxic air pollutants and smog-forming compounds. 

This is relevant to financial markets which are seeing externalities being converted into internal costs for corporates. Financial models may need reassessing. 

The EPA estimates this will impact over 200 US chemical plants and provide health protections to 9.3 million people who live within 10km of these facilities. 

Almost 53,000 tonnes of the nine main chemicals impacted by the regulation have been released to air between 2012 and 2021 by over 600 companies and 1,900 facilities across the US. 

The Final Rule tightens regulation for emission reductions, human health impacts, facility impact and pollutant monitoring.

Planet Tracker’s ‘Toxic Footprints USA’, released in July 2022 can help investors identify their exposure to toxic releases by facility. Planet Tracker’s accompanying data dashboard shows the locations of all the facilities emitting these chemicals, as well as over 200 other chemicals made by 76 petrochemical companies. 

For investors wishing to examine corporate and facility emission exposure in Europe, see Planet Tracker’s ‘Toxic Footprints Europe’ and the associated dashboard.


This is ShareAction's third benchmark of the insurance sector. It assess the policies and practices of 65 of the world's largest insurance companies across a range of environmental and social issues.

In this report we assess three different types of insurers:

> Life & Health (L&H) insurers

> Insurers with a relevant property and casualty business (P&C)

> Lloyd's of London's managing agents (MA)

Three ranking tables outlining the performance of insurance companies can be found on the link below.


With over 7,000 companies – of which 100 are valued at over $1 billion – climate tech has emerged as a pillar of ESG and sustainability investing. As the energy transition unfolds, these technologies are only poised to capture more market share.

The novelty of many climate tech solutions makes it difficult for investors to assess their progress, market penetration, and impact on existing players – especially since most operate in private markets.

Jefferies’ Sustainability & Transition team set out to examine the landscape of climate tech investing; analyzing its current state, trajectory over the next year; key developments and innovations; and more.


This article explores ten of the most widely discussed assumptions, fact-checking them and providing interpretation to help companies understand how the CSDDD applies to them and start their journey to basic compliance and beyond.


WHEB: The “iPhone moment” for obesity treatment

In early March, Novo Nordisk held its Capital Markets Day which we attended virtually.Quite unusually, the day kicked off with the CEO interviewing a former obesity trial participant, Isabella Davies.2 Mrs Davies used to be severely obese, almost unable to move without being completely out of breath and suffered from heart failure. In the trial, she lost 30kg of body weight which gave her back her mobility and essentially saved her life. One might be tempted to dismiss this as one of those “sob stories” companies tell to make themselves look good. Maybe. But on second thoughts, obesity does kill and Novo’s new “wonder drug” Wegovy will save lives.

Obesity is an epidemic – and it matters

We have written about Wegovy before so here’s just a brief recap of the implications of obesity.3 In 1997, the World Health Organization (WHO) declared obesity an epidemic with very limited effect - the numbers have only got worse since and are still accelerating.

  • According to the WHO, in 1990 25% of adults (> 18 years) were overweight and ~8% obese globally (BMI>30kg/m2).[4] By 2022 these numbers increased to 43% overweight and ~16% obese. The deterioration in this data for children is even worse which is an indication of what lies ahead.
  • The US is even more extreme. In 1999/2000, 30.5% of its adult population was obese and 4.7% severely obese (BMI > 40kg/m2). Just nine years later, this rose to 42.4% and 9.2% respectively.5

While historically, obesity has been looked upon as a “lifestyle choice”, many health organisations are now acknowledging that obesity itself should be considered an illness. The WHO is now stating in its factsheet that “In most cases obesity is a multifactorial disease due to obesogenic environments, psycho-social factors and genetic variants.” The American National Institute for Health (NIH) did so already in 1998. The American Obesity Society followed in 2008.

Obesity is a threat to health because it affects the whole body and increases the incidence of a wide range of medical complications including: stroke, idiopathic intracranial hypertension, cataracts, obstructive sleep apnoea, hypoventilation syndrome, coronary artery disease, pancreatitis, diabetes, dyslipidaemia, hypertension, non-alcoholic fatty liver disease, gallbladder disease, polycystic ovarian syndrome, infertility, abnormal menses, cancer (breast, uterus, cervix, prostate, kidney, colon, oesophagus, pancreas, liver), osteoarthritis, gout, venous stasis.

In fact, there are more than 200 comorbidities associated with obesity!6

Research shows that a high BMI is associated with a decreased life expectancy of up to 10 years. For every 5 kg/ m2 BMI increment above the range of 22.5–25.0 kg/ m2, there is a 30% increase in overall mortality.7

Apart from the devastating impact on health and life expectancy, there is also a huge economic impact on the wider health system. In a much-quoted study from 20228, it was estimated that in 2019 the negative impact on global GDP amounted to 2.2%. Unsurprisingly, the highest cost was in the high-income countries costing as much as US$1110 per capita per annum. This cost is likely to rise further.

Obesity medication existed for decades – but this is its “iPhone moment”

There exists a long and chequered history of weight-reducing drugs going back as far as the 1940s. And more often than not, the side effects were substantially worse than the rather limited reduction in weight loss achieved, which was in the high single digits percent of body weight at best.9

What we are observing now is nothing short of a revolutionary moment comparable in impact to the 2007 launch of the iPhone. This time though it is Novo Nordisk, not Apple, that is the disruptor and the product is the first-ever obesity drug (Wegovy) launched in 2021. Wegovy achieves a weight loss of 15% on average with 32% of STEP-1 trialist’s achieving over 20% of their bodyweight.10 This is a level that is approaching the benefits of rather invasive bariatric surgery results.

Wegovy is a drug based on a specific GLP-1 (Glucagon-like peptide) called semaglutide. It is a gut-derived peptide hormone that stimulates the secretion of insulin while sending satiety signals to the brain. Many other GLP-1s exist and have been tried but semaglutide is by far the most effective and according to one expert we spoke to it is unlikely that a better one will be found. Its stunning results have created a frenzy which sometimes borders on the outlandish; for example, we have received broker research exploring the impacts on sectors as disparate as the food packaging sector (people eating less food) to the airline industry (fewer obese passengers).

More seriously, the demand surge for Wegovy has caught everybody by surprise, including Novo Nordisk which quickly ran short of supply. One factor was the unheard-of ‘out-of-pocket’ interest. This represents the patients who are not able to claim for the cost of the medicine on their insurance policies and makes up nearly 80% of the total demand for the drug in Denmark and other European countries where it had been launched.11 A key additional benefit of semaglutide is a lowering of inflammation which increases its potency in tackling many of the obesity-related comorbidities more efficiently than just by lowering the bodyweight. It has already shown a 20% reduction in major adverse cardiovascular events (MACE) in the SELECT trial and numerous other indications are currently in trials tackling other cardiovascular diseases (CVD), metabolic dysfunction-associated steatohepatitis (MASH), rare endocrine disorders (RED), Alzheimer's diseases, and others.

Novo Nordisk is at the centre of this new megatrend

Similar to the first generation of the iPhone, this is just the beginning of the obesity treatment revolution. Novo Nordisk competitor Eli Lilly has just launched a compound drug Zepbound (a different GLP-1 combined with a GIP (Gastric inhibitory polypeptide)) which has shown to produce even higher weight loss in the SURMOUNT trials.12 Novo Nordisk has its own follow-up drug, Cagrisema, in clinical phase 3 which so far produced results ahead of Wegovy and Zepbound. And so does Eli Lilly with retatrutide, also still in clinical trials. A few other companies like Zealand Pharma and Boehringer Ingelheim are trying to jump on the bandwagon but they appear late to the party. Company and consensus expectations are that the obesity drug market is going to grow in the high double-digit percent annually for the foreseeable future reaching a total market size north of $100bn by 2030 with most of that shared between Novo Nordisk and Eli Lilly.

Just to show what potential competition is up against: Novo Nordisk is currently expanding its Wegovy active pharmaceutical ingredient (API) facility in Danish Kalunborg for $6bn by 170,000m2 to reach a total size of 1.6million m2 – this corresponds to half the size of “the City” of London. And there is more to come. At its Capital Markets Day in March 2024, Novo Nordisk made clear that it expects to treat a substantially larger number of patients by 2030 than its current ~40m. Its parent, the Novo Foundation, recently announced the acquisition of Catalent, a contract manufacturing organisation (CMO) in order to speed up production. And in fact, there is a whole supply chain experiencing accelerating growth to support production including with other CMOs and the drug packaging industry.

So, is this the beginning of the end of the obesity epidemic? It’s still way too early to shout “Victory!” There are potential side effects of the medication (like nausea, diarrhoea and vomiting) to keep in mind. And cost. But for the first time in the history of obesity treatment, doctors and patients are actively seeking a drug that can kick-start and turbo-charge the journey towards weight loss. It’s hard work without this boost, as the author of this article can confirm after losing 9kg over three months via calorie-counting and an intensive sports regime. But obesity can only be truly beaten if the patient also shifts to a healthy diet and lifestyle at the same time. For many the drug provides the critical boost. Just ask Isabella Davies.

By Ben Kluftinger
7 Prospective Studies C, Whitlock G, Lewington S, Sherliker P, Clarke R, Emberson J, et al. Body-mass index and cause-specific mortality in 900 000 adults: collaborative analyses of 57 prospective studies. Lancet. 2009;373(9669):1083-96.
8 Okunogbe et al., “Economic Impacts of Overweight and Obesity.” 2nd Edition with Estimates for 161 Countries. World Obesity Federation, 2022.
Mueller et al., “Anti-obesity drug discovery: advances and challenges”, Nat Rev Drug Discov. 2022 Mar;21(3):201-223

Every month, SRI-Connect reviews the sustainability issues and related research and analytical op-ed that have been of most interest to sustainable investors over the previous 90 days.

(We do this to help companies, investors and research providers understand current trends and thinking and to shape their future communications and research focus.  See ‘stay updated actions’ below.)

The sector generating most interest in Jan, Feb & March was the Energy sector - with the top pieces listed below.  (Next sectors were: [2] Food products [3] Chemicals [4] Pharma & [5] Metals & Mining)

Editor’s comment

Ed: What we found interesting in this ‘most hit’ selection is the number of different asset classes that feature as affected by sustainability & energy transition in the sector: equity, listed debt, commodities & private equity.

Sustainable Fitch: Transition Assessments Flag Hurdles for Energy Companies

The twelve energy companies Sustainable Fitch has evaluated using their Transition Assessment (TA) methodology have, to date, made limited progress towards net zero and 42% of them received the second-lowest grade (brown).

Targets are also patchy, in some cases only applying to certain parts of the company.

For most of the companies [we] assessed, long-terms pledges to transition to net zero have yet to translate into concrete steps to shift energy companies’ business mixes away from fossil fuels.

ISS ESG: 2024 Global Outlook Report: Key ESG Risks and Opportunities for Investors

In 2024, the ESG investment landscape will continue to develop, influenced by factors such as climate change, technology, and evolving regulations, among others.

ISS discusses the energy transition and the likely impacts of this, including the increased demand for critical materials essential for clean energy technology.

Along with the growing use of clean technologies, mining companies’ focus on decarbonizing their own operations is contributing to global emissions reduction. Major challenges and trends include divesting from high-carbon-emitting assets (e,g., coal), energy efficiency, and using renewable energy sources

ISS identifies the key global trends identified by ISS ESG that sustainable investors will likely be focusing on through 2024.

SRI-C: Energy & Mining companies: Dates for sustainable investor update presentations

With reporting season approaching, SRI-Connect surveyed the investor relations pages of Energy & Mining companies to see which had announced dates for presentations to sustainable investors.

We list four upcoming events and would encourage all companies to let us know about their ESG / sustainability investor communications so we can support (for free) its reach and efficiency.

Wood McKenzie: Energy transition outlook

Wood Mackenzie’s energy transition outlook report maps three different routes through the energy transition with increasing levels of ambition – but also difficulty and investment.

It is their independent assessment of what it would take to deliver on countries’ announced net zero pledges and potential outcomes for the planet.

BarCap: Can global energy evolve to achieve net zero by 2050?

There is some good news in the race to net zero: Lower-carbon fuels are gaining traction and the capacity of renewables is growing rapidly.  But overall, progress towards targets is still slow, particularly when it comes to gains in energy intensity.

BarCap’s Research analysts outline five areas where policy-makers, companies, investors and consumers can start to step up the pace: [1] Reduce consumption, eliminate waste [2] Clean up electricity generation [3] Substitute with hydrogen [4] Biofuels without compromise [5] Locking up carbon.

IEA: Global Methane Tracker 2024

Methane is responsible for around 30% of the rise in global temperatures since the Industrial Revolution, and rapid and sustained reductions in methane emissions are key to limiting near-term global warming and improving air quality.

The energy sector – including oil, natural gas, coal and bioenergy – accounts for over a third of methane emissions from human activity.

The IEA’s Global Methane Tracker is an indispensable tool in the fight to bring down emissions from across the energy sector.

Man GLG: Extracting the Best from Natural Resources

Investors often must navigate a combination of cyclical and secular forces, ranging from geopolitical unrest to volatile inflation. Natural resource investments, referring to assets which derive from nature such as agriculture, oil and gas, and metals, are often overlooked by investors.  Man GLG believes that they should form a core part of any well-diversified portfolio. In this paper, they outline some of the key attributes of the asset class which lead us to this conclusion

Carbon Tracker: Private Eyes Wide Shut: Private Equity Investments in Oil and Gas at Risk from Energy Transition

Projections for oil and gas demand present a bleak picture for the industry: the International Energy Agency (IEA) now foresees global demand for oil, gas, and coal all peaking by the end of this decade. This seismic shift in energy consumption will have significant consequences for energy investors, across all asset classes.

This report is primarily written for private equity investors – both General Partners (GPs) and Limited Partners (LPs) – and highlights the unique risks which they face from continued investment in Upstream, alongside those facing listed equity investors.

Also widely receiving hits from Carbon Tracker over the last 90 days:

Shell: Sustainability Report 2023

Shell's latest report covers details of their sustainability activities including:

  • Achieving net-zero emissions 
  • Respecting nature 
  • Powering lives 
  • Sustainability in oil and gas activities 
  • Performance data

(Ed: Posting sustainability reports to SRI-Connect is a free and super-efficient way via here for companies to notify sustainable investors and analysts about the publication of their reports … and – as this post shows – they get lots of attention).

ClearBridge: Let's Make a Deal: Energy Edition (Podcast)

ClearBridge’s energy analyst discusses the latest in the energy sector, including his takeaways from recent large mergers in oil and gas, the prospects of upstream producers versus oilfield services, and what oil and gas companies are doing to lower their emissions and play a role in the energy transition.

EDF: Financing Methane Abatement: Introduction to sustainable debt instruments

An emerging role for finance in the energy transition is through the use of "sustainable finance instruments" - where capital is explicitly intended to fund an organization's sustainability projects and goals (think green bonds, sustainability-linked bonds, blended finance, etc.).

We break down the wonky world of sustainable debt in our latest primer, where we analyze its features, trends, and 17 case studies (featuring Eni, Enbridge, Shell, BapCo, the blue bond, the rhino bond, and more!).

Stay updated actions
  • For all: To receive an ongoing, comprehensive and free flow of research and analytical op-ed that is relevant to professionals within the sustainable investment industry, please join the SRI-Connect network via here.  (Access is limited to those with current professional exposure to the sustainable investment / ESG value chain)
  • For investors: Review the research pieces below and connect with the analysts that wrote them
  • For research providers: Review the pieces below and – through your own research – extend and challenge them by engaging yourself in the sustainable investment debate
  • For listed companies (in this sector): … who are preparing their sustainable investor presentations for the months ahead … be sure to cover the issues raised and your response to them in your forthcoming communications
  • (For listed companies – in other sectors), contact me directly for a FREE report on what’s occupying the minds of investors in your sector.


Sompo Holdings: Sustainability Report 2023

The main purpose of the Sompo Holdings Sustainability Report 2023 is to report on the efforts of the Sompo Group to achieve “Materiality,” which are priority environmental (E), social (S), and governance (G) issues, for realizing the Group’s Purpose.

Published in March 2024, the report covers the period April 2022 - March 2023, and was compiled based on international guidelines such as the United Nations Global Compact and the GRI Standards.



Nordea Asset Managements latest report covers key topics including: 

  • ESG highlights, covering active in the global RI community and new investor initiatives 2023
  • Nordea's responsible investment approach, detailing responsible investment framework, strategies and ESG governance and teams 
  • Active ownership, engagements and voting


This quarter, investors grappled with the long-awaited, but ultimately underwhelming, climate disclosure rule adopted by the Securities and Exchange Commission (SEC). The watered-down rule comes to the relief of corporate management and their trade associations, who lobbied to weaken it. The rule is not the last word  on climate disclosure, as standards evolve, but the impacts of delayed action also bear a social and environmental cost.


ESG Global Advisors: The Ins and Outs of Double Materiality: How Can Companies Prepare for CSRD Reporting? 

By Alison Joutsi, Principal, ESG Global Advisors

Keeping up with all of the ever-evolving frameworks, best practices, and related concepts is one of biggest challenges for ESG and sustainability professionals. Double materiality assessments are among the newer practices that companies need to understand.

This article explains the concept of double materiality and why it matters in the context of regulatory developments. It concludes with five actions corporate issuers can take to position themselves for success as double materiality gains traction in the sustainability reporting landscape.  


As is often the case, the fourth quarter was a busy one, with high levels of engagement activity with companies in our portfolio. These included a major working trip to Japan, where we conducted in person meetings with several of our portfolio companies. Some of the highlights and insights from the trip are shared an article in this report. On the collaborative front, Storebrand participated in several major knowledge-sharing events, including the UN Principles for Responsible Investment (PRI) In Person conference in Tokyo, as well as the 12th United Nations Forum on Business and Human Rights in Geneva. Storebrand engaged within collaborated initiatives on a broad set of issues, such as the net zero transition, chemical pollution, biodiversity, deforestation, living wages and human rights in the tech industry, as described in several entries in the section of this report on active ownership.

The quarter was also marked by a significant amount of planned and unplanned engagement activity related to conflict in the Israeli-occupied Palestinian territories (OPT): Gaza where a major war broke out in October, as well as the West Bank which simultaneously experienced a surge in armed conflict.

As of the time of publishing this report, reports from the United Nations indicated that the conflict had led to the deaths of tens of thousands of Palestinians and more than a thousand Israelis. The vast majority of the dead have been ordinary citizens, including a staggering number of children. The UN describes a dire humanitarian situation for Gaza’s 2.2 million residents, with basic aid deprived and mass starvation “inevitable” amid Israel’s blockade of the territory. Overall, this is one of the deadliest chapters in a long-running conflict in the OPT, spanning several decades with no clear resolution in sight.

Managing the risk of involvement in violations of human rights in conflict and high-risk areas is an issue that Storebrand has worked on for many years now, regularly screening our portfolios and evaluating companies that could be contributing to conflict. As the most recent outbreak of armed conflict in the OPT flamed up, Storebrand was in the middle of our annual screening, engagement and exclusion process for this region. This process, which is detailed in this report, has resulted in an exclusion so far and remains ongoing.


InterAxS Global is pleased to be organising a roadshow for ABB (Asea Brown Boveri) to update investors on its sustainability strategy and practices.

'As a technology leader in electrification and automation, ABB is at the core of accelerating the energy transition.  The company aims to enable a low-carbon society, preserve resources, and promote social progress for a net-zero future.  Their ‘Setting New Standards in Sustainability’ report was recently released, alongside a new Sustainability disclosure dashboard.

  • Date & time: Wednesday 15 May
  • Format: Virtual meetings (1-on-1s and small group meetings) between 09:00 and 16:15 (BST)
  • Company participants: Anke Hampel - Global Head of Sustainability & Ann-Sofie Nordh - Head of Investor Relations'

Institutional investors who would like to meet with the company should contact This email address is being protected from spambots. You need JavaScript enabled to view it.


A briefing webinar for ESG ratings agency analysts will also be held on 15 May - Details here


X-Change: The Race to the Top is the fourth report of the X-Change series. The series analyzes the exponential growth of renewable energy technologies, demonstrating why and how major areas of the global energy system are achieving faster change than many realize. The series is produced by RMI in partnership with the Bezos Earth Fund and as a contribution to Systems Change Lab.

In X-Change: The Race to the Top, RMI looks at the contest between China, Europe, and the United States to make and deploy the energy technologies of the future. China is in the lead in many of the key cleantech races. However, as the report details, the game is still in its early stages and Europe and the United States have a lot to play for. Furthermore, the competition between these regions will speed up change in the Global South.

The report focuses on four races:

  • Clean technology supply chains
  • Solar and wind deployment
  • Electric vehicle (EV) sales, and
  • Electrification.


Klement on Investing: The geopolitics of the energy transition: Are fossil fuels more secure?

I have written earlier in the year about the challenge the energy transition faces in terms of geopolitical dependency. Many of the metals we need to build windmills, energy storage facilities, EVs, etc. are coming from a handful of countries. And let’s face it, these countries are typically not very stable or particularly friendly to European and North American importers. But have we thought about comparing these geopolitical dependencies to our dependencies in fossil fuels?

The IMF recently published an analysis of the geopolitical risks in fossil fuel consumption. To start, they looked at the political and country risks in the countries that produce coal, natural gas, and crude oil. The figure below shows how these risks have changed over time. The left-hand chart shows country risks measured by the democracy index, with higher values indicating less democratic and more autocratic regimes. The right-hand chart shows country risks measured by the International Country Risk Guide (ICRG) which takes into account political stability, socioeconomic conditions and internal and external conflicts. Again, higher values indicate higher risks.


MorningStar DBRS: Powering the Change: Assessing the Impact of Climate Change on Utility & Independent Power Producer Credit Ratings


This commentary looks at the potential effects of climate change on the utility and independent power producer (IPP) industries, and the related credit ratings implications.

Key highlights include the following:
-- We do not expect physical risk to be material over the near to medium term for most utilities and IPPs as they have been proactive in protecting their assets.
-- Transitional risk in the industry will be based on a company's generation mix and the pace of electrification.
-- Overall, we do not expect credit profiles to be materially affected by the effects of climate risk as long as utility regulators continue to allow the recovery of prudent costs for energy transition, and IPPs focus on lower-emitting power sources.

“We expect IPPs in our rated universe to mitigate transitional risk by investing in lower-emitting generation, and for regulation to remain stable for utilities to continue passing through their capital costs for decarbonizing the economy,” said Tom Li, Senior Vice President, Energy & Natural Resources. “However, uncertainty remains which we believe will largely depend on the pace of electrification as that will dictate the magnitude of the capital needs for the industry over the next decade.”


Real-world thinking about society’s path to net zero is calling attention to the pivotal role transition finance can play in decarbonizing high carbon-emitting sectors. Some investors and practitioners are considering directing capital toward transition projects and new technologies. The economic, regulatory, environmental, and technological landscape is complex, however, and financing options are nascent.

In “Navigating Transition Finance: An Action List,” CFA Institute Research and Policy Center explores actions investors, asset managers, corporations, and policymakers may consider to improve the disclosure of transition plans, provide clarity on transition activities, and mitigate risks associated with transition finance.


Scandi Standard: Sustainability Report 2023 

Scandi Standard's latest Annual Report contains a Sustainability Report, covering key areas of their activities, including:

  • Environmental information 
  • Social information 
  • Governance information 

Scandi Standard have also published their presentation from their November 2023 CMD, which covers key topics including:

  • Affordable because it's sustainable 
  • Responsible, safe and nutritious 


The first wave energy converter was patented by French inventor Pierre-Simon Girard in 1799. Conceptually, the device was simple. A raft floating out at sea, attached to cables and pulleys on shore; as the waves moved the raft, the raft pulled the cables, producing kinetic energy that could be deployed as needed.

Waves have the highest energy density of any renewable power source. It is estimated that ‘wave farms’ can achieve triple the energy yield per square kilometre of floating offshore wind. Waves are also relatively predictable and easily forecastable6 compared with the sun and wind. Wave energy is available 90% of the time, compared with 20-30% of the time for wind and solar.

For CalWave, CorPower and their growing number of peers, the potential prize to be had from wave energy is vast. Research suggests that we could generate almost 30,000 terrawatt hours of electricity per year from waves, which is around 20% more than the world’s total electricity consumption.

Investment in alternative energy sources often rises during times of geopolitical conflict, when oil or gas output are threatened and prices rise. Today, as conflicts continue in Ukraine and the Middle East and geopolitical tensions grow, wave energy converters offer an option for governments seeking both zero-carbon electricity and domestic energy security.



ABB: Sustainability Report 2023 

ABB's latest sustainability report covers key areas of their activities, including:

  • Sustainability at ABB 
  • Low-carbon society 
  • Preserving resources 
  • Social progress 
  • Integrity and transparency 


  • Real estate issuers of labelled debt perform well in our ESG Entity Ratings (ERs), with nearly 50% of issuers in our pool of rated entities achieving a ‘2/Good’ rating.
  • Real estate entities perform particularly well in the environmental profile component of our ratings, as evidenced by their adoption of relevant sustainability-related policies and targets (emissions-related targets are the most common, followed by energy and water). This indicates that issuers in the sector have relatively well-established sustainability strategies.
  • Real estate’s material impacts cut across a range of environmental issues: As a sector, it contributes around 40% of global energy related GHG emissions. It also has material environmental impacts on water resources, waste, pollution, land use and biodiversity.
  • Green and sustainable building certifications such as LEED and BREEAM are key references in our rating process. Entities with top-graded assets in their portfolios generally see stronger ERs, while those receiving the very highest ratings also tend to meet the relevant technical screening criteria under the EU taxonomy.
  • New, more stringent requirements for energy-efficient buildings – such as the EU’s revised Energy Performance in Buildings Directive (EPBD), adopted by the European Parliament in on March 13 – are likely to spur fresh labelled debt issuance as real estate entities seek financing for green building projects and retrofits to mitigate their environmental impacts. 



Mondi's latest Sustainable Development report covers key areas of their activities including:

  • Taking action on climate change 
  • Created by empowered people 
  • Built on responsible business practice 
  • Circular driven solutions 


Lloyds 2023 report provides an update on their progress towards their sustainability ambitions, along with the activities they are undertaking to understand their related risk and the opportunities to grow their business and generate sustainable shareholder returns. Throughout this report, they detail the activities they are undertaking to help our customers and stakeholders. 

Key sections of the report are:

  • Group sustainability strategy 
  • Inclusive future 
  • Sustainable future 


Cardinal Health's latest report covers their activities including:

  • Empowering our people 
  • Creating value for our customers and communities 
  • Operating sustainably and responsibility 
  • Governance, ethics and compliance 
  • Reporting indices


Diageo's latest ESG Reporting Index covers key areas including:

  • ESG Reporting approach, ESG materiality 
  • GRI Index - Foundation, General disclosures and material topics 
  • Economic 
  • Environmental 
  • Social 
  • Reporting boundaries and methodologies


Elon Musk, the entrepreneur behind Tesla and SpaceX, recently made headlines with critical remarks about Environmental, Social, and Governance (ESG) and his stance on Diversity, Equity, and Inclusion (DEI). These comments have ignited a firestorm of debate, raising questions about Musk and the broader implications of his views.

At the heart of Musk's success is his work in the environmental sector, particularly with Tesla's electric vehicles, which have significantly contributed to the 'E' in ESG. This makes his dismissal of the entire ESG framework somewhat self serving and paradoxical. While Musk's innovations have propelled the environmental agenda forward, his recent comments suggest a dissonance with the 'Social' and 'Governance' aspects of ESG.

Musk's critique of the Social component, implied in his rejection of DEI, hints at a broader discomfort, perhaps due to his background as a child of apartheid, with initiatives aimed at leveling the playing field for underrepresented groups. The suggestion that DEI efforts equate to discrimination is simply wrong. It overlooks the systemic barriers many individuals face in society and in the workforce. His objection may be based in the fact that expanding diversity could unearth talent that might rival Musk's own enterprises, If so, his comments reflect a mindset more concerned with maintaining the status quo than fostering a more innovative, productive and dynamic business environment.

Equally contentious is Musk's apparent disdain for the Governance aspect of ESG. Strong governance structures are essential for ensuring corporate accountability and ethical decision-making. By resisting such frameworks, Musk's actions may be interpreted as an attempt to preserve unchecked autonomy in his business dealings, exemplified by the impulsive acquisition of platforms like Twitter. This resistance to governance raises legitimate concerns about the transparency and ethical stewardship of his companies.

Given these viewpoints, there's a growing argument for regulatory bodies like the SEC (Securities and Exchange Commission) and the DOJ (Department of Justice) to take a closer look at Musk's business practices. The central question is why Musk seems so averse to the Social and Governance pillars of ESG. Is it a fear of losing control, does it reflect concern about revealing past transgressions, or is there a deeper apprehension about the transformative potential of a more equitable and well-governed business landscape?

In conclusion, while Musk's contributions to innovation are undeniable, his recent comments cast a shadow over his legacy. They suggest a perspective that prioritizes personal control and existing hierarchies over the broader benefits of social equity and strong governance. As society continues to grapple with issues of sustainability, diversity, and corporate ethics, the views of influential figures like Musk are important. They influence not just the future of individual companies, but the direction of our collective efforts to build a more just and sustainable world.

At this time of year, quoted companies can be divided into three categories.  Let’s call them:

  • Communicators
  • Ostriches
  • Sustainability-led operators

In detail:

  • Communicators are companies that publish sustainability / CSR / corporate responsibility / integrated reports, distribute these effectively and then use them as the basis for direct investor and analyst communications.
  • Ostriches are companies that don’t publish sustainability / CSR / corporate responsibility / integrated reports … presumably on the basis that climate change will magically disappear, social inequity is a hoax and that their economic contribution is irrelevant to them having a ‘licence to operate’.
  • Sustainability-led operators are companies that publish sustainability / CSR etc reports onto their websites but don’t make any active efforts to ensure that investors and analysts know that they are there and don’t take the time to present their activity directly to investors.

(I call this last group ‘sustainability-led operators’ because this situation typically arises when a company’s sustainability communications are led exclusively by sustainability / CSR departments who don’t effectively engage investor relations colleagues who understand that investor communications requires more than a published report: it requires investor and analyst targeting (to find the right audience), prioritisation (to ensure that you spend the right amount of time and resources on each target, direct communications (webcasts and roadshows) and post-meet-monitoring (to ensure that investor interests are understood for future contact and that buy/sell actions and/or ratings upgrades/downgrades are identified.  Importantly, none of this is resource-intensive.  It just requires a bit of IR-savvy execution.)

For my part:

  • I plan to ignore the ostriches.  By definition, they ignore me.  They will come around in time … but there is no point chasing them.
  • I’m always happy to help sustainability-led operators get more IR-savvy about their sustainable investor communications (just DM me)
  • I’m going to focus – in this post - on the ‘Communicators’ and specifically to answer the question that I expect to be asked about fifty times over the next couple of months by companies
“What should we include in our sustainability presentation to investors / research analysts / ESG ratings agency analysts?”

Typically, this question will be accompanied by a presentation that is – in essence – a condensed version of the sustainability / CSR / etc report with similar structure, tone and focus.  “We have six key stakeholders.  They are employees, the environment, bla … bla … bla”.  There is nothing wrong with this structure of course … when you have to communicate to all six audiences with one report - as an SD/CSR report does.  However, it is not what investors need.

So here are the 12 tips that I find myself giving companies on a regular basis:

1] Don’t delay and don’t assume you already have investors ‘covered’

The sooner a company starts talking directly to investors about its sustainability exposures, opportunities and practices, the sooner they reap the benefits of:

  • having investors understand these
  • receiving feedback from investors (a key stakeholder group) about which they are most interested in
  • retaining investment capital … and potentially accessing new pools of capital
  • being able to relax about ESG ratings (… because if your investors understand and support what you are up to, ratings are less significant)

Don’t let the best be the enemy of the good; don’t wait until you have a fully-formed dataset stretching back over years and covering all conceivable sustainability issues before you start the communications process.

As soon as you have an understanding about the sustainability issues that your company faces and a commitment to address these, fire up the Zoom and start talking.  (Perhaps get started by organising a small virtual roadshow to the specialist sustainability analysts at your existing large holders).

Also, don’t assume that your ‘mainstream’ roadshows and investor meetings already ‘have it covered’.  While sustainability analysts are free to attend these … and while the end goal should be to integrate sustainability into ‘mainstream’ financial communications wherever possible, we’re still at the stage of these issues needing their own oxygen to grow and develop.

2] Understand investor needs

All good communication focuses on the needs of the audience.  So, understand that sustainable investors and ESG analysts need:

  • Sustainability / ESG DATA (… but a presentation / meeting isn’t the way to deliver this)
  • INFORMATION … to help them understand businesses and to contextualise the ESG data that they receive within the company's business operations, strategy, sustainability exposures, risks and opportunities and facilitate active investment decision-making.  (This is exactly what a presentation / meeting can explain better than any report or webpage).
  • CONTACT (with company management) to build their understanding of how sustainability is embedded into business strategy, to gauge commitment levels and likelihood of delivery and to fulfil their engagement mandate (By definition, a webinar or a meeting on a roadshow delivers the last of these.  Your tone and focus should deliver the first three of these.)
3] Start by outlining the fundamentals of your business

Companies frequently express frustration about the fact that SRI/ESG analysis does not appropriately measure their business.  Data inaccuracy and timeliness do play a part a part in this.  However, by far the biggest problems arise from the fact that sustainability analysts don’t understand the nature of the business of individual companies.  Generally, they understand sustainability … but if they don’t understand the nature of a business, they can’t apply the sustainability factors appropriately.

So, the first 3-4 slides of a presentation should set out what the business does (and doesn’t do), who its customers and suppliers are, where it operates, how it is positioned within industries and value chains.

These slides are the one time in the year of SRI/ESG engagement that a company gets to define their own operations in their own terms without any overlaid criteria sets or matrices.  Don’t miss the opportunity.

4] Describe your firm’s strategy / direction of travel

By definition, investment is a forward-looking business.  So, tell investors where your company is headed – in respect of customers and markets and products and technologies etc.

Investors can’t understand how sustainability is going to affect your future business unless they understand what that future business is going to be.

This bit is usually easy to produce.  You can just steal 3-4 slides from your CEO’s latest Strategy presentation or Capital Markets Day introduction.

5] Use a ‘Materiality Matrix’ (or something similar)…

… to explain how / why you prioritise particular sustainability presentations over others.

Another bugbear of companies is that sustainability investors / ESG analysts ask questions about immaterial datapoints.  So, use this opportunity to tell them what you consider to be material and why, hear their feedback and discuss this out before you get onto questions of exposure.

One slide should do it … I like a materiality matrix on this … but it’s not the only way to do it.

6] Focus on three (or four … or two … but not seven) key themes / areas of action

Prepare a couple of slides explaining how you are addressing each of the most significant sustainability issues that your company faces.  Be sure to include depth and detail on the drivers of your activity not just on your own management practices.

Investors and analysts need to understand how sustainability factors might affect valuation – so be sure to provide as clear a ‘line of sight’ as you can between influencing factors, key value drivers, accountable elements and valuation.

Focus on where sustainability factors contribute to your firm’s overall ‘equity story’ (Guidance to be published soon on how companies do this)

Also, remember that investors do need to understand how you are responding to issues that their (retail) investors might raise with them.  So, include in your chosen issues, anything that is likely to become significant in the public consciousness.

7] Throw-in something you are really proud of … even if it’s not financially-material

What the hell!  Why not?!  It’s your presentation.  Just do it.

(Don’t spend five slides on it … but no-one is going to grudge you one)

8] Summarise your management / governance practices for sustainability

… on one or two slides max.  Not too much detail.  Just enough for investors to understand that there is a chain of command to ensure that commitments will be delivered.

9] Share contacts and plans for future communications

OK – so this one is boring … but really important.

Include a slide that:

  • Highlights your sustainability reporting timetable
  • Points investors to sustainability data on your website
  • Provides contact details of the relevant people in Investor Relations and Sustainability teams for investors and analysts to contact

Visibility breeds confidence and efficiency.  If investors know when they are going to hear from you and how to get in touch if something arises, they will be confident that you will deliver on what you tell them and that they can find the relevant people quickly if the need ever arises.

10] Leave lots of time for questions …

… for two reasons:

  • because you want investors to get what they want from the meeting … not just what you want to load onto them
  • … and because this is how you learn about what investors are focused on … which you can communicate to colleagues internally and use to focus your sustainability programmes and future communications.

… but don’t go ‘straight to questions’ in a meeting.  Do offer to run through your presentation.  Sustainability investors are so so so stretched for time that … even if they think they are up-to-date with your company and it’s activities, there is no harm in them hearing the story one more time.

Of course, if an investor is fully prepared, they will soon tell you if they want the meeting to go ‘straight to questions’

11] Supply a massive appendix

A comprehensive appendix is a tremendous tool in the sustainable IROs armoury.

It enables you to:

  • Share progress on an array of sustainability issues that you may be addressing but are not central priorities without disrupting the core message about what you are focused on
  • Demonstrate that you are on top of all issues facing your business (even the minor ones) while gently guiding investors and analysts towards understanding that these are not priority issues
12] Enjoy it

Presenting your work (on sustainability) to a real person is so much more rewarding than finalising the drafting on a report that you fear no-one will read … he writes while finalising the drafting on a blogpost that he fears no-one will read!

(In which spirit, please note that I would be delighted to discuss this over real or virtual coffee with any companies or investors that might have views on the above)



This report outlines global voting and engagement efforts for the 12 months ended December 31, 2023.

2023 Key Votes

The entries on this table are a representative sample of the types of proposals the Investment Stewardship team evaluated in 2023.


Man Institute: Carbon Markets: A Risk Assessment for Institutional Investors

With a spate of national and intergovernmental carbon markets, and a decentralised, heterogeneous voluntary market, some investors are unsure how to navigate the complexity.

Which, if any of these markets, are stable, robust and well-operated?

And - as with any new asset class - many investors wonder if it is safe to enter these markets, or if they still need to mature.

This paper seeks to answer these questions through developing a risk assessment framework, consisting of qualitative and quantitative checks that encompass the financial, structural/regulatory and reputational risks of participating in these markets, and we use a traffic light system to rate the risk in each category.

The major European and North American compliance carbon markets are examined, all of which operate as cap-and-trade systems, and then study the voluntary carbon market, before considering some alternative ways to wade into carbon trading. Drawing all of this together, this paper summarises Man Group’s perspective on carbon markets as an investment opportunity for institutions.


AIGCC: Key insights from Asia’s institutional  investors on climate scenario analysis,  decarbonisation, and fossil fuel policies

In a memo written by investors for investors, 16 investors managing over USD 6 trillion in assets under management shared rare candid insights on the realities and challenges of addressing the climate crisis in their investment portfolios.

16 institutional investors share perspectives on net zero implementation and decarbonisation in Asia: new memo published by AIGCC

This follows a series of closed-door dialogues that the Asia Investor Group on Climate Change (AIGCC) organised in 2023 amongst institutional investors. Each dialogue included perspectives from both asset owners and asset managers, either regionally headquartered in Asia or internationally headquartered with large investments in Asia. The topics of discussion included:

  • Experiences of investors’ net zero implementation in Asia, including setting net zero targets.
  • Accelerating decarbonisation in Asia by rethinking their investment approaches and implementation.
  • Views on the use of climate scenario analysis.


UNEP: Bend the trend: Pathways to a liveable planet as resource use spikes

The world is in the midst of a triple planetary crisis of climate change, biodiversity loss and pollution and waste. The global economy is consuming ever more natural resources, while the world is not on track to meet the Sustainable Development Goals.

The scientific community has never before been more aligned or more resolute on the need for urgent global transformation towards the sustainable use of resources. This 2024 edition of the Global Resources Outlook sheds light on how resources are essential to the effective implementation of the Agenda 2030 and multilateral environmental agreements to tackle the triple planetary crisis. The report brings together the best available data, modelling and assessments to analyse trends, impacts and distributional effects of resource use. It builds on more than 15 years of work by the International Resource Panel, including scientific assessments and inputs from countries, a vast network of stakeholders in the field and regional experts.

The report illustrates how, since the 2019 edition of this report, rising trends in global resource use have continued or accelerated. The report also shows how demand for resources is expected to continue increasing in the coming decades. This means that, without urgent and concerted action, by 2060 resource extraction could rise by 60% from 2020 levels – driving increasing damage and risks.

However, this fate is not sealed. The report also describes the potential to turn negative trends around and put humanity on a trajectory towards sustainability.

For that, bold policy action is critical to phase out unsustainable activities, speed up responsible and innovative ways of meeting human needs and create conditions conducive to social acceptance and equity within the necessary transitions. This includes urgent action to embed resources in the delivery of multilateral environmental agreements, define sustainable resource use paths and roll out appropriate financial, trade and economic incentives. The pathway towards sustainability is increasingly steep and narrow, and the window of opportunity is closing. The science is clear: The key question is no longer whether a transformation towards global sustainable resource consumption and production is necessary, but how to make it happen now. Addressing this reality, based on evolving concepts of a just transition, is an essential part of any credible and justifiable way forward.


Allianz: Courage to  move forward: Sustainability Report 2023

This report is designed to meet the information needs of stakeholders, relevant regulations and sustainability rating and benchmarking providers.

Focusing on the concepts and Key Performance Indicators (KPIs) that reflect our material sustainability matters, it has been prepared in accordance with the latest Global Reporting Initiative (GRI) Standards. In line with its sustainability integration approach, responsibility for sustainability reporting lies with Group Accounting and Reporting, which works closely with its Global Sustainability Team to produce this report.

This year’s publications include:


Volkswagen: 2023 Sustainability Report

Volkswagen's latest sustainability report covers key areas of their activities, including:

  • Corporate Governance 
  • Sustainability Management 
  • Decarbonisation
  • Circular Economy 
  • People in the Transformation
  • Diversity 
  • Integrity and Compliance
  • Supply Chain and Human Rights


Webcast: 8 April 12:00 - 14:30 (GMT+1)

This event provides an opportunity to get a better understanding of the direction Equinor are heading and how we navigate the energy transition.


  • 13.00 - 13.55: Main session (including Q&A)
    Anders Opedal, President and CEO, and Jannicke Nilsson, EVP Safety, Security and Sustainability
  • 13.55 - 14.25: In-person networking break
  • 14.25 - 15.30: Delivering while transitioning (including Q&A)
    Pål Eitrheim, EVP Renewables, Irene Rummelhoff, EVP Midstream, Marketing and Processing, and Philippe Mathieu, EVP Exploration and Production


Planet Tracker: Unilever's 2024 Climate Transition Update

Unilever's 2024 Climate Transition Action Plan (CTAP) aims for alignment with global climate targets, focusing on the 1.5°C pathway of the Paris Agreement.

Planet Tracker's evaluation highlights Unilever's revised targets and strategies for mitigating climate change impacts, noting the plan as a significant step forward in addressing climate action needs.

It includes enhanced climate alignment, supplier engagement and policy governance, increased connection between executive pay and sustainability progress and recognition of the climate and nature nexus.

While this represents commendable progress, Planet Tracker also suggests more detailed financial disclosure to link investments to outcomes and clearer explanations of financial forecasts for investor understanding.


Volkswagen will hold their 6th ESG Conference for Investors and Analysts virtually on 9th of April from 15:00-17:30 CET.

The conference will be hosted by Rolf Woller (Head of Group Treasury & Investor Relations) with following topics:

  • Volkswagen Group Sustainability Strategy “regenerate+” - Dirk Voeste (Chief Sustainability Officer)
  • Human Rights / Supply Chain Due Diligence Law - Dr. Kerstin Waltenberg (Chief Human Rights Officer)
  • Responsible Supply Chain Due Diligence – Daniel Göhler (Head of Sustainability Management Group Procurement)

The presentations  will be followed by Q&A sessions which will provide you with an opportunity to engage with our experts.

A replay will be available after the conclusion on their investor relations website.


BP's latest sustainability report covers key areas including:

  • Getting to net zero 
  • Improving people's lives 
  • Caring for our planet 
  • Engaging stakeholders 
  • Reporting 


Coats' latest report details their sustainability activities over the period 1st Jan 2023 to 31st Dec 2023, including:

  • Climate report 
  • Energy 
  • Materials 
  • Water 
  • Waste 
  • People 
  • Managing Sustainability


Mowi's latest report covers key areas of their sustainability activities including:

  • Sustainability ratings, awards and framework
  • Sustainable and environmentally responsible development 
  • Research and development 
  • Safe and meaningful jobs 


AkzoNobel's latest report details their latest sustainability activities (pages 18-59), including: 

  • Governance, strategy, and impact, risk and opportunity management 
  • Environment, climate change, pollution and circular economy 
  • Social, workforce, value chain workers and affected communities 


Philip Morris International's latest Integrated Report covers details of their sustainability activities, including:

  • Governance and management - sustainability index and risk management 
  • Fundamentals - conduct R&D responsibility and respect human rights 
  • Performance in ESG ratings


Drax's ESG Performance Report 2023 provides a consolidated overview of their ESG data, including:

  • Environment - Generation, Pellet Production, and Customers, Carbon and energy, Nature and environmental management and Biomass,
  • Social - Health and safety, Our people, Social value
  • Governance - Ethics and integrity
  • Assurance statements



Sustainable Fitch: CSDDD to Boost Supply Chain Impact Mitigation

In this commentary, Sustainable Fitch analyzes the impact of the EU's Corporate Sustainability Due Diligence Directive - a landmark policy making companies legally liable for the sustainability impacts in their supply chains - on supply chain management by issuers.

  • Among issuers rated by Sustainable Fitch, over 60% of entities in Europe and North America are rated '2/Good' for environmental supply chain targets, while social targets lag behind.
  • Adoption of mitigation strategies, such as decarbonization and fair labour practice audits, is expected to rise due to CSDDD, potentially enhancing ESG profiles.
  • CSDDD aligns with EU's deforestation-free products regulation and sets a precedent for global sustainable supply chain regulations.

Emy Fraai


As the energy transition accelerates, it is easy for companies to make ambitious pledges. Robeco’s utility sector SDP model can help investors distinguish those which are actually credible.


  • Electric utilities are carbon-intensive
  • Sector decarbonization pathways (SDPs) help assess transition risk
  • SDP models illuminate future leaders and laggards among electric utilities


Corporate governance is dynamic.  Boards and the businesses they oversee face new challenges and opportunities—and new demands from their stakeholders—each year.  To help you and your companies stay ahead of the curve in 2024 and beyond, RRA annually brings together the best thinking from our leadership advisors and a diverse array of influential governance thought leaders.  With thanks to those experts, we are pleased to share our ninth annual report on what to watch in 2024.

Corporate governance and demands on corporate leaders vary significantly from country to country, but four topics stand out as most important to businesses and their boards across the globe in 2024:

1. Disruptive innovations: AI & other technologies rise to the forefront

2. Path to parity: Sustained global focus on diversity

3. More action – and less talk – on ESG initiatives

4. Governance standards migrate: Private looks to public


In this brief, OFR document the uneven distribution of climate risk in real estate using novel data on expected losses due to climate risk at the property-level. They show that properties located in counties that are poorer, less educated, older, more rural, and that have less belief in climate change tend to have more climate risk.

Next, using home sales, we document heterogeneity between counties in the size of discount per unit of climate risk. They find a smaller discount per unit of climate risk in a similar set of more exposed counties.

OFR summarize these findings and clarify orders of magnitude by conducting a simple estimation of the loss in housing wealth resulting from a repricing of the housing stock. When we perform this repricing according to an “empirical” benchmark obtained from the most conservative discounts observed in the data, we estimate that high-risk households stand to lose up to $3,400, equivalent to 2.3 percentage points of their home value and over 23 percentage points of their home equity.

Under an alternative “frictionless” benchmark obtained from capitalization rates in financial markets, we estimate losses of $11,000, 6.1 percentage points of home value, and 61 percentage points of home equity. Taken together, our results reveal a novel financial stability concern stemming from climate risks in real estate and suggest that climate risk exposure may be larger than previously documented, especially in vulnerable communities


Energy Transition Investment Trends is BloombergNEF’s annual review of global investment in the low-carbon energy transition. It covers a wide scope of sectors central to the transition, including renewable energy, energy storage, nuclear, hydrogen, carbon capture, electrified transport and buildings, clean industry, clean shipping and power grids.

In addition to the core ‘energy transition investment’ figures, which focus on the deployment of clean technologies, we also track investment in the clean energy supply chain, VC/PE and public markets investment in climate-tech companies, and for the first time this year, debt issuance for energy transition purposes.

The figures are compiled through a combination of bottom-up research on hundreds of thousands of individual deals and projects, aggregated estimates for consumer-led technologies, Bloomberg terminal data and other third-party sources.


Coca-Cola's latest integrated report covers key areas of their sustainability activities, including:

  • ESG Committee report 
  • Task Force on Climate-related Financial Disclosures (TCFD) 
  • Forward on climate, packaging, and water 
  • Approach to sustainability reporting and methodologies


Travis Perkins latest Annual Report contains a Sustainability Report (pages 30-50) covering key areas of their activities, including:

  • Engaging with stakeholders 
  • Modernising construction 
  • Sourcing responsibly 
  • Operating sustainably
  • Diversity, Equity and Inclusion 
  • TCFD Disclosure 


Heidelberg's Sustainability Report is part of their Annual Report, pages 23-39, key areas covered included:

  • Sustainability strategy 
  • Value chain 
  • Sustainable development goals 
  • ESG ratings and indices 
  • Stakeholder engagement 

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