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This is the weekly ESG Wrap, which highlights Featured 9fin ESG content such as TLDRs for all deals, news stories that have interested the ESG team this week, and 9fin ESG product updates.

ESG Secondary Digest (9fin) (10/07/2023)

This week's secondary digest is a gripping read, with more ESG controversies and risks than you can shake a coupon at. 9fin's analysis provides you with insight into the true ESG performance of these HY names:

Organon, a producer of women's health pharmaceuticals, may be required to indemnify former parent company Merck for liabilities related to ongoing litigation. Merck has been involved in multiple legal proceedings involving product safety, negligence and failure to warn customers of risks, concealment of trial results and anti-competition. Organon is not on track to meet its GHG emissions reduction target, and 33% of its production sites are located in areas of high or extremely high baseline water stress, but it is on track to achieve its water consumption target.

Allied Universal may be excluded from ESG funds due to its ownership of private detention centres and the development of weapons for military services. In 2021, it bought G4S Care and Justice Services. G4S has several ongoing and concluded litigations related to human rights abuses and its weaponry products, and it has been accused of committing war crimes. In 2002, G4S took over a contract with Israeli prisons in the West Bank after buying a competitor in 2002.

Goodyear has committed to SBTi-verified near-term and net zero (by 2050) targets, but it is not on track to meet its near-term targets. In 2022, Goodyear settled a labour dispute with migrant workers in Malaysia who claimed they had not been paid, and it was investigated in 2023 over alleged worker rights abuses. The production of tyres has social and environmental risks, including biodiversity impacts. Between 1998 to 2015, ~95 people were killed or injured in crashes resulting from faulty Goodyear tires.

Allwyn does not disclose its safe gambling KPIs or targets, unlike peers, and plans to establish a group-wide safe gaming strategy by 2024, which peers already have. The company no longer reports a net-zero target and instead cites an interim target to reduce GHG emissions by 30% by 2030. Allwyn was 19% more energy-efficient in 2022.

Assessing climate transition plans (9fin Educational) (6/07/2023)

9fin’s newest educational helps you understand climate transition plans, including how to assess them, how better transition plans can improve sustainability-linked issuance, and the common mistakes made by high-yield issuers. We also highlight upcoming regulations set to make climate transition plans a standard feature of company reporting

Salt has set a net zero target that is not consistent with SBTi guidance and is not quantified. But it is in the process of establishing a net zero SBTi-aligned roadmap. Its injury rate declined, but the percentage of women on its board is much lower than peers. Reliance on Chinese telecommunication equipment makes Salt vulnerable to national restrictions on equipment.

Ammega Group — ESG QuickTake (9fin) (6/07/2023)

Ammega reduced its GHG emissions intensity, but it's uncertain if absolute emissions have come down. Unlike its competitors, Ammega has not set a goal to cut GHG emissions in the short term or achieve net zero/carbon neutrality in the long term. While manufacturing uses a lot of energy, Ammega does not reveal its energy usage, unlike its peers. Additionally, its responsible sourcing policy is unclear.

Avis Budget — ESG QuickTake (9fin) (5/07/2023)

Avis Budget Group has a short-term emissions goal but lacks long-term and net-zero targets. The company operates some water-stressed locations and has water targets. It has also achieved its zero-waste-to-landfill for targeted items, but its overall waste increased. Avis has better gender diversity reporting than its competitors. It is involved in multiple class action lawsuits and is a defendant in an ongoing case regarding its electronic toll service.

Cirsa — ESG QuickTake (9fin) (4/07/2023)

Cirsa aims to reach net zero emissions by 2035, but this goal is not confirmed by SBTi. To address the risk of problem gambling, Cirsa has taken some positive actions but has not set quantitative targets. The board of directors has no women. In 2022, Cirsa experienced no bribery, corruption, or reportable data breaches.

Profine — ESG QuickTake (9fin) (4/07/2023)

Unlike its competitors, Profine does not report ESG data or have any environmental targets. The group’s products could play an important role in meeting EU emissions targets. But the National Institute of Standards and Technology has noted the environmental and health impacts of PVC production and use.

Amara Nzero — ESG QuickTake (9fin) (3/07/2023)

Its 2023 green bond has the potential to boost the global energy transition but has some shortcomings in its methodology. The group has a low environmental impact, but its absenteeism and injury rates are rising. In 2017, the group was fined on anti-trust grounds.

Europe’s luxury cruise ships emit as much toxic sulphur as 1bn cars – study (11/06/2023)

Carnival cruise companies released 10 times more sulphur oxide air pollution along European coasts in 2017 than all the cars on the continent, according to a Transport & Environment report.

Investment Firms Face Review of ESG Risks by EU Regulators (6/07/2023)

The European Securities and Markets Authority will work with national regulators to evaluate asset managers' compliance with anti-greenwashing legislation, including the Sustainable Finance Disclosure Regulation (SFDR) and EU Taxonomy. ESMA plans to share knowledge among national regulators until Q3 2024.

IMO's revised GHG strategy sparks mixed reactions (7/07/2023)

Member States adopted a revised 2023 GHG emissions strategy at this week’s UN International Maritime Organisation (IMO) summit. The European Commission praised the strategy, while environmental groups say it will not meet the Paris Agreement goal to limit global warming to 1.5°C due to its non-committal language and vague targets. The strategy declares a common ambition to reach net-zero GHG emissions from international shipping “close to 2050’” — with interim goals of reductions of 20-30% by 2030 and 70-80% by 2040. To cut emissions, Member States commit to using 5-10% low-carbon fuels or energy by 2030. Some consider the near-term targets ambitious because zero-GHG marine fuels are currently almost non-existent.

ESG raters in Britain face voluntary code ahead of possible rules (5/07/2023)

The UK Financial Conduct Authority in Britain has announced a new voluntary code of conduct for ESG rating firms ahead of potential regulations.

Ships over 5,000 GT to be included in UK’s emissions trading scheme from 2026 (4/07/2023)

The UK Emissions Trading Scheme Authority (UK ETS) has announced a package of reforms which, for the first time, include domestic maritime transport, waste incineration and the energy-from-waste sector in the scheme.

EU’s New Proposal to Tackle Textile Waste: Make Producers Pay for It (7/07/2023)

The European Commission has proposed rules to curb textile waste by making producers responsible for the entire lifecycle of their products and for textile waste management costs.

Singapore to mandate ISSB reporting from 2025 (6/07/2023)

Singapore is the first country to adopt ISSB's climate reporting standards, with public companies required to report by 2025 and private companies by 2027.

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